10 Best Loan in Australia Apps
Money loaning apps and cash advance apps offer fast funding times with minimal fees. Some even provide additional financial management resources like checking accounts, automatic overdraft protection, and budgeting tools. If you need a little extra cash to tide you over until payday, these apps could help. Just be careful not to fall into a cycle of high-interest borrowing.
Pros and Cons of Cash Advance Apps
Cash advance apps can help consumers avoid overdraft fees and cover minor, unexpected expenses—but they’re just a bandaid, not a long-term solution. Because of this, loan apps come with several advantages and disadvantages that should be considered before agreeing to the terms of use.
Pros of Cash Advance Apps
- Provide fast access to cash in an emergency
- May be cheaper than paying an overdraft fee to your bank
- Often accessible to borrowers with bad credit
- May offer additional features like mobile banking or investment accounts
Cons of Cash Advance Apps
- Fees and tips can equate to high-interest rates
- This can still lead to an overdraft fee if funds aren’t available when repayment is due
- This may result in a cycle of high-interest borrowing and substantial fees with repeated use
- Not a permanent solution to ongoing cash shortages
Some of the most trusted and reputable lending apps in Australia that offer instant personal and business loans for unexpected expenses and financial emergencies include but are not limited to Moneyspot, Credit24, SpotMeNow, Fundo, BeforePay, WagePay and Cashify MoneyMe among other legit applications which provide quick approvals and guaranteed easy access to cash and fast disbursement.
1. Credit24
Credit24 is yet another top pick on the list of instant loan apps in Australia which offers flexible loan packages and allows customers to choose their loan amounts and repayment periods which usually range between 6 months and 3 years. Credit24 offers a fast and easy online application for up to $2,000. You can apply 24/7 with a good credit rating and employment to be approved.
All applications are online and you will receive a notification about the status of your loan instantly. You could receive the funds within 24 hours of approval. Credit24 Australia is owned by IPF Digital Group, which operates other related companies worldwide and has over 200,000 customers. IPF Digital Group has been listed on the AIM London Stock Exchange since 200
- MoneyMe
MoneyMe is a digital financial service company that offers fast
and easy credit products to tech-savvy Australian consumers
and businesses. With our advanced tech-driven platform, our
experience provides consumers with a seamless online process
done in minutes via their mobile phone.
- Fundo
Fundo is an Australian-owned short-term loan provider that lets you borrow between $300 and $2000 for a maximum period of. It is one of the best online lending providers in Australia. Unlike some traditional lenders, Fundo doesn’t assume that someone with a less-than-ideal credit rating is necessarily a high-risk borrower. They look at your circumstances to assess your ability to repay a loan before they make a decision. Approved lendees also often receive their funds on the same day.
As long as you’re aged 18 or over, have a regular employment income, and can provide Fundo with the info they need, then you can apply for an online loan. If your loan is approved, then you have the option to repay it in installments over 61 to 180 days. You can manage your loan and your Fundo account through your personalized dashboard, which lets you check your Fundo credit score, update your account, make payments or reschedule, and refer and earn points – all from your PC or smartphone.
Most reviewers reported great communication and customer service when it came to contacting and dealing with Fundo. Reviewers also said that the application process for a loan was easy to complete and track. They appreciated the fast turnaround time, saying that decisions on loans were made quickly and the funds deposited into their account on the same or the next day most of the time.
4. CashnGo
CashnGo is one of the best instant loan apps in Australia, and a short-term finance lender delivering quick loans to those who need some extra cash in a hurry. They provide access to loans of $300-$2000 with flexible repayment options (16 weeks), allowing potential customers to set up their repayment calendar before confirming their application.
CashnGo is fully-transparent with what the total repayment amount of each loan will be, with an emphasis on ensuring their customers are comfortable with the arrangement they enter into. Anyone with a steady income can apply for a loan from CashnGo, and applications can be submitted online 24-7.
5. Athena
Athena, our 6th pick on the list of the best instant loan apps in Australia claims to be a no-fee online Loan Provider and lender that has a customer-first attitude and some of the best rates available. The Athena Celebrate Variable Home Loan provides the same outstanding terms to new and existing customers, with zero fees included.
Furthermore, the automatic rate reduction function means that the more you pay down your loan, the lower your interest rate gets. It’s accessible to refinancers and new borrowers buying in capital or major regional cities with a deposit of at least 40% of equity
6. Cashify
Cashify, a short-term personal loan is reputed as one of the top 8 best instant loan apps in Australia which is trusted by customers across the nation to meet emergency quick cash needs. With the platform, you can borrow up to $5,000 instantly.
Cashify claims to meet urgent cash needs if you have an unexpected expense. Whatever you need it for, Cashify says it is available to help with a $2,000–$5,000 Personal Loan transferred instantly into your account! Customers can receive their loan amount in their bank account instantly if they sign the approved contract between 9 am–9 pm on business days.
7. Loans.com.au
Launched in 2011, loans.com.au was Australia’s first online lender. loans.com.au was one of Australia’s first online lenders allowing people to get a home loan online. We selected it as our 8th pick on our list of the top 8 best instant loan apps in Australia. The lending platform has since grown to become one of Australia’s largest lenders with happy home and car loan customers all over Australia, and $6 billion in loans under management.
8. SpotMeNow
SpotMeNow is an instant online loan provider in Australia whose specialty is providing fast, flexible, and superfast lending. The platform leverages advanced real-time risk assessment technology that enables their team to make instant loan approval decisions.
Online and available 24-7, loan applications can get a quick decision and the money can be transferred within the same business day. SpotMeNow’s loans are highly flexible, allowing anyone who meets the eligibility criteria to borrow from $1000 to $5000 with flexible repayment terms of up to 12 months.
SpotMeNow is upfront with its fee structure and has nothing hidden in the fine print for anyone borrowing to worry about. With the total costs of each loan stated clearly, potential customers can make a fully-informed decision about whether or not to proceed.
9. Moneyspot
MoneySpot is one of the best instant loan apps in Australia providing hassle-free personal loans that are 100% online and processed on a 24-7 basis. Loans from Moneyspot are designed for short-term borrowing to cover emergency financial shortfalls and can be applied for up to 20 weeks and allow customers to borrow between $200 to $5000.
Moneyspot typically processes, approves, and sends funds within an hour (or the next day if applied for outside business hours). With a commitment to responsible lending, the platform provides a cash loan calculator that allows potential customers to gauge what their repayments would look like before they finalize their application. Through their stringent eligibility standards, Moneyspot ensures that only employed individuals who can repay the loan are approved.
Unlike traditional lenders, Moneyspot accepts applications from bad credit borrowers. The application process is entirely online and takes about five minutes to complete. They charge standard payday loan fees, which include an establishment fee of 20% and a monthly fee of 4%.
- Earnin’
Earnin is an instant cash advance app that lets users get paid as soon as they leave work by connecting the app to a bank account and tracking work hours. After working enough hours, users can request a cash advance of $100 to $500 per pay period using the platform’s Cash Out tool. App users can opt into Lightning Speed for $1.99 to $3.99 and receive cash instantly or within minutes.
There are no fees associated with Earnin, but there is a tip feature with options ranging from $0 to $14 for most services. The platform also sends users alerts if their bank account falls below a set balance and can send automatic Cash Outs on an as-needed basis.
This is not an exhaustive list.