Need a Quick Loan?

The car needs new brakes. A bill lands before payday. When money's needed now, most people start searching for quick loans or small loans online. Speed matters, but so does knowing exactly what you'll repay. Here's how quick loans work, what they cost and how to work out whether one is right for you.

What is a quick loan?

A quick loan is a small, short-term loan you apply for online and receive soon after you're approved. Most are somewhere between a few hundred and a few thousand dollars, and they're used for costs that can't wait: a car repair, a vet bill, a utility bill or a gap between pays.

Small loans and quick cash loans usually mean the same thing. The amount is modest, the application is short and the decision is fast. What changes between lenders is the cost, how repayments are structured and how they check that you can afford it.

Beforepay's small loan options

Beforepay has two products, depending on how much you need.

• Pay Advance: borrow $50 to $2,000^† for short-term gaps. Repay 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: borrow $2,001 to $5,000^† for bigger costs. Repay over 3 to 12 months. A 5% establishment fee plus interest of up to 24% p.a. (29.50% p.a. comparison rate^‡).

Both have no late fees and no early repayment fees, and you can hold one Beforepay loan at a time. Not sure which fits? Our Pay Advance calculator and Personal Loan calculator show what repayments could look like.

How fast can you get the money?

Applications are typically approved in under 60 seconds, although some need extra review. If you're approved and accept your contract, Pay Advance funds can land in your account in as little as 5 minutes. Exact timing depends on your bank.

That's why quick loans often get called same day loans or instant loans. Fast is normal now, but no lender can promise money instantly to everyone. Any lender that guarantees approval before looking at your situation is one to walk away from.

How it works in 3 steps

1. Download the app. Create your Beforepay account in a few minutes.
2. Connect your bank. Securely link your bank so we can see your income and spending.
3. Check and accept. See what you're eligible for and exactly what it costs, then accept only if it works for you.

See how Beforepay works for the detail.

Who can apply?

To apply, you need to:

• Be 18 or older and an Australian resident
• Have a current Australian driver's licence, passport or Medicare card
• Be employed and receive a regular wage
• Get less than 51% of your income from Centrelink
• Have no other active Beforepay loans

Full details are on our eligibility page.

Quick loans without a credit check

Beforepay doesn'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. It's still a proper assessment, so approval isn't guaranteed. Read more about fast loans without a credit check.

What does a quick loan cost? A worked example

Say you take a $500 Pay Advance and repay it over about a month.

• Setup fee: $25 (5% of $500)
• Interest: charged at no more than 24% p.a. At that maximum rate, $500 owed for a full 30 days adds less than $10.
• Total to repay: under $535

Your actual cost is shown in your contract before you accept, and it's often lower because the balance drops with each repayment.

Compare that with a typical payday loan. Moneysmart says most payday lenders charge a 20% establishment fee plus a 4% monthly fee. On the same $500, that's $120 in fees for one month. See how a Pay Advance compares to a payday loan.

Is a quick loan right for you?

A quick loan can make sense for a one-off cost you can repay from your next few pays. It's usually not the answer for ongoing living costs, or if you're already juggling several repayments. Before you apply, ask yourself:

• Do I need the full amount, or would less do?
• Will the repayments fit alongside rent, bills and groceries?
• Is this a one-off, or will the same gap be back next month?

Alternatives worth checking first

• Ask for more time. Many providers offer payment plans or extensions on bills.
• No Interest Loans (NILS). Eligible people can borrow up to $2,000 for essentials, or up to $3,000 for things like bond or rent in advance, with no interest or fees. Find out more on Moneysmart.
• Centrelink advance. If you get a Centrelink payment, you may be able to get part of it early.
• Free financial counselling. The National Debt Helpline is free and confidential on 1800 007 007.
• Trim your bills. Compare & Save can help lower regular costs, and Budgeting & Insights helps you see where your money goes.

^† 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.