What is a quick loan?

Quick Loans

If you’re looking for quick loans and don’t have time – or any more patience – to waste, you’re in the right place. 

OzMoney is all about fast cash loans and easy finance. With our paper-free online loans application process and quick, same-day approval and cash delivery, our easy loan customers are some of the happiest in the country. 

Our personal loans and credit solutions support all kinds of Aussies at different stages of their lives. From debt consolidation loans to personal student loans, wedding loans, and bond loans, we offer quick cash loans between $2,100 and $50,000 to approved applicants at competitive interest rates. 

With loan terms between one and five years, our quick loans offer the flexibility you need. To find out how much you can borrow and get online loans quick, visit our website today.

What are the benefits of quick loans?

If you’ve found yourself in a tight spot, have grand plans or perhaps just want to indulge a little, OzMoney quick loans might be just what you need. 

We only offer unsecured loans, which means you don’t need to have collateral like a house or car to be successful in your application for a fast credit loan. We’ll base our assessment solely on the strength of your income and credit score. We also only offer fixed interest rates for our personal loans – meaning you’ll know exactly what your repayments and accrued interest will be from the get-go, and making quick loans an easily manageable and accessible financial tool.

Will I be charged any fees if I avail a quick loan?

Yes. However unlike with other money lenders, there are no hidden nasty surprises. OzMoney takes great care to make sure you know exactly what these are before you sign your quick loans contract, so you can make an informed financial decision. 

A full schedule of fees is included in your fast online loans contract, including any establishment and monthly account fees. Because we only offer fixed rate interest loans, you’ll also know exactly how much interest you’ll be charged over the duration of your loan – making sure you’re covered in the event of a significant economic downturn.

How is the interest rate calculated?

Our quick loans interest rates start from just 7.95% p.a., and as a general guide, the better your credit score is, the lower the interest rate you’ll be offered for our instant cash loans. But our maximum rates are still extremely competitive with those of the big banks, so you can feel confident that even if your credit has taken a few hits and you’re not offered our lowest interest rate, you’re getting the best rate for your current financial circumstances.

We believe in responsible lending, so you’ll know exactly what fees and charges are applied to our quick loans before you sign. You can use the free online personal loans calculator on the OzMoney website to get an idea of what your monthly repayments might look like before you apply for loan.

How does the repayment process work?

We’ve taken the pain out of managing your repayments. When you sign your loan agreement, we’ll ask you to nominate a bank account from which we can make deductions for your monthly fees and payments. We’ll also outline the day your loan repayment will be processed each month, so you can feel confident that your account has what it needs to transfer ahead of time.

How long does it take to get a quick loan?

In most cases, mere minutes! We understand the pressures of modern life and are committed to getting cash to our customers as quickly as possible. 

Completing our 100% online application process takes less than five minutes – and there’s no messing about with supporting documentation or phone calls. You’ll have a response within about the same and, depending on who you bank with and whether you applied during business hours, could have the funds in your bank account within an hour after signing your loan contract.

How can I get a quick loan with bad credit score?

Getting quick loans with bad credit can be difficult, but it’s not impossible. To increase your chances of success, it’s important to be smart about what you apply for. 

This means having a clear picture of your financial health before you begin your application. Because we’ll always carry out a credit check as part of the application process, it’s important you’re aware of and honest about all your financial liabilities, or debts – such as credit cards, buy now, pay later debt, or personal loans, as well as any transactions or defaults on your credit file where you’ve missed repayments and how they sit in the greater context of your credit history.

OzMoney assesses each loan application individually, so you won’t automatically be declined for having a default on your record. However, there are some circumstances that will cause your credit application to be declined, such as if you’re bankrupt, if you’re in a debt arrangement, or if you have a consistent pattern of defaults. 

We want to make sure that none of our customers experience financial duress because of their loan repayments, so we take care in our assessments to ensure that loan offers are only approved for customers who are in a comfortable position to repay their debts. These considerations extend to the loan terms offered with your quick loans, such as the amount we approve you to borrow and over what how long.

Because the best way to improve your credit score is to demonstrate consistent positive credit behaviours – i.e., making timely repayments – quick loans can be a great tool to help you get back on your feet. As your credit health improves, so too will your likelihood of being eligible for higher credit limits and lower interest rates.