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The maximum you will be charged is a 20% Establishment Fee and a 4% Monthly Fee. Under the current legislation lenders do not charge an annual monthly interest rate for our Small Amount Credit Contracts. You may know this as Annual Percentage Rate or APR(%). Click here to see a worked example.

The Annual Percentage Rate for Secured Medium Loans is 48%. Comparison Rate is 67.41% p.a. This comparison rate is based on a Medium Amount Credit Contract for an amount of $2,500 over 2 years and a $400 establishment fee. Fees and charges are payable. Click here to see a worked example.

The Interest Rate for Secured Large Amount Loans is 21.24%. Maximum Comparison Rate is 48% p.a. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Click here to see a worked example.

Spot Loans – all you need to know about how to apply for one online!

spot loans

What are spot loans?

Trying to figure out what, exactly, spot loans are? We can help.

Spot loans are small loans, often unsecured and repaid over a short amount of time. Many spot loans can be applied for completely online through very simple processes. They are usually loans of amounts between $200 and $2,000, repayable over a period of 12 months. There is some basic personal and financial information you need to provide to lenders – it really can be a super simple process.

In this article, you’ll find out all you need to know about spot loans. This will include how to get one, what you need to get one and how it all works. Read on to find out more!

Who can get spot loans?

Should you get a spot loan? Well, spot loans are suitable for anyone who needs access to small amounts of cash for a short period. They are typically for personal use. To be eligible for a short-term loan, you must be 18 years of age and able to provide a form of ID. You also need to be able to demonstrate that you receive a regular income.

Where can I get spot loans?

As short-term loans, spot loans can be quite simple to apply for. To get a spot loan you can apply 100% online which is usually a very simple process. You can also find spot loans through our website which compares different lenders, so you can find the best option for you. We find lenders that can offer spot loans.

What’s the application process?

The process for applying for a spot loan is a piece of cake!

You basically receive your loan amount after 3 quick and simple steps.

Step 1Apply online with easy application process!
Step 2Receive a decision within an hour of applying!
Step 3Get paid the money in your account as soon as an affirmative decision is made!


Why are spot loans useful?

On the spot loans are very convenient when you need access to a small amount of cash, quickly! Since they are only small amounts, lenders do not require as much information from you to lend you money. This means the lending process is quite fast and you can get your loan “on the spot”.

If you are an individual, spot loans are useful when you have any unexpected payments pop-up and you have little time to finance them. A spot loan is perfect for this type of situation.

A spot loan could also be a useful option for small businesses who would prefer not to get into long-term debt financing. It can serve as a form of finance for businesses who are seasonal and require funds to build up inventory before the season starts.

What are the rates, fees and charges for spot loans?

For spot loans, they’re usually up-front establishment fees charged for spot loans and these are usually around 20% of the total loan amount. Then there could be a monthly interest fee of up to 4%.

To find out more about fees and charges for small short-term loans visit: the Money Smart website here.

How to I repay the spot loans?

Repayment of the spot loan is made over the period of the loan term. You can choose whether to pay off the loan weekly, fortnightly or monthly – whatever is the most convenient for you.

You can also repay the loan amount earlier if you can. This way you could save being charged extra interest costs, and save yourself money in the long term.

However, depending on the spot loan contract, you may have to repay the loan amount with a fixed interest rate. That means you may not be able to make repayments to your credit provider without incurring extra fees.

What if I can’t make a repayment?

Loan repayments for on the spot loans are often made by setting up a direct debit service. Unfortunately, if you miss a direct debit payment because you have insufficient funds available in your account you can be charged a direct debit dishonour fee by your lender.

If the unexpected strikes, most lenders we willing to renegotiate your repayments schedule, so you won’t be charged any nasty fees, or fall behind on your repayments. Make sure to give your lenders 24 hours notice before the next repayment is due.

Can I get a spot loans with bad credit?

So, what if you have bad credit? Can you get a spot loan? Well yes you can!

Sometimes it can be difficult to develop a strong credit rating, and there are other circumstances that can influence the value of your credit rating. We know that there are other factors that contribute to being reliable with your finances, which aren’t necessarily reflected in your credit score. But don’t worry it is still possible to get a spot loan for people on Centrelink with some lenders.

Can I get I spot loan if I’m on Centrelink?

Yes, you can!

The lenders we find may be happy to accept clients receiving Centrelink payments. This happens to everyone and we know it is, at times, people just like you who needs access to spot loans the most. There are times in everyone’s lives when you may lose your job but still need to pay for unexpected occurrences if they pop up!

We get this, so don’t worry, we’ve got your back!

What to watch out for when getting spot loans

Spot loans are easy to apply for and can be helpful in the time that you receive them. Although lenders do have tools in place to ensure that you will be able to afford the repayments, it is important that you calculate whether you able to reasonably afford to loan the amount you are requesting. It can be very stressful if you are unable to make your repayments on time. This can result in direct debit dishonour fees, which can get you into an even tighter financial situation, so be sure to keep this in mind.

Spot Loans terminology – defining some key words related to spot loans

Spot loansOn the spot cash loans, for short term periods
Fees and chargesThe cost of borrowing the loan, and interest incurred when repaying
Bad creditA low credit score, which measures your financial track record
Loan termThe length of time over which you must repay your loan
Loan repaymentsThe amount of money you must repay each month including monthly rates


Let’s wrap this up

So, cash spot loans are short-term on the spot loans that serve the purpose to fix a short-term financial hiccup. They can be a saving grace for when something expected occurs and you need to access to funds quickly!

To recap

These loans get repaid quickly, usually over a period of 6 to 12 months and are amounts of around $200 – $2,000. There is usually a setup fee and monthly interest fees. Make sure that you can make your payments on time as you could incur some avoidable penalty fees.

We can find lenders that can offer spot loans if you have a poor credit rating because we understand that this is not only the indicative fee of being good with your finances.

Example of how small personal loans work

Loan amount

$200 minimum
$2,000 maximum


Most small personal loan providers charge up to 20% as an establishment fee upfront. You’ll then pay a 4% monthly fee.

Under the current legislation, most small personal loan providers don’t charge an annual interest rate (you’ll know this as an APR) %.

In APR terms, the maximum annual percentage rate on our loans between $300 and $2000 is 199.43%.


months minumum
months maximum


Loan Amount of $1,000 over 6 months repayable weekly (25 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $240 (fees based on 4% per month over 25 weeks) = $1,440 total repayable in 25 weekly installments of $57.60.

WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate

Example of how medium secured personal loans work

Loan amount

$2,100 minimum
$4,600 maximum


Annual Percentage Rate (APR) is 48% Comparison rate is 67.41% p.a.


months minumum
months maximum


Loan Amount of $3,000 over 18 months repayable weekly (78 weekly repayments). $3,000 (Principle Amount) + $400 (Establishment Fee) + $1,379.06 (reducing interest) = $4,779.06 total repayable over 18 months with weekly installments of $61.27.

WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate