Personal Loans – Best Cash Advance Online

At Pronto Paydays, we offer Aussies, just like you, access to a range of personal loans offered by some of the country’s leading short term lenders.  While we have several lenders on our panel, we offer fast personal loans ranging from $200 to $10,000. Of course, some lenders we work with offer larger loan amounts. At Pronto Paydays, we believe in speedy applications and speedy payouts out too!

You can use a Pronto Paydays personal loan for:

  • Debt consolidation
  • Medical bills
  • Student debt
  • Home repairs
  • Vehicle repairs
  • Wedding
  • Moving home
  • Funeral costs

And virtually any other reason.

What Are Personal Loans & How Do They Work?

Personal Loans allow you to borrow money to pay for the things you would otherwise ill-afford. These loans can relieve some financial pressure or even make your dream vacation a reality. Shopping around for the best personal loan can save you time and money while also helping you build or establish a good credit score.

A personal loan can range from a few hundred dollars to tens of thousands of dollars, and repayment terms can be over 1 to 7 years. At Pronto Paydays, we focus on small short term loans typically ranging from $200 to $10,000.  That said, can provide you with access to the best personal loans in Australia with easy-to-afford monthly instalments and a quick and easy application process.

The ASIC (Australian Securities & Investments Commission) regulates financial lenders in Australia, ensuring that they comply with lending legislation. When you apply for a personal loan with Pronto Paydays, you can rest assured that each of our lenders listed is ASIC regulated too.

Most online personal loan applicants receive approval in as little as just 60 minutes. In some instances, applicants may need to wait 24 hours.

Types of Personal Loans

Secured Personal Loans

A secured personal loan is granted to an individual with suitable assets to use as collateral, such as property, cars, or valuable jewellery. If the client fails to repay the loan, the lender can take ownership of the assets and sell them to cover costs.

Secured personal loans typically come with a lower interest rate, as there is less risk to the lender. It is also easier to receive approval for this type of personal loan than other personal loans, and clients may request a higher loan amount simply because they have a valuable form of collateral.

Unsecured Personal Loans

Unsecured personal loans are trickier to get approval for because there is more risk to the lender. The loan applicant is asked to prove the ability to repay the loan via payslips or presenting documentation for other forms of income (Centrelink statements, bank statements, rental income proof and so on). If the borrower has no form of collateral, they can use a guarantor to stand as collateral. A guarantor co-signs the loan, vowing to take on the cost of the loan if the borrower defaults on payments.  Unsecured personal loans have lower rates than credit cards, but the fees for non-repayment are higher.

Self-Employed Loans

These special loans provide personal loans to self-employed individuals who can prove their income and assets and provide evidence of at least two-year tax statements. While self-employed loans can be expensive, they are ideal for sole traders and business owners who cannot get traditional loan approval. 

Guarantor Personal Loans

Guarantor personal loans are given to individuals who require a guarantor due to the inability to be approved for a loan independently. While the loan is opened under the applicant’s name, the guarantor must go through the same approval process to ensure that they can afford to pay the loan if the applicant defaults on payments.

One of the biggest perks of a guarantor personal loan is that you can borrow more than if you applied independently. You can increase your credit score or establish a credit score with this type of loan, setting yourself up for better credit in future. Often, due to reduced risk to the lender, the interest rates are lower on guarantor personal loans too.

Unemployed Personal Loans

For unemployed personal loans applicants in Australia, getting a personal loan is still possible. Lenders will still ask that applicants prove they have some form of regular income. This can be Centrelink payments, self-employment or freelance earnings, shares earnings, rental income, or similar. In addition, lenders may query their financial documents, check their credit history, or ask if they have any assets to use as collateral.

Short Term Loans, aka Payday Loans

Short-term loans or payday loans are typically up to $2,000, repaid within a time range of 16 days to one year. We offer maximum loan amounts of $10,000 with 24 months to pay. Repayments are collected as per the terms of your agreement, typically weekly, fortnightly or monthly. It is best to schedule payments on your designated payday to ensure that you never miss a payment.

