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How to Get a Quick Loan Approval in Australia

Getting a loan can be intimidating, especially if you’ve never done it before. If you need cash fast, then you might want to learn about how to get a quick loan approval. You might be unsure of the paperwork you need or even how to go about applying. Without a framework, it can be hard to know where to begin.

But luckily with online loan options, the process is relatively straightforward. You can get a loan approved within a matter of hours and the cash can be in your bank account within one business day.

To be eligible for an online loan with Swoosh, you must meet the following criteria:

  • Be 18 years or older
  • Be a permanent Australian resident
  • Have been employed 3 months or longer
  • Own a vehicle registered in your name, with no finance owing or encumbrances
  • At Swoosh, our goal is to make the loan process as easy and as fast as possible.

get a quick loan approval

If you’re wondering how to get a quick loan approval in Australia, you’ve come to the right place. We’ll walk you through everything you need to know.

Here is our 3-step process:

Step 1: Complete a brief application

From the comfort of your own computer, tablet, or smartphone, you can apply for an online loan in a matter of 3 to 5 minutes. Firstly, you’ll enter information like your name and address, along with other basic details. The application outlines everything you need to provide. Our application is $0 and we do not charge you if your application is not approved.

Secondly, you’ll verify your financial information, we’ll receive access to 90 days of read-only bank statements. But there’s no need to scan, fax, or photocopy documents like payslips or bank statements.

Our application process is 100% online. The application will tell you exactly what you need to provide in order for us to retrieve your read-only statements. All data sent to our server is encrypted with 256-bit encryption, secured by 2048-bit keys. This high level of security and encryption is the same level that banks use. Our safe and advanced banking technology allows you to supply documentation to support your application in seconds.

How much can you receive with our loans? We offer small loan options of $2,100 to $4,600—and on your application, you’ll specify how much you need.

By submitting an online application, you’ve done your part until you hear back about your approval.

get a quick loan approval

If you previously applied for a Swoosh loan and it was declined, you may apply again as soon as you feel your circumstances have changed and that you’re able to meet your repayment commitments.

If you’ve just repaid a loan, you can apply again right away.

Step 2: Fast loan approval

During normal business hours, approval can come within 1 hour. If you submit an application outside of business hours, it may take a few business hours to review your application. Yes, we are that speedy!

get a quick loan approval

If approved, you’ll receive notification via email (so be sure to type your address correctly on your application). If for some reason you’re not approved, we’ll notify you via email as well.

Along with your approval, you’ll receive an offer and a contract. Everything can be reviewed and signed right from your computer, tablet, or smartphone. Then a copy of your signed loan documents will be sent to your registered email account. That’s right: our process is 100% online.

Unlike other digital lenders, Swoosh uses online third party technology and our own expert assessors. As Australia’s trusted lender of choice, we uphold responsible lending practices. Every application is carefully and fairly reviewed by our friendly team—not by a computer.

As a responsible lender, we will approve an amount that you are comfortable repaying because we don’t want you to experience any unexpected hardship.

Step 3: Cash is transferred to your bank account

With a quick cash loan, we know you need the money fast.

If your contract is returned by 3:30pm AEST time, then the funds will be directly transferred into your account overnight.

If you’re a member of a ‘same day payment capable bank’, such as Commonwealth Bank, Westpac, NAB or ANZ, your cash will appear in your bank account within one business day.

get a quick loan approval

We’ll notify you once your funds are deposited into your nominated account. Depending on your bank, you may be able to receive the money straight away or the funds may not appear in your account for 24-48 hours.

Once your funds are transferred, you are free to use them as you see fit!

You will repay your loan based on the repayment schedule you specified on your application. To make it easy, we align your repayment schedule with your payday.

You can set payments to be weekly, fortnightly, or monthly.

Term lengths range from 12 to 24 months—designed for your particular circumstance.

Repayments are direct debited from your bank account overnight.

What does a Swoosh cash loan cost?

Swoosh offers Secured Medium Loans from $2,100 to $4,600—subject to APR and a comparison rate.

Check out the loan example below:

Secured Medium Loan – $3,000 over 18 months

 Establishment Fee                      $400
Annual Percentage Rate (APR) 48%
Average Weekly Repayment  $61.27
Total fees and charges $1,778.87
Total Repaid $4,840.14

Our Secured Medium Loan fee structure is:

Establishment fee: $400, APR 48%, Term: 12-24 months.

For more information about the allowable fees and charges for MACCs visit the MoneySmart website.

Comparison Rate: 66.0347% p.a. This comparison rate is based on the Swoosh Medium Loan for an amount of $2,500 over 2 years and a $400 establishment fee. Fees and charges are payable.

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.

We care about our customers

Our Customer care team works hard to make sure you have everything you need—when you need it.

Let us know if you have questions or experience any troubles with applying.

You can also check out our FAQs and Swoosh Money Blog for answers to all of your money questions.