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What Is a Same Day Loan?

As the name implies, same day loans are a type of short-term financing option that allow borrowers to get fast cash on the day they apply. If you are in dire need of emergency funds, same day loans can be highly beneficial and will quickly fill the hole in your budget.

Same day loans give you the ability to pay for different types of expenses, including home renovations, car repairs, hospital bills, and more.

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Do Same Day Loans Really Exist?

Yes, same-day loans do exist. However, how quickly the funds will reach your bank account depends on the timing of your application, your partner lender, and your bank's processing time.

That being said, if you apply early, you have a good chance of getting a loan the same day.

What Are The Best Same Day Loan Options?

Some of the best same day loan options are:

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    Payday Loans

    Payday loans are short-term payday advances that allow you to borrow up to $2,000 in instant cash to cover unexpected expenses. Typically, you need to partially or fully repay a payday loan when your next pay cheque arrives.

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    Bad Credit Loans

    Bad credit loans are fast cash solutions for individuals with bad credit. When you apply for a bad credit loan, your monthly income and ability to repay the loan will be of more concern than your credit score.

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    Short Term Loans

    Short-term loans are loans taken out to meet a temporary financial need. The borrower is required to repay the loan by a specified maturity date, which is usually less than one year from the date of receipt of the loan.

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    Quick Cash Loans

    Quick cash loans are given to borrowers to aid them with their immediate financial needs. These loans are approved quickly: usually within one business day and in some cases within minutes.

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    Cash Advances

    Cash advances are another type of instant loan that puts enough cash in your hands to cover unforeseen expenses. The qualifying conditions for these loans are less strict than with traditional banks and can be financed extremely fast.

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    Centrelink Loans

    Centrelink loans are loans available only to people receiving Centrelink benefits. They often range from $500 to $5,000 and are specifically designed for those not working but receiving Centrelink benefits.

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Basic Requirements of Applying for Same Day Loans

  • Minimum age of 18 years

  • Australian citizen or permanent resident

  • Active mobile number

  • Working email address

  • Bank account with internet banking enabled

  • Stable income over the past 90 days

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Information Needed When Applying for Same Day Loans

  • Identity verification such as birth certificate and driver's licence

  • Personal information, including recorded residential address and contact information

  • Employment details: full-time, self-employed, retired, etc.

  • Income verification including bank statements and transaction listings

How to Apply for Same Day Loans with WeLoans

Applying for a same day loan at WeLoans takes only a matter of minutes and is very easy. Here's what to do:

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    Submit Information

    Fill out the online loan request form with your basic personal and financial details, such as name, age and contact information. Make sure all the information you supply is accurate.

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    Receive Quotes

    Once you submit your loan application form, you will hear back from our partner lenders with loan offers, including terms and interest rates. You may compare them and choose the best one.

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    Get Funded

    After accepting a suitable offer, you then sign agreement documents with the lender. You can expect the approved funds to be transferred directly to your bank account on the same day depending on the lender.

Here's Why People Choose WeLoans

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    Online Application

    The entire online application process can be completed at any time from the comfort of your home. Online applications spare you the hassle of waiting in line or visiting different lenders.

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    Bad Credit Considered

    Most of our lenders specialise in same day loans. Borrowers with bad credit may be considered as long as they can prove their ability to repay the loan.

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    Instant Approval

    After you submit your loan application, our automated system will instantly forward it to our partner lenders. Our lenders make loan application decisions quickly – usually within 60 minutes.

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    Security Measures

    We put the safety of your private information at the top of our list. With the support of 256-bit encryption, your information is secure and only our partner lenders can access it.

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    Fast Cash Funding

    Bank loans can take days or weeks to process, but our partner lenders offer fast financing with cash available as soon as the same day.

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    No Hidden Fees

    All expenses and fees involved with WeLoans are disclosed. You are not charged any fees for our brokerage services and there are never any unforeseen fees like product fees.

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Tips for Getting Instant Loans on the Same Day

There is no guarantee that you will receive the money on the same day you file your loan application. To enhance the chances of receiving your funds on the same day, here are three things you should do:

  • Provide Accurate Information

    Include all accurate information when submitting your application. Any incomplete information could delay the approval process for lenders.

  • Mind the Business Hours

    Most lenders adhere to regular business hours. If you submit an application after normal business hours, you are unlikely to receive a response until the next business day.

  • Keep Your Phone Nearby

    Check your email or phone frequently during the evaluation period. Also, respond to lenders' inquiries immediately so they can process your application and provide you with funds quickly.


  1. 1. Can I Get Same Day Loans Even with a Bad Credit Score?

    Yes, you can get same day loans even with a bad credit score. Our partner lenders do not just consider your credit score; they also consider a variety of other factors, including your employment status and income.

  2. 2. How Long Does It Take to Fund My Same Day Loan?

    If your loan application is accepted and you have signed your agreement online within regular business hours, your funds will be sent to your bank account on the same day you apply.

  3. 3. Is It Possible to Obtain Same Day Loans with No Credit Check?

    No, it is almost impossible to get a same day loan without a credit check. Our lenders will perform a credit check to prove that you are financially stable. However, this will not affect your credit score.

  4. 4. What If I Apply for Same Day Loans Outside of Business Hours?

    If you apply after business hours, the earliest a lender will review your application is the next business day. Therefore, the earlier in the day you apply, the faster the lender will approve and process your loan.

  5. 5. What Can Same Day Loans Be Used for?

    Lenders of same day loans understand that everyone has different financial requirements. Typically, a same day loan can be used for a variety of purposes, including:

    • Auto repairs
    • Medical expenses
    • Dental bills
    • White goods
    • Vacation expenses
    • Home renovation costs
  6. 6. How Much Does It Cost to Get Same Day Cash Loans?

    Well, it varies from person to person. Your financial situation and the amount you apply for will affect the fees, interest rates and costs associated with your loan.

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Written by
Jonathan JacksonExpert Financial Writer

Updated on: Mar 29, 2023

Get Online Same Day Loans with Instant Approval in Australia Now!

Do you need cash on the same day? Apply for online same day loans with quick processing through WeLoans now!

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