To take out a short-term personal loan, you will need to prove regular income and have a clean credit record. Some lenders provide bad credit personal loans and no credit check personal loans for individuals unable to meet the requirements.

Features of a Personal Loan

Loan amount

Most short-term personal loans range from $2,000 to $5,000. However, some lenders do offer personal loans between $5,001 and $10,000 at Pronto Paydays. Whatever your needs, a higher loan amount will end up costing you more in interest over time, although the monthly payments will be lower because of the extended loan term. Keep this in mind when deciding what you can afford to repay.

Terms of loan

Most personal loans in Australia are repaid over one to twelve months, although,  in some instances, a loan can be repaid over 24 months. The government has banned loan repayments in under 16 days in an attempt to keep short term lending fair in Australia. When applying for a loan with Pronto Paydays, the lender will be in touch to ensure that a repayment term that suits your financial situation can be agreed on.

Capped Interest Rate

The ASIC has capped interest rates on all personal loans. The maximum interest rate on a personal loan is 48%, including all fees. That said, most lenders charge between 5% and 35% interest on personal loans to make their loan offers more appealing.

Repayment Schedule

Personal loans are typically repaid on a monthly schedule via direct debit. It’s best to schedule your repayment date on the same day as you get paid to ensure that you never miss a payment. Missing even one payment can have a negative effect on your credit rating.

Fees and Charges

If you apply for a loan under $2,000, lenders can only (by law) charge you a maximum of 20% establishment fees and 4% in monthly charges. On loans of $2,001 to $10,000, the lender can charge a maximum of $400 once-off fee and 48% annual interest. These are the maximum charges to expect, so it’s advised to shop around for lenders offering lower fees, charges, and interest rates.

Before agreeing to a loan, pay close attention to contingency fees and charges that the lender may apply, such as charges on late (or early) payments, documentation fees, ongoing monthly or annual fees, or early exit fees. If you foresee yourself repaying your personal loan earlier than expected, look around for a lender that does not charge a fee on early payments or early exit fees.

Lender Reputation

While our panel of lenders are known for transparency in Australia, we always advise our customers to do their due diligence. When shopping for a loan, it’s important to consider the reputation of the lender. Reputable lenders are transparent with their contact information and terms of service, readily available on their website. Look at customer reviews, the lender’s social media (check the comments!), and make sure they are easy to reach by calling and asking questions.

Disbursement Time

Disbursement time is the length of time between when the loan is approved and when you receive the money. Most reliable lenders will approve your application within minutes and pay the funds over in a matter of hours. At Pronto Paydays, our lenders typically pay out loans within 60 minutes of approval. There are instances where it can take up to 24 hours.

Examples of Personal Loans

The following table provides a sneak preview of the type of personal loans you can get via Pronto Paydays:

Lender Example Loan Amt Payment Term Amount to Repay Cost of the Loan
Swoosh Finance $2,000 Weekly $3,016 $1,016
City Finance $3,000 Weekly x 35 $3992.10 $992.10
Signo Loans $2,600 Monthly x 12 $2,772.72 $172.72

These figures are just estimates and subject to change without notice.

Advantages and Disadvantages of Online Personal Loans


Quick Cash Payouts

There’s no waiting around with online personal loans – you get the required cash on the same day you apply for it! Needing money in a hurry is no longer an inconvenience.  

Flexible Loan Amounts

You can borrow what you need with a personal loan. Unlike credit cards (which carry a higher interest rate), a personal loan is geared toward the request of the applicant. If you only need $2,000 to finish remodelling your bathroom, a personal loan could be an easy fix. And if you manage your finances effectively, such a small loan can be just as quick and easy to pay back. You set the amount, and if the lender agrees, you can pay it back over a term that works for you.

Quick & Easy Online Loan Application Process

When applying for a cheap personal loan online, the entire process is quick and easy. You’ll only need a few minutes to complete the application and receive a decision.

