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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 of approval*

*Only available for NPP enabled bank accounts

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Cash in your bank within 60 seconds of approval*

Short Term Loans Australia

Getting Short Term Loans Australia

Are you looking for a short term loan in Australia? Car registration due or an unexpected bill pop up? Well look no further, because Nifty has your back when it comes to short term loans Australia! Nifty is one of the leading providers of short term personal loans in Australia. In addition to that, Nifty is a responsible lender. You can apply for a loan online and get your loan approved in the shortest possible time. You could even receive your funds with 60 seconds of accepting your contact. How Nifty is that!

short term loans australia

What is short term lending?

Lets step back a second. Are you wondering what a short term loan Australia actually is? A short term loan Australia is a loan borrowed for temporary personal or business needs. This loan is a type of credit that lends the borrower a principal amount. The borrower then has to pay back the amount and any interest or fees on given due dates; usually within a year from obtaining the loan amount. The loan amount often ranges between $100 and $5,000.

Why do people get short term loans?

There are many benefits to obtaining short term loans Australia. Because the loan amount often has to be paid back within a year, the total interest or fees incurred can be lower than that with a long term loan.

Short term loans can be less risky than long term lending because of a shorter maturity date and there is less time that the unexpected can happen (for example, losing your job). Borrowers can also obtain the loan amount quickly and with less hassle than that of larger, longer term loans. The requirements for these loans are often less stringent as well.

You can also often borrow this type of loan if you have bad credit. Because of this, you will not only get access to funds even with a bad credit score, but it can also help improve your credit score if you maintain a good repayment history with the loan.

Types of short term loans

Wondering what types of short term loans Australia are available? Here are some different types of short term loans you can borrow.

1. Line of Credit (LOC)

In this type of financing arrangement, banks or a financial institution assesses the maximum loan amount based on the borrower’s creditworthiness.

The borrower can then withdraw the loan amount in lump sums or instalments as the need arises. A combination of fees are usually charged based on the total amount approved or on the outstanding amount, depending on the lender.

Once the loan amount is paid off in full, the borrower can often redraw from the loan or apply for a fresh LOC with the different amount. There is usually no fixed tenure for the facility, until either party chooses to close the LOC. The interest rates can vary depending on the lender and can increase if any default or late payment occurs.

2. Merchant cash advances

This short term loan is a business cash advance that operates as a loan. The borrower pays the loan by allowing the lender to access his or her credit facility. Every time a borrower’s customer makes a purchase, the lender takes a certain percentage of the sale.

3. Payday Loans

These emergency short term loans are usually easy to obtain and can be offered even by high street lenders. In this type of loan, you have to pay the full loan amount and interest in one or only a few lump sum payments on the borrowers payday. For repayments, the lender usually withdraws the amount from the borrower’s bank account, such as by direct debit. 

4. Bank Overdraft

Bank overdrafts are a type of line of credit linked to the borrower’s existing bank account. The bank fixes the overdraft amount in advance. If there are insufficient funds in the borrower’s account, the bank extends additional funds, and the borrower pays bank charges for this facility.

5. Online or Instalment Loans

This type of short term loan is easy to obtain because everything – from application to approval – is done online. You can get loan approval within a few minutes, and the loan amount is wired to your bank account.

6. Invoice Financing

Under this facility, a business borrows money against the receivables from its customers. For instance, a company has a large number of customers who take 20-30 days to make payments, or there could be late payments. To meet the instant liquidity requirements, companies choose invoice financing.

The lender pays money to the company, after deducting its fee as a certain percentage of the invoices.

How do I apply for a short term loan Australia?

First, understand what your short term loan Australia needs to be used for. Could it really fulfil your needs? If yes, select the best lender and check whether you meet all eligibility criteria. If you fulfil all requirements, start with the loan approval process outlined by the lender. The process and policies may vary from one lender to another.

So make sure you familiarize yourself with all policies of your lender before applying for the loan. Follow the step-by-step process and instructions for a loan application. Most of the short term loan lenders approve loans within a day or even hours, facilitating you with instant money. 

Short term loans For Business

A short term loan can be an excellent option for startups and small businesses as well that are ineligible for a credit line from banks. In order to strengthen your business, you might plan to buy a new property, expensive equipment to improve your operational efficiency, or simply want to fill a cash-flow gap.

A short term loan provides access to new capital that, when used thoughtfully, helps increase your revenue. Make sure that you outline a clear strategy for how to use the obtained sum of money for your business growth.

Here is how short term lending can help businesses:

  • Business expansion when you require additional space, new equipment or staff for new business opportunities
  • Even out cash flow fluctuations
  • Act quickly when an opportunistic property or stock purchase knocks
  • Payout an outgoing business partner

These loans are also valuable for individuals who are going through a temporary, sudden financial need.

Things to consider

Though short term loans can be a great option to accommodate your sudden or temporary financial needs, there are a few things you should know in advance.

Any default or delay payments can lead to interest rate hikes and penalties. It may cause problems for the borrowers, further leading to lower credit scores. Moreover, availing short term loans for your long term needs may result in high interest rates.

So be careful when applying for short term loans Australia to fulfil your financial needs. Its also a good idea to always seek independent legal and financial advice.

Apply with Nifty for short term Loans Australia!

As we have already discussed, many financial institutions offer short term loans. These institutions include small non-bank lenders, community leading associations, and not-for-profit lenders. Moreover, peer-to-peer lending has also gained popularity in Australia these days.

If you are looking for a quick short term loan for your personal or business needs, online lenders like Nifty make the process easy for you. Nifty provides fast outcomes in a hassle-free manner and with an easy application. The best part about Nifty short term loans are that you can apply for them Australia wide, as we are 100% online! Not only that, but once you are approved and accept your contract, you could even receive your funds instantly if you have an NPP enabled bank acccount!

What short term loans Australia Does Nifty Offer

New to Nifty? Well let us give you a breakdown of our short term loans Australia and how they work.

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

Ready to Apply?

Have you weighed up the pros and cons and decided its time to apply with Nifty? Then that’s great! Scroll on up to the top of the page, select how much you need and your on your way!

Remember, if you need any help with your application, our friendly team are always happy to help! You can contact us on 1300 471 328, or by email at info@niftypersonalloans.com.au.

Find the best personal loans in Australia!

 

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Andy Andy

AUTHORITATIVE SOURCE

Andrew Bell

Since founding Nifty in 2016, Bell has continued to make waves within the local financial sector for his continued ambition and willingness to adopt emerging technologies.

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Loan Costs

Large Loans

Large Loans

Large Loan Example

$5,000

Loan amount:
$5,000
Terms:
9 - 24 months
Establishment fee:
Variable
Monthly Fee:
$0
APR:
21.24%
Comparison Rate:
48%**
View Example
Loan amounts:
$5,000
Terms:
18 months, (78 weekly repayments)
EEstablishment fee and Total Interest:
$1,897.54
Total payable:
$6,897.54
Weekly installments:
$88.43
View Loan Details
Medium Loans

Medium Loans

Medium Loan Example

$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
Loan amounts:
$2,500
Terms:
24 Months, (104 weekly repayments)
EEstablishment 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

Small Loan Example

$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
Loan amount:
$1,000
Terms:
6 Months, (24 weekly repayments
EEstablishment fee:
$200
Total other fees:
$240
Total payable:
$1,440
Weekly installments:
$60
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.