Same day personal loans

Looking for a personal loan that can pay funds into your account within a day? Compare options below.

By   |   Updated 23 Dec 2022

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Comparing same day personal loans for over months

MONEYME Low Rate and Flexible Personal Loan - Excellent Credit Rating

MONEYME Low Rate and Flexible Personal Loan - Excellent Credit Rating

Interest rate

From 8.20% (personalised)

Comparison rate

From 9.58% (personalised)

Repayment period

3 years

Application fee

From $395.00

Monthly repayment


Total repayment



  • Money can be in your bank in as little as 60 minutes
  • Easy online application with low rates and fast approvals
  • Flexible repayments with no early exit fees
  • Thousands of 5-star customer reviews

When you need quick cash with little hassle, a same day personal loan is one option to consider. But just because it is convenient, you still need to give it some thought since you would be taking on more debt.

We've done the research into same day personal loans, so you can save some time. Here’s how they work.

How same day loans work

Same day personal loans, or same day cash loans, are a type of personal loan where you get the money the same day in which you apply. Typically, you can borrow up to $50,000 with a repayment period ranging from a few months to a few years.

In contrast, it may take several days to process other types of personal loan. The speed of processing varies by the lender. Large banks generally take longer for loan approvals than online-only non-bank lenders.

Who offers same day personal loans?

Same day loans are mostly offered by non-bank lenders and are generally applied and processed entirely online.

Same day lenders typically rely on algorithms to make the decision on approving your loan, speeding up the process considerably.

How fast can funds arrive?

Some non-bank lenders — such as MoneyMe and SocietyOne — may approve and transfer money into your account within hours of application or later on the same day. Conditions, such as having a bank account with a certain bank, may apply and can affect the speed at which applications are processed.

What can they be used for?

Being unsecured personal loans, you can use them for practically anything.

  • Emergency costs such as medical bills and funerals that cannot be delayed.
  • Unexpected car or home repairs that insurance may not cover or have delays in covering.
  • Pay bills you can’t afford at the moment.
  • Money to lock in the rental bond on a new home.


You do not need to get a same day loan just because you can. Here are some things to consider:

  • Do you really need a loan today? Can it wait a day or a few days?
  • Will taking this loan make things better or worse for you in the long term?
  • Are there more affordable alternatives you can use to get your hands on quick cash?

Alternative options

  • If you are borrowing to pay a bill, is it possible to contact your creditor (to whom you owe money) and negotiate another payment date? This is not an impossibility.
  • Can you dip into your savings if you cannot buy time?
  • Can you redraw from an existing personal or home loan you are ahead on? This means borrowing more on a loan you already have with some equity, but it may be faster than getting a new personal loan.
  • Can you get a bank account overdraft with your bank?

There may be other alternatives that are specific to your immediate cash need:

  • Overdue rent can be paid with rental arrears loans. Various grants or interest free loans are also available, if you qualify.
  • A rental deposit can be met with a rental bond loan. Some may qualify for interest free, fee free loans from state governments.
  • If you are thinking of borrowing to pay credit card debt, you may want to consider a debt consolidation loan or balance transfer.

Some alternatives you can consider can be worse than others.

Bad alternatives

  • Borrowing from family. It may sound like a great idea, but depending on your family, it can lead to relationship problems that only add to your financial stress.
  • Credit card cash advances are expensive. These typically have an interest rate of 20%+ from the day you withdraw cash.
  • Payday loans also carry extremely high fees.

Learn about same day personal loans

Answers to the questions we get asked most about same day loans.

  • FAQs

Are same day personal loans expensive?

Yes they are more expensive than long term loans and various types of secured loans.

Can I pay off my same day personal loan early?

It depends on your lender and the terms of your loan. Some allow for early payoff without penalties or extra fees while others do not. Early repayment is more common on variable rate loans.

Can unemployed people with bad credit get a personal loan?

Possibly. There may be a non-bank lender who would consider such an applicant, but you can be sure the interest rate will be higher than standard.

Does my credit score affect my loan interest rate?

Yes, it does. Most lenders have a grading scale for potential customers based on their credit ratings and what security they can offer on secured loans. Those with good credit and security to offer pose a lower risk to the banks, so they will offer them a lower interest rate. People with poor credit scores are considered at a higher risk of default, so bad credit loans have a higher rate of interest to compensate for that added risk.

Is there an instant decision on applications?

Many non-bank lenders can give a decision within minutes.

Will income from Centrelink be acceptable?

Typically, yes. It can also be used as a supplementary source of income.

Will I need collateral to get approved?

Same day personal loans are typically not secured.