Need a Cash Loan?

Rego's due, the fridge has died, or a bill has come in bigger than expected. A cash loan puts money straight into your bank account so you can deal with it now and repay it over your next few pays. Here's how cash loans work with Beforepay, and what to check before you apply.

What is a cash loan?

A cash loan is a loan paid straight into your bank account, instead of credit you spend on a card. Most online cash loans are small and short term, and you can use the money for personal costs like bills, car repairs or medical expenses.

The difference between lenders comes down to three things: what it costs, how long you have to repay, and how they decide whether you can afford it.

Cash loans with Beforepay

• Pay Advance: $50 to $2,000^†, repaid within 62 days in up to 4 instalments lined up with your pay. A 5% setup fee plus interest of up to 24% p.a.
• Personal Loan: $2,001 to $5,000^†, repaid over 3 to 12 months. A 5% establishment fee plus interest of up to 24% p.a. (29.50% p.a. comparison rate^‡).

There are no late fees and no early repayment fees, and every cost is shown before you accept.

How fast is the money?

Applications are typically approved in under 60 seconds, though some need extra review. If you're approved and accept your contract, Pay Advance funds can land in as little as 5 minutes, depending on your bank. The whole process happens in the app, any time of day.

No credit checks, but a proper assessment

We don't run a credit check for Pay Advance or Personal Loans of $5,000 or less, so applying won't leave an enquiry on your credit file. Instead, we look at your income and everyday spending to check the repayments are affordable. That means approval isn't guaranteed. See our eligibility criteria for who can apply.

What a cash loan costs

On a $500 Pay Advance repaid over about a month, you'd pay a $25 setup fee plus interest. At the maximum rate of 24% p.a., interest on the full $500 for 30 days would be less than $10. See more examples on our quick loans page, or try the Pay Advance calculator.

Cash loans vs payday loans

Some cash loans are payday loans. Most payday lenders charge a 20% establishment fee and a 4% monthly fee, which adds up fast. On the same $500, that's $120 in fees for one month. See how a Pay Advance compares to a payday loan for the full breakdown.

Before you borrow

A cash loan works best for a one-off cost you can comfortably repay. Before you apply, check whether you need the full amount, and whether the repayments fit around rent, bills and groceries. If the same shortfall keeps coming back, a loan won't fix it. These might help instead:

• Ask the company you owe about a payment plan
• Lower regular bills with Compare & Save
• See where your money goes with Budgeting & Insights
• Get free, confidential advice from the National Debt Helpline on 1800 007 007

^† Approved loan amounts are subject to Beforepay's lending criteria and verification requirements.

^‡ Comparison rate calculated on a $2,500 loan over a 2-year term. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or loan amounts may result in a different comparison rate.

This information is general in nature and doesn't take into account your personal circumstances. It isn't financial advice. Approval is not guaranteed. Terms of Service and eligibility criteria apply.