Advantages of Borrowing Money | Here's What You Need to Know

Fast Personal Loans

  • Smart and quick application form, which can be completed in minutes
  • 70% of applicants receive an outcome instantly
  • For applications that do not receive instant outcome, most receive a final outcome within 60 minutes!*
*During normal business hours.

Cash in your bank within 60 seconds

88% of our customers have their funds within 60 seconds of signing their contract.*

*Only available for NPP enabled bank accounts

Cash in your bank within 60 seconds

88% of our customers have their funds within 60 seconds of signing their contract.*

*Only available for NPP enabled bank accounts

Fast Personal Loans

  • Smart and quick application form, which can be completed in minutes
  • 70% of applicants receive an outcome instantly
  • For applications that do not receive instant outcome, most receive a final outcome within 60 minutes!*
*During normal business hours.

What Are The Advantages Of Borrowing Money with Nifty?

When you’re strapped for cash, it’s easy to see the advantages of borrowing money online. Simple, fast, effective – it’s a win-win. But why apply with Nifty Loans? At Nifty, we want to make it simple for Aussie to access fast cash without the hassle. We don’t think applying for a personal loan should be a long, complicated and drawn-out process. So, we’re revolutionising the online lending game. 

Advantages of Borrowing Money - Nifty Loans

Borrowing money online, why not ask Nifty?

Thanks to our smart online application, you can apply for a loan in a matter of minutes and potentially receive an outcome on the same day. Our team will cut straight to the chase so you get the best possible chance at approval on a personal loan. Simple as that.

Yet, if you’re still wondering ‘how much money can I borrow’ or ‘does borrowing money affect your credit score’ we recommend you keep reading.

5 Advantages of borrowing money with Nifty

If we had to make a list of the advantages of borrowing money with Nifty, it’d go a little something like this:

#1 Fast applications

When you apply with Nifty, an application could only take you a few minutes to complete. We’ll just need to grab a few important details from you so we can conduct a thorough assessment of your loan application. After that, you can sit back and relax!

#2 Quick outcomes 

If you submit your application during AEST business hours our team will do their best to get back to you in just 60 minutes with an outcome. We’ll cut straight to the chase so you get the best possible chance at approval. 

#3 100% transparency

Our team believes in 100% transparency. That means you’ll never be hit with any hidden fees or charges when you apply with Nifty and these will also be easily displayed in your contract. We’ll be honest and upfront from the beginning, so just ask if you have any concerns.

#4 Safe processing 

You’ll never need to be concerned with the safety of your information. Our team uses the latest in safe banking technology to ensure your information is heavily encrypted. 

#5 Cash in 60 seconds*

Thanks to instant banking, we can transfer funds instantly to customers with NPP-enabled bank accounts. This means the cash could be in your account and ready to use in just 60 seconds if you’re approved for a loan! To find out if your bank has NPP-enabled payments, click h

How much can you borrow with Nifty?

Loan TypesAmountSecurity Required
Small Bad Credit Loans $300 to $2,000No security
Medium Amount Cash Loans $2,100 to $4,600Security Optional
Large Personal Loans $5,000Secured Required

Who can apply for a loan? 

If you’ve been googling ‘advantages of borrowing money’ then you’re probably wondering who is eligible to apply for a personal loan with Nifty. At Nifty, we like to keep our application criteria as simple as possible. We want all Aussies to get a fair go at a safe and reliable loan.

Here are our application criteria:

  • Be an Australian citizen or permanent resident;
  • Be 18 years of age or above;
  • Have received a regular income into a personal bank account for at least the last 90 days prior;
  • Have a direct contact number and email address. 

Will I need to fill out paper forms? 

No! At Nifty, we do not believe in paper forms. This is another one of the advantages of borrowing money with us! We won’t even ask you to provide paper copies of your bank statements. You can complete the entire application process 100% online. We will only ask you to provide a few necessary documents, but this can also be done online. So here’s what we suggest you have handy:

  • Your basic personal details (name, D.O.B etc);
  • Internet banking details (so we can securely access read-only copies of your bank statements);
  • The reason you are applying for your loan;
  • Your MyGov details (if you receive Centrelink or Government benefits);
  • Employment details and contact info of your workplace (we may need to get in contact in order to verify your employment status);

How do I apply for a loan? 

One of the biggest advantages of borrowing money with Nifty? Submitting an application for a personal loan couldn’t be simpler. The entire process could be done in just a few short minutes. Here’s what you’ll need to do:

Step 1: Apply online

Head to the top of the page and use Nifty’s online loan calculator to input your desired loan amount and the repayment period. You will then be able to see what the possible weekly, fortnightly or monthly repayments could be. 

Step 2: Fill out the form

You will need to fill out our application form. This could only take you a few short minutes to complete. Our team will just need a few important details to properly assess your loan application. 

Step 3: We assess your application

The Nifty team will conduct a thorough assessment of your loan application. If you choose to apply during AEST business hours we could get back to you with an outcome in just 60 minutes.

Step 4: Sign your agreement

We’ll send over an agreement for you to review and sign. The Nifty team encourages all borrowers to read through their agreement and make themselves aware of the terms and conditions of the loan contract before signing. If you’ve got questions make sure you get in touch with the Nifty team. We are more than happy to help! 

Step 5: Get your cash

Once you’ve sent us a signed copy of the agreement our team will transfer the cash straight to your account. Thanks to instant banking, the money could be in your account and ready to use in just 60 seconds.*

Why do I need to provide online banking details? 

Are you wondering why our team might ask you to submit your online banking details? At Nifty, we use online banking information to access read-only copies of your bank statements. Bank statements allow us to assess your spending habits, income and other financial commitments.

