How Much Can You Borrow With A Cash Loan?

Australian borrowers are almost spoiled for choices regarding financial products and lenders. That means it’s essential to choose the right loan for you. One available option is to borrow a relatively small amount with a shorter repayment period. Small cash loans are quick – most applications are approved within one hour or on the same day. Many Australians use them as a very flexible, convenient way to cover planned purchases and unexpected expenses. If either of those two scenarios applies to your circumstances, you might wonder how a quick cash loan works?

What Are The Repayment Periods For Australian Quick Cash Loans, And How Much Can You Borrow?


Small Amount Credit Contracts (SACCs) are used to provide quick cash loans in Australia. SACCs cover loans for sums between $300 and $2,000. This type of loan is always unsecured so you can use it for anything. Repayment periods for SACCs range from just sixteen days up to one year. With quick cash loans, you decide how much you borrow. You also set how long you want the repayments to run.

  • SACCs offer borrowers the option to access anything between $300 and $2,000.
  • Most quick cash loan providers are online and offer 24/7 access to services.
  • Applying for a quick cash loan is convenient. Your application will often get processed and approved within the hour or the same day.
  • Repayments and fees are fixed based on a percentage of the loan amount.
  • SACCs are unsecured loans and can be used for various purposes.

Quick Cash Loans Offer Fast Access To Cash, Just Like Payday Loans, So Are They The Same?

In 2020, quick cash loans were one of the more transparent and convenient ways to borrow. Lenders operate responsibly within strict guidelines to ensure consumers are protected. To understand why it’s necessary to know how quick cash loans differ from payday loans, it’s also very useful to consider part of Australia’s recent lending history.

Payday loans emerged in the US and hit the shores of Australia in the nineties. The industry grew quickly, and lenders often charged massive amounts of interest. Borrowers were free to take out multiple agreements simultaneously. Payday loans and irresponsible lending saw spiraling debt become common, and soon, Australian regulators had seen enough. When the 2008 global financial crisis hit, governments, borrowers, and institutions rapidly changed their attitudes to credit. It transformed the lending landscape and spelt the beginning of the end for payday loan providers in Australia. Know more about your eligibility at

Do Quick Cash Loan Fees Accumulate?


Even today, quick cash loans sometimes get associated with the ‘payday loans’ of the past – but in reality, they couldn’t be less alike. The only common factors are relatively small loan amounts and repayment options over shorter periods. The Commonwealth government abolished true payday loans in 2013 by introducing its small amount credit reforms. In terms of structure and regulation, today’s SACCs and payday loans are worlds apart.

  • Fees on quick cash loans are capped. The maximum a lender can charge for establishing an agreement is 20% of the borrowed amount. For example, if you borrow $600, you can only ever be charged a maximum of $120 in establishment fees. The monthly interest is also capped at 4% p.a. – which means the same $600 loan paid back over six months will incur a maximum monthly interest of $24. A six-month loan paid back on time will cost the borrower no more than $264.
  • Debt Spiral Caps provide extra protection for quick cash loan borrowers. Whereas in the past, shorter-term lenders used extortionate late fees to generate revenue – SACC loan providers won’t charge more than 100% of the original loan amount in default fees. If you borrow $600, you’ll never have to pay back more than $1200 – no matter what.
  • The Credit Act, introduced in Australia in 2013, means quick cash loans are no longer a vehicle for debt spiraling. If an applicant has taken out two or more SACCs in the previous 90 days, lenders must apply the rebuttable presumption test. That also comes into effect if an applicant defaults to another SACC agreement.

How Do Today’s Australian Quick Cash Loans Fit Busy Lifestyle And Intermittent Income?

Australia was one of the first nations to recognize widespread growth and problems within the short-term loan industry. That prompted a move to the far stricter regulatory system we see today. The 21st century continues to produce increasing demand for flexible loan products – fuelled by the needs of a changing workforce. Higher numbers of people are self-employed or working on temporary contracts, and more of us work outside traditional 9-5 roles.

Responsible, accessible lenders and clear regulatory guidelines help make quick cash loans an extremely safe and popular form of borrowing. Shorter-term borrowing options make sound financial sense for those on shorter-term employment contracts. Instantly available lenders with 24/7 online access also suit the modern worker’s needs. The small number of credit reforms created a new breed of responsible lenders – offering loans for the way we live.

Can You Apply For A Quick Cash Loan Online?


While quick cash loans represent a highly regulated and safe way to borrow smaller amounts – applying couldn’t be faster or easier.

  • Just submit an online application and answer questions about your employment status. Lenders will request that you itemize all of your expenses and income. They’ll ask you questions about your marital status too.
  • You’ll be asked to supply documents supporting your application and proving your identity, such as a driving license, government ID card, or passport. You’ll need to scan and send proof of address – which might be in the form of a utility bill. The provider will also ask for copies of your recent bank statements and payslips.
  • You’ll then just need to state how much you want to borrow, and the lender may ask you how you intend to use the funds.

Once an application is submitted, turnaround is fast. In some cases, the loan provider may ask further questions or seek additional supporting documentation. When your application is approved, you’ll be able to sign the loan agreement digitally. After that, funds get transferred to your nominated bank account.