It won’t be nice to jump into mentioning the best loan apps Australia without considering many factors. Many loan apps in Australia are not reliable for sure. Some charge high-interest rates even way higher than traditional loans. Others have hidden fees, and have short repayment duration. Looking for a reliable loan app can sometimes be frustrating; hence, this article, “best loans apps Australia.”
This article will show us the best loan apps Australia, including loan apps that pay instantly without waiting up to 24 hours.
Top 10 Best Loan Apps In Australia
Here are the 10 best loan apps in Australia that have proven to be reliable and offer some of the best affordable loans.
OurMoneyMaket is one of the best loan apps Australia that offers low rates for borrowers with an excellent credit score at a competitive rate of 6.69% P. A and 7.31% P.A comparison rate.
OurMoneyMarket offers personal loans from $2,001 to $75,000 for an establishment fee of $250 and loan terms of one to seven years.
The loan app is flexible; you can settle the loan early without penalty. Also, it offers a free redraw and allows you to choose your repayment plan, whether weekly, monthly, or fortnightly.
Another best loan app in Australia that offers quick loans is SureMoney. SureMoney offers unsecured loans for members of these frontline industries.
You can borrow $5,000 and $50,000 for a repayment duration of up to 5 years, and fixed interest rates starting from 8.35% P.A. They also charge an establishment fee of $525 and a $10 monthly service fee.
Latitude is also one of the best loan apps Australia that offers Personal Loans, Car Loans, Credit Cards, Insurance, and many more. Latitude personal loans can be used for any personal purpose that suits you. It can also be used for debt consolidation and the repayment option is also long so you can focus on establishing yourself before paying back the loan. The good news is that you can borrow up to $30,000 and repay within up to 7 years of the loan tenure.
Their fixed rates start from 11.49% Per Annum up to 29.99% per annum while the Fixed comparison rates are from 12.35% to 33.28% per Annum. So with the fixed rates, you won’t be scared of the loan duration. However, the variable rates which start from 8.49% guarantee you won’t be paying any early termination fee.
MoneyMe offers really cheap and affordable rates making it one of the best loan apps Australia due to its speed of approvals and interest rates. The approval of this loan is within minutes and you’d get your result if approved or not so you can settle your emergency faster.
Just like Latitude, MoneyMe also offers debt consolidation loans, and personal loans, among other products it offers. MoneyMe has also received several awards as one of the best and standard loan apps in Australia and is therefore worth your trial.
MyPayNow doesn’t just give loans to everybody. It’s a payday loan app that is integrated with companies payroll system and grants employees access to their wages earlier than the usual date.
So if your employer is integrated with MyPayNow, you can simply request a portion of your salary whenever and however you wish. Since it works directly with employers, it makes it guaranteed that you must get approval as it does not even require a second phase review.
When it comes to pay-on-demand companies, Beforepay loan app takes the lead. This app is super intelligent and great. It is also one of the most popular employee loan apps in Australia that don’t charge interest rates. Yes, that is right.
When you take an on-demand salary with Beforepay, they simply take a 5% fee from you for the whole transaction and you can pay back the money in installments for up to 4 months or 4 pay cycles or whichever comes first. You can borrow up to $2000 of your wage with Beforepay app.
Wagetap is also another best loan apps Australia. The app is a payday advance app that can borrow you up to $500 of your wages earlier than you should get it before.
Anytime you need your salary and can’t wait till payday before sorting out that emergency, then Wagetap can help you with up to $500 of your wages with fast and instant approval.
CommBank is another best loan apps Australia with different variations of loan offers. While it maintains a good app, CommBank is a full-fletch monitored bank that offers home loans, personal loans, etc. Personal loans are further divided into different kinds of loans including fixed rates, variable rate loans, and secured personal loans.
With secured personal you have fixed interest rates as far as you are able to complete the paperwork, you are good to go. Also, while variable rate and fixed rate loans both offer you from $4000 to $50000, the secured personal loan can give you from $4000 to $100,000 with low-interest rates.
One thing that made Credit24 one of the best loan apps in Australia is the fact that it is available in multiple countries. People in Australia, Estonia, Lithuania, Latvia, and Finland can both enjoy the fantastic services that Credit24 offers.
You can borrow up to $10,000 at once with Credit24 personal loan. Unlike other apps that might take days to get credited, Credit 24 said you can get your loan the same day and all application processes are the same day.
10. Cashify Loans
The least you can borrow with Cashify Australia is from $2001 to a maximum of $50,000. Also, it is important to note that Cashify Australia offers a minimum of 90 days (3 months) to as high as 24 months (2 years) for the repayment period.
You can pay your loan back in installments of either monthly, weekly, or by the fourth night, whichever works best for you.
Which App Gives Loan Instantly Australia
The best loan apps that give you a personal loan instantly no matter how tiny the amount you required to cover your next expenses include Credit24, Beforepay, MyPayNow, MoneyMe. These loan apps are great with similar features that make them very reliable.
What Are Instant Pay Advance Australia?
Instant pay advance services in Australia include financial products that allow individuals to receive an advance on their upcoming paycheck inform of cash advances. These services are designed to provide quick access to funds to cover unexpected expenses or to bridge the gap between paychecks.
What are the Advantages of Loan Apps In Australia?
Below are some of the advantages of loan apps:
- No physical documentation: One significant advantage of loan apps is that is runs on a paperless documentation system that only requires you to upload vital information that is processed instantly, compared to the banking system where you must submit many documents.
- Quick loan approval: You get funded instantly once your loan request is complete. Or within a few business days. Loan apps are faster than conventional banks.
- Digitized loan application: You don’t have to visit a physical ender or a company to submit your application. You can simply make your application conveniently.
- Automated payment options: The repayment processes are automated. So issues of forgetting to make your repayments will be eliminated.
What are the Cons of Loan Apps In Australia?
Here are some of the cons of loan apps that you need to know:
- Debt trap: One of the cons of loan apps is that you might be entrapped in the debt trap forever. Due to the interest rates and other charges, you might not be able to cover the loan and might collect another loan to settle it.
- Risk of scams and hacking: Loan app processes are entirely online and are susceptible o hacking. Hackers can steal your data and use it to steal your money or run dirty. So the security of the loan app should be considered when choosing a loan app to borrow from.
- Penalties and fees: Most loan apps charge different fees and penalties, such as establishment fees, late payment fees, etc. These keep increasing the loan amount and keep pushing you into further debt.
Alternatives to Loan Apps
Getting a loan shouldn’t be the first thing to do when you need money. Loans are not long financial solutions, so seek alternatives that will give you more lasting financial solutions.
The three main alternatives to loan apps are:
- Borrowing money from family and friends
- Look for side hustles and ways to make extra income
- Utilizing buy now and pay later apps.
Many of the best loan apps Australia promise reasonable interest rates, loan terms, and repayment procedures. Ensure you do your research before jumping into any. Do not only consider their loan terms, interest rates, and repayment options; security is another factor you should not neglect when choosing a loan app.