Ultimately, this gives us an idea of whether or not a personal loan is an appropriate financial decision for your current circumstances. It also means we don’t have to ask you for any physical paperwork, which is one of the major advantages of borrowing money with us!

Worried about the security of your information? There is no need to be. For starters, the Nifty team will never be able to look at your real bank account. We use a third-party provider with bank-level encryption to ensure your information is encrypted. That means no one will be able to see your details. If you’d like to know more about this process you can get in touch with the Nifty team or head to our FAQ page for more information.  

Will Nifty call my Employer?

Only in some cases our team will conduct an employment check when you apply for a personal loan. This is just a routine part of our assessment process. The Nifty team may need to get in touch with your boss to verify a few important details during the assessment process if they can not this with the information you have provided.

If you’re worried about privacy you can rest assured that the Nifty team will always be discreet. We will never disclose any of your personal information to your employer – including the reason why you are applying for a personal loan. Want to know more about employment checks? Get in touch with our team.

What if I have bad credit?

Have you been googling ‘how much money can I borrow with bad credit?’ or ‘advantages and disadvantages of borrowing money with bad credit’ then stop right where you are. At Nifty, we’re different. Our team won’t judge you based solely on your credit score. We’ll take a realistic look at your finances so you get a fair assessment. 

The Nifty team understands that bad credit can hang around for up to 7 years. We don’t think you should be judged on something you did that long ago!

At Nifty, we’ll look at your bank statements to assess whether or not a personal loan is an appropriate financial decision for you. If we can see you have made a considerable effort to reconcile bad credit you could be eligible for a personal loan. So, there is no need to google ‘advantages of borrowing money’ or ‘a list of the advantages of borrowing money’, just apply with Nifty.

Does borrowing money affect your credit score? 

The short answer is, yes. Even just applying for a loan will impact your credit score as it will create what’s known as a ‘credit enquiry’ on your report. The good news is, the impact doesn’t have to be bad. In fact, there are actually some advantages of borrowing money to your credit score.

Basically, the credit reporting agencies that collect and track your financial history in your credit report view specific factors as ‘good’ when calculating your credit score. Payment history, for example, often accounts for 35% of your overall credit score.

This means that if you can meet your repayments on time, you could actually improve your credit rating. Ultimately, this is one of the advantages of borrowing money – if you make your repayments faithfully – it could be great for boosting your credit score.

Like what you hear?

Want to read more from the Nifty team? Check out our blog. We’ve covered the best summer holidays for the whole family. Plus, is Uber still king of the ride-sharing apps? Nifty investigates.

*For NPP enabled bank accounts.

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Loan Costs

Large Loans

Large Loans

$5,000

Loan amount:$5,000
Terms:9 - 24 months
Establishment fee:Variable
Monthly Fee:$0
APR:21.24%
Comparison Rate:48%**
View Example

Large Loan Example

Loan amounts:$5,000
Terms:18 months,
(78 weekly repayments)
Establishment fee and Total Interest:$1,897.54
Total payable:$6,897.54
Weekly installments:$88.43
View Loan Details
Medium Loans

Medium Loans

$2,001 - $4,600

Loan amounts:$2,001 - $4,600
Terms:9 - 24 months
Establishment fee:$400
Monthly Fee:$0
APR:47.8%
Comparison Rate:65.86%**
View Example

Medium Loan Example

Loan amount:$2,500
Terms:24 Months,
(104 weekly repayments)
Establishment fee:$400
Total other fees:$1,609.44 (reducing interest)
Total payable:$4,509.44
Weekly installments:$43.36
View Loan Details
Small Loans

Small Loans

$300 - $2,000

Loan amounts:$300 - $2,000
Terms:6 - 9 months
Establishment fee:20%
Monthly Fee:4%
APR:N / A *
Comparison Rate:138.37%**
View Example

Small Loan Example

Loan amount:$1,000
Terms:6 Months,
(24 weekly repayments)
Establishment fee:$200
Total other fees:$240
Total payable:$1,440
Weekly installments:$60.00
View Loan Details
* Not applicable. Small loans do not charge an annual interest rate.

** 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. Different loans may include other payable fees and charges. All fees and charges will always be displayed on your loan contract.

Loan Costs

Small Loans

Small Loans

$300 - $2,000

Loan amounts:$300 - $2,000
Terms:6 - 9 months
Establishment fee:20%
Monthly Fee:4%
APR:N / A *
Comparison Rate:138.37%**
View Example

Small Loan Example

Loan amount:$1,000
Terms:6 Months,
(24 weekly repayments)
Establishment fee:$200
Total other fees:$240
Total payable:$1,440
Weekly installments:$60.00
View Loan Details
Medium Loans

Medium Loans

$2,001 - $4,600

Loan amounts:$2,001 - $4,600
Terms:9 - 24 months
Establishment fee:$400
Monthly Fee:$0
APR:47.8%
Comparison Rate:65.86%**
View Example

Medium Loan Example

Loan amount:$2,500
Terms:24 Months,
(104 weekly repayments)
Establishment fee:$400
Total other fees:$1,609.44 (reducing interest)
Total payable:$4,509.44
Weekly installments:$43.36
View Loan Details
Large Loans

Large Loans

$5,000

Loan amount:$5,000
Terms:9 - 24 months
Establishment fee:Variable
Monthly Fee:$0
APR:21.24%
Comparison Rate:48%**
View Example

Large Loan Example

Loan amounts:$5,000
Terms:18 months,
(78 weekly repayments)
Establishment fee and Total Interest:$1,897.54
Total payable:$6,897.54
Weekly installments:$88.43

* Not applicable. Small loans do not charge an annual interest rate.

** 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. Different loans may include other payable fees and charges. All fees and charges will always be displayed on your loan contract.