Small Personal Loans Have No Interest Expense

If you are applying for a small personal loan of more than $2,000, you can expect an annual interest rate charge of anything up to 48%. However, smaller personal loans of under $2,000 do not have an interest expense charge. The 4% fee charged monthly is an account maintenance fee and only incurs until the loan amount has been repaid in full.


The Expense

While personal loans are undoubtedly convenient, they are one of Australia’s most expensive forms of borrowing. Some say it’s the cost of convenience!

Eligibility Criteria for a Small Personal Loan

You can apply for a personal loan at Pronto Paydays if:

  • You have an Australian home address and are an Australian citizen or a registered permanent resident.
  • You are at least 18 years of age.
  • You have a monthly income of no less than $350 per week.
  • The majority of your income comes from non-Centrelink means.
  • You’re able to afford the loan repayments each week (you can prove this with a list of your monthly expenses).

The Cheap Personal Loans Application Process

At Pronto Paydays, we make it easy to apply for a quick loan for any purpose. Our application takes 5 minutes, and you’ll receive a decision in 2!

Follow these steps to get the process started:

Step 1: Decide How Much Cash and for How Long

Determine the amount you wish to borrow and carefully check the repayment information. The interest will vary depending on the lender.

  • We offer access to all major short-term lenders in Australia.
  • It’s 100% free to apply online with us.
  • You can borrow between $200 – $10,000.

Step 2: Complete the Quick and Easy Application Form

Once you determine how much you want to borrow, you’ll need to provide us with some additional information to verify your identity and determine the affordability of the loan – this includes your personal details, financial proof, proof of address, and banking details. Make sure that you have the relevant supporting documentation handy

  • You will get a decision within a few minutes.
  • Giving us your details will never result in spam.

Step 3: We Put You in Touch with the Lender

Once you hit the “Apply” button at the end of the application form, you just have to wait a few minutes to receive an outcome. If accepted by a lender in our panel, you will be transferred to their site to complete the final steps of the application process. If declined, you will be immediately informed.  The decision provided comes with no obligation – you can turn it down if you want to.

Step 4: Receive the Loan Agreement

The lender will make contact with you to finalise the loan agreement. Only then can the money be paid out. Read the loan agreements terms and conditions along with the repayment schedule and all other particulars. Sign the agreement if you wish to go ahead with the loan and return the digital paperwork to the lender.

Step 5: Get Paid

All that’s left to do is wait 60 minutes for the money to be paid into your account. While this is normally the case, be aware that the payment can sometimes take up to 24 hours.


Can I Get a Personal Loan if I Have Bad Credit?

While a good credit history will ensure an easier application process, some lenders will provide a personal loan to people with a poor credit history or to people who need to establish credit. Bad credit personal loans will carry a higher interest rate but can help you improve your credit score if you are diligent.

If you have bad credit, ensure that all your documents prove that you can afford the loan repayments and have a stable income stream.

If you are struggling with debt and find you are juggling bills, a personal loan may not be for you. It is probably best to seek financial advice and support from Financial Counselling Australia (FCA) national debt line.

How Much Can I Borrow Using a Personal Loan?

Most personal loans available via Pronto Paydays vary from $150 to $2,000, although, in some instances, we can put you in touch with lenders who can offer amounts from $2,000 to $10,000.  

Can I Apply for a Personal Loan if I am Self-Employed?

Absolutely! Just ensure you have records of your assets and income and can provide tax information for at least the last two years. If you have good credit and an established savings account, this makes you an excellent candidate for a personal loan.

Can I Apply for a Personal Loan if I am Receiving Centrelink Payments?

Yes, it is possible to apply for a Centrelink Personal Loan and if your specific type of Centrelink income is acceptable. In most instances, if 50% of your income is from a source other than Centrelink or government benefits, you should be able to qualify for a loan.

Will I be Penalised for Paying off my Loan Amount Early?

Some lenders allow early payments of loan amounts with no penalty, whereas others will impose a penalty fee for extra payments or early exits. Each lender’s terms and conditions are different, and it is advised that you read the terms of service for your lender prior to signing the agreement.