Get Instant Approval for a Personal Loan: a Complete Guide
Need an instant approval loan to get cash today? We hear you. We all hate the mountains of paperwork and time it takes to apply for a loan. And then it feels like you have to wait for an age before you’re finally approved for a loan. When you need cash today, it’s torture to wait for a decision on your loan. That’s why instant approval same day loans are so appealing. The trick is knowing how to get rapid guaranteed approval for a personal loan. So we’ve broken down what instant approval cash loan actually means and what you need to know to get it.
Overview
- What is a personal loan?
- What is an instant approval loan?
- How to get instant approval for a personal loan
- Get a personal loan with bad credit
- What happens if you don’t get instantly approved for a personal loan?
- Online loans with instant approval (other than personal loans)
- Need to borrow money ASAP? Here are your other options
What is a personal loan?
A personal loan is money that is provided by a lender in the form of a single cash payment. You repay the loan in instalments over the loan term, including the additional fees and interest. Personal loans can be used for many purposes. Some common reasons for getting a personal loan include:
- Home renovations
- Unexpected bills
- Holidays
- Car repairs
- Debt consolidation
- Rental bond
What is an instant approval loan?
Instant approval loans are cash loans you receive an outcome for within a short amount of time. It can take as little as 60 seconds for some lenders to approve your quick cash loan. But be aware that these loans tend to have high interest rates and may not be the best option for your situation.
How long does a personal loan take to get approved?
As an alternative to high-interest instant loans, you can apply for a small personal loan and the cash can be almost instant. How long the approval process takes depends on the lender. You can apply online in minutes and have the cash in your bank account that same day. And because at Swoosh, a professional assessor reviews each application, you’ll only get a loan you’re reasonably able to repay.
What’s the difference between pre-approval and approval?
Pre-approval means you have been conditionally approved for a certain amount of money. The lender then follows up with a deeper review of your credit history and financial situation. If you are approved, you will receive the funds set out in the pre-approval. So, approval means you are actually cleared to receive the money based on a review of your credit history and financial situation.
Some lenders offer fast pre-approval, not fast approval. Which isn’t helpful if you urgently need a loan. So make sure you check before you submit an application.
How to get instant approval for a personal loan
Responsible lenders are required to verify that you will reasonably be able to pay back your loan. So, there is no guaranteed instant approval loan.
But there are things you can do to improve your chances of instant approval, including:
- Check eligibility requirements before you apply
- Upload all your documents and required information when requested
- Build a good credit history—depending on how much you want to borrow (and from where) you may or may not need a good credit score
- Show you have a steady income
- Have an asset you can use as security for the loan
- Manage your spending to show you can live within your budget
How to apply for an instant approval personal loan
7 simple steps to get an instant approval personal loan:
- Work out how much you need to borrow
- Get a credit history check—you can get free credit checks
- Research potential lenders based on your credit score and the amount you need
- Check the eligibility requirements
- Gather required documents
- Apply online from the lender’s website (for fastest response)
- Wait for the outcome and answer any follow-up requests
Get an instantly approved personal loan with bad credit
It can be harder to get instantly approved for a personal loan when you have a bad credit history, but not impossible. Lenders are less likely to loan you a large sum of money if you have a bad credit score, because of the risk of not getting their funds back. But small cash loans are less of a risk. They require less time to pay back and less financial loss if you fail to make repayments. Learn more: Bad credit loans
So, if you need an instant cash loan and you have bad credit, approval is more likely if you apply for a small loan. But also be aware that instant cash loans are not the only way to get money quickly. Check out our blog on how to earn money fast for some helpful tips.
Instant cash loans can be useful but you should always consider all your options before you decide on the best path for you.
Can I get a small personal loan with bad credit?
Yes, you can get a small personal loan with bad credit. It’s much easier to get an instantly approved small personal loan with bad credit than it is to get with a larger loan. Instead of your credit history being the make or break factor, small loan lenders, like Swoosh, only look at your current financial situation and they also have fewer eligibility requirements. So bad credit isn’t a factor you need to worry about. You can borrow any amount up to $5000.
Where to get instant approval for a small personal loan with bad credit
There are a number of lenders that offer instant approval for small personal loans. Swoosh Finance reviews your application instantly and offers same day cash loans. After your loan is approved you’ll have your cash within minutes. Read more about how Swoosh loans work.
What happens if you don’t get instantly approved for a personal loan?
If you don’t get instantly approved for a personal loan it usually means the lender needs to do a deeper review of your financial situation. There can be a number of reasons for not getting instant approval, including:
- Mistakes in your application
- Incomplete information or documentation
- The lender is receiving a high volume of applications
Check how long the lender usually takes to issue instant approvals. It may be longer or shorter than you imagine. If they still haven’t responded outside of the timeframe they advertise, contact them to check the status of your application.
Online loans with instant approval
Decided not to get an instant approval personal loan but still need quick cash? No worries, there are plenty of other loan types that offer fast approval, including:
- Debt consolidation loans
- Secured loans
- Loans against cars
- Bad credit loans
- Payday loans
- Bond loans
- Emergency loans
What is the easiest loan to get approved for instantly?
Small loans, like personal loans and payday loans, are the easiest instant approval loans. Because you don’t necessarily need to have a good credit score to be approved. The financial risk being taken by the lender is smaller and if you are getting a secured loan, they will recuperate the costs of the loan if you fail to make repayments.
Best online personal loan with instant approval
The best way to find the right personal loan for you is by checking out reviews. You can use comparison websites to get an overall idea of loan companies, but ultimately it’s best to rely on reviews and your own analysis of the business. Check out reviews and look for comments on approval speed to get an idea of how efficient they are at providing fast loan approvals.
To find the best online personal loan for you, evaluate how much money you want to borrow and what your financial situation and history look like. If you’re looking for a large loan you may want to spend some time improving your credit score and building up savings to demonstrate your financial responsibility.
However, if you need between $2200-$5000 Swoosh can approve your loan and have the money in your account the same day you apply for the loan. And best of all the process is 100% online so you’re able to apply for a loan 24/7.
Check the reviews before you apply to get an instant approval personal loan
Not sure where to go for an instant cash loan? Check out what our customers have to say.
Got rejected and need to borrow money ASAP? Here are some other options
When you’re declined for a loan it can feel like you’ve run out of options, but there are other ways you can get some quick cash when you’re in a pickle. Check out how to earn money fast for some alternative finance options.
FAQs
Can you get an instant approval cash loan with no bank account?
It’s unlikely that you will be able to get an instant cash loan without a bank account. Most lenders, especially online lenders, require you to have a bank account for any type of loan.
Where can you get instant approval for personal loans in Australia?
You can get instant approval personal loans from lenders such as banks, credit unions, and online lenders. Different lenders offer different versions of ‘instant approval loans’, whether it be approval within minutes or days. At Swoosh, a real person reviews your application instantly—and you can have the cash in the bank on the same day you apply.
Can you get an instant approval loan on Centrelink?
Yes, you can get an instant approval loan while you are on Centrelink. However, depending on your circumstances it may limit how much you can borrow and where you will be eligible. Find out if receiving Centrelink payments impacts your chance of getting a loan.
