Small Same Day Loans – $300 To $2,000

Small same day loans could be the cash injection you need to cover those expenses that just can’t wait. Are they possible? Monzi investigates how much you can borrow. Let’s go.

Please note, certain ideas and products presented in this article may not be offered by Monzi nor the lenders we work with. This article presents only general information. Consider seeking professional financial, taxation, legal or other advice to check how the information and ideas presented on this website relate to your unique circumstances.

What are small same day loans?

Small same day loans may be the right choice for you when you need cash now. As you’d expect, you may the cash in your account within 24 hours of applying. It’s that simple.

Small loans typically cover amounts ranging from $300 to $2,000 and may repaid over a term up to 12 months. Moreover, they’re unsecured loans meaning there’s no need to provide an asset as security.

While all this sounds great, same days loans are not always possible. In short, there are a number of other factors that might affect when you see your cash.

If you use Monzi’s lender-finder service, you may be able to get your cash on the same day; however, it is not guaranteed.

However, read on and Monzi will breakdown everything you need to know about same day loans. Let’s go!

How do I get small same day loans?

In short, there is no way to guarantee you receive your cash on the same day you apply. After all, there are so many variables at play. However, understanding what these variables are may help you receive your cash sooner:

  • Operating hours. As with most businesses, lenders have their normal operating hours. During these hours lenders assess applications, offer contracts and transfer funds. If you apply outside of these hours, you may only receive an outcome the next business day.
  • Banking rounds. Some lenders may have rounds of banking throughout the day when they transfer funds. If you approve your contract after the final round of banking, you may only receive your cash the following day. Generally, no transfers take place over the weekend or on public holidays.
  • Inter-bank transfer times. It may be quicker to transfer funds between certain banks and others.
  • Application. You can also increase your chances of a quick outcome by providing all relevant information when you first apply. Lenders may need to pause their assessment to chase up extra information. Moreover, keep your phone and emails handy during the assessment. The quicker you can reply to requests for documentation, the sooner you will receive an outcome.

Same day loans easy approval

In short, lenders offering easy approval may have qualifying criteria that aren’t quite as strict as traditional lenders. In other words, if you’ve got bad credit, are a low-income earner or receive benefit payments, you may still be able to access the cash loans you need.

Despite this, approval is not certain. While these lenders may have more lenient criteria, they must still assess your application to determine if you are suitable for credit and have the capacity to make your repayments.

Small same day loans bad credit

Luckily, there are plenty of online lender options for bad credit applicants. In short, poor credit may not stand between you and approval.

Rather than simply focussing on your credit score and borrowing history, lenders will assess your financial situation as a whole. That means they may look at your budget (i.e. income and expenses) to determine what repayments are affordable for you.

If the repayments would fit comfortably then your application may be approved in spite of your poor credit. However, approval is not certain and remains at the lender’s discretion.

In addition to this, keep in mind that bad credit loans may attract higher interest rates given that they are often riskier for lenders.

How can I get a small same day loan with no credit check?

While no credit check loans may be available, they may not always be available through Monzi’s lender-finder service.

In short, credit checks are a tool for lenders to assess your creditworthiness. However, some lenders may bypass this step and offer no credit check loans. Although, this will simply come down to the individual lender’s assessment policy.

Even if you’ve got bad credit and aren’t offered a no credit check, you may not need to worry. After all, as we’ve already outlined, lenders are now willing to consider bad credit applications. In other words, approval won’t necessarily hinge on the results of a credit check. It’s simply one part of the assessment process.

Low interest same day loans

With a lower interest rate, your interest payments will be lower too. As a result, over the course of your loan, you may save yourself money.

If you are looking to access the lowest possible rate then there are a few things you can do.

Firstly, if you’ve got a good credit score and a solid borrowing history then lenders will typically be willing to offer more competitive interest rates. This is simply due to the fact that you’re not a default risk.

On the other hand, if your credit score isn’t where it needs to be then you can apply for a secured loan. Guaranteeing the loan with one of your assets reduces the lender’s risk meaning they may be prepared to offer you a better rate.

In saying this, your lender will ultimately determine your interest rate.

Low interest loans may not be available from Monzi’s panel of lenders.

What is the quickest way to get a loan?

While we cannot say if it’s the quickest, one simple way to access cash loans online is to apply with Monzi. Our lender-finder service may make it easy to access a range of cash lenders.

All it takes is one simple application and we may be able to pair you with an available lender in just 60 minutes. From there, the lender will take over and assess your application to determine if you are suitable for credit.

Best of all, you can potentially access cash amounts ranging from $300 to $10,000 with a range of repayment terms on offer too.

If that sounds right for you, just head to the top of the page and begin your application using Monzi’s loan slider.

How can I get a small same day loans immediately?

Unfortunately, it may not be possible to get a loan the instant you apply. After all, all loan applications must undergo an assessment. As a result, products such as instant loans simply refer to loans that are processed so quickly it feels like no time has passed.

As a guide, lenders must take the following steps to determine if you are suitable for credit:

  1. They must make reasonable inquiries into your financial situation and loan objectives.
  2. The lender must take steps to verify this information.
  3. They must then make a final determination as to whether the loan you’ve applied for is suitable and affordable.

For more details, the Australian Securities and Investments Commissions has a more thorough breakdown of assessments and responsible lending practices. Check it out.

How small of a loan can I get?

Small loans typically cover personal loans ranging from just $300 up to $2,000. These loans are unsecured and will usually be repaid in just 12 months. Loans less than $300 may not be available.

If you do need to borrow more than $2,000 then that’s okay. At Monzi, we work with lenders who may be able to offer medium and large cash loans from $2,100 up to $10,000. Repayment terms range from 13 to 24 months while you will need to secure the loan with an asset too.

Just use Monzi’s loan slider at the top of the page to begin your application today.

Are online loans safe?

Yes.

Online loans are safe as long as you apply with a licenced lender. Just check their website and you should be able to find their credit licence number listed. Licenced credit providers will do things by the book and should always comply with their responsible lending obligations.

Our lender-finder service may be able to pair you with an available lender from our extensive network of licenced credit providers.

Not only that, our system is protected by Comodo and McAfee, two trusted names in cyber security. As a result, you can feel safe knowing that your personal information is safe with us.

Small same day loan hand holding tiny red leaf

How can I get approved for a small loan?

In order to be approved, you will need to meet a number of criteria. Each lender’s criteria will differ slightly, however, to assess your eligibility, you will need to provide your lender with a range of financial and personal information.

This includes:

  • Personal details: name, date of birth, etc.
  • Your income
  • Day-to-day expenses
  • Any outstanding debts
  • The amount you wish to borrow and your preferred loan term.
  • The reason you need a loan (e.g. car repairs)

In addition to this, lenders will likely assess your credit history too in order to get an idea of your reliability as a borrower. By collating and assessing this information, lenders can determine if you are suitable for credit.

Comparing small same day loans

Before agreeing to any loan, it’s important to shop around. Finding the right loan can potentially ensure that your repayments are affordable while also saving you money.

As a guide, aim to compare loans on the following aspects:

  • Interest rate, fees and charges
  • Comparison: combines the interest rate and fees to give you an idea of your total loan costs. It’s the easiest way to compare loans side-by-side.
  • How much can you borrow?
  • What repayment terms are available?
  • Is the lender trustworthy and licenced?

Small same day loans through Monzi

At Monzi, we work with a range of lenders who may be able to offer same day loans. However, as discussed, they’re not always be possible.

In any case, through our lender-finder service you can potentially access cash loans ranging from $300 to $10,000. All it takes is one simple application and you may be paired with an available lender in just 60 minutes.

Small loan$300 to $2,000Unsecured
Medium loan$2,001 to $4,600Secured
Large loan$5,000 to $10,000Secured

Get the cash you need now and spread the costs over the coming months or years.

Ready to begin? Scroll up and submit your application today.

Factor In

Costs

Two credit cards
Two credit cards

You won't use a penny to apply for our lender-finding service, but here's some costs you could expect from a lender

Loan amount

$300 - $2,000

Terms

12 months

Costs

20% upfront establishment fee

+ 4% monthly fee

Example

Loan Amount of $1,000 over 6 months repayable weekly (25 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $240 (fees based on 4% per month over 25 weeks) = $1,440 total repayable in 25 weekly installments of $57.60.

Under the current legislation, most small personal loan providers don’t charge an annual interest rate (you’ll know this as an APR) %. The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The maximum comparison rate on loans between $300 and $2000 is 199.43%. This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate

Loan amount

$2,001 - $4,600

Terms

13 months

24 months

Costs

48% annual percantage rate

67.41% comparison rate p.a.

Example

Loan Amount of $3,000 over 18 months repayable weekly (78 weekly repayments). $3,000 (Principle Amount) + $400 (Establishment Fee) + $1,379.06 (reducing interest) = $4,779.06 total repayable over 18 months with weekly installments of $61.27.

The Interest Rate for Secured Medium Loans is 48%. The Typical Comparison Rate is 67.41% p.a. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Click here to see a worked example.

Loan amount

$5,000 - $10,000

Terms

13 months

24 months

Costs

21.24% annual percantage rate

48% comparison rate p.a.

Example

Loan Amount of $10,000 over 24 months repayable weekly (104 weekly repayments). $10,000 (Principle Amount) + $5,577.12 (Interest) = $15,577.12 total repayable over 24 months with weekly installments of $149.78.

The Interest Rate for Secured Large Amount Loans is 48%. Maximum Comparison Rate is 48% p.a. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Click here to see a worked example.