If you need money fast, you are looking for an instant approval or fast approval unsecured personal loan. Unexpected bills, car repairs, holidays, renovations, furniture, white goods can all cost money and you need it now. More lenders are offering fast, same–day, instant approval or 5-minute approval unsecured personal loans. So compare the best fast approval personal loans now available at InfoChoice. This article will help guide you to getting approved for a fast online personal loan. How fast can a personal loan get approved and funded? The minimum turnaround time depends on the lender and also on whether you’re an existing customer. ANZ, for example, can get the funds to you on the same working day as long as you have an ANZ account. Bankwest can also do a same–day loan as long as you’re an existing customer, apply by 4.00pm WST and have at least three months’ salary history. CommBank needs you to apply by 12.00pm Monday to Friday; if you already have an account, you can apply through Netbank. New customers may need to apply in branch. How do fast or same–day personal loans work? Many lenders in Australia offer fast easy personal loans, but you need to be sure this type of loan is right for you. If you want a smaller amount – maybe $100 to $5,000 – then a credit card or overdraft is worth considering. What personal loans can I get today? There are several different types of personal loan, but the fastest online loans tend to be unsecured ones because you don’t have to arrange collateral or security in order to apply. While unsecured loans, if approved, tend to be faster than secured loans, they also usually have higher interest rates to reflect the fact you’re not offering any security. Short–term loans also have higher interest rates and fees because they’re designed to be repaid much more quickly than long–term loans. Comparing fast personal loans When