One-Hour Emergency Cash Loans in Australia

It can take days to months to apply for a traditional personal loan. And in some cases, you can get “ghosted” (no response). The procedure here makes it difficult to pull through. You’ll have to do preapprovals, then move in for pre-qualification, and that’s after submitting several documents. 

In normal circumstances, you might not mind the long wait. However, you’ll need an alternative if you have a situation and need an emergency loan.

But are there one-hour emergency cash loans in Australia? What are the odds of getting one? We’ll discuss emergency loans and answer these questions in this article.

What this article covers:

Are There One-Hour Emergency Cash Loans in Australia? 

Several Australian lenders are offering one-hour cash loans. They often operate online and provide an easy application process. But that’s not all. 

You can sign up on their site and get a 1-hour loan approved, even with bad credit. That’s because lenders with one-hour loan approval tend to use alternative means to qualify you for their loans instead of checking your credit score. 

While this might seem contrary to conventional loan standards, the Australian Securities and Investments Commission (ASIC) supports online lenders who offer such loans. 

emergency cash loans in one hour australia

Requirements for One-Hour Emergency Cash Loan

There are a few requirements you must meet to qualify for this loan. We’ll highlight them below. 

Minimum Age Requirement 

Lenders will require you to be 18 years of age or older before considering your application for a one-hour cash advance. 

An Active Checking Account 

While you can get some loans without a bank account, it’s best to have one before applying for emergency money online. 

Besides having a safe place to deposit your requested loan, lenders check your bank statements to see patterns in how you spend and manage your finances. Hence, with a bank account, you can increase your chances of getting loans within an hour. 

Furthermore, most online lenders require ACH authorization for loans above a certain limit. To use an ACH, you’ll need to link a bank account. In this case, having a checking account is a plus.

Valid Identification 

A state-issued ID proves you’re an Australian resident or citizen. 

Some examples of valid IDs you can use during your application include:

  • Birth certificates 
  • Valid driver’s licence
  • Passport 

Tax Filing Number 

A Tax Filing Number (TFN) is a nine-digit number for tracking tax and income. While the TFN might sound unrelated to loans, lenders request this as a form of security on the loans they offer. How’s that?

loans in an hour

When you apply for emergency cash loans with no credit checks, online lenders can approve them. However, they can submit your TFN to a credit bureau in cases where you default on loan repayments. In turn, your credit score will be affected, forcing you to repay.

Income Verification

An income verification is a document showing your past earnings. This helps lenders analyse and forecast whether or not a loan product is right for you. 

Some documents you can use for income verification in Australia include

  • Bank statements
  • Pay slips 
  • ATO Notice of Assessment (for self-employed)

3 Places in Australia to Get Emergency Cash Loans in One Hour

You might be overwhelmed by the alarming number of lenders offering cash advances in one hour online, yet not all of them deliver quality services. Below, we’ll outline three places you can get emergency cash immediately in Australia.

Payday Lenders

Payday lenders offer small cash advances against your income. You can take out as much as a $5,000 cash loan in one hour. 

While they can offer you loans immediately, their offers come with outrageous interest rates. As a result, they should only be a last resort.

loan in hour

Personal Loan Lenders 

Several personal loan lenders are starting to include quick loan offers on their sites. This means you can apply for and get loans in an hour. However, there’s an amount that qualifies a loan as such, depending on the lender. 

For example, loans below $1,000 can qualify for a fast loan. But amounts above that stand as a personal loan and must follow the due process (credit checks and documentation).

Meanwhile, personal lenders use a floating interest rate on their loan products. And in some cases, you’ll find instalment offers. 

loans in a hour

Peer-to-Peer Lending Sites

P2P or social lending offers an opportunity for borrowers to meet lenders in a social environment. It seeks to eliminate the formal aura of borrowing from an online bank.

On P2P lending sites, you can apply for a last-minute loan from direct lenders and get immediate approval. Here’s how it works: 

  • Sign up as a community member. Membership can be free or paid
  • Complete a borrower’s profile to position yourself for the right opportunities
  • Verify your account
  • Check out loan offers and apply 

Note that you might receive loan offers based on your borrowing history or membership package, whether free or premium.

Conclusion

You can apply for one-hour emergency cash loans in Australia without documentation, credit checks, or interviews. The process is usually straightforward. However, it also matters where you get your loan. Some of the best places we’ve highlighted include payday lenders, personal lenders, and P2P lending sites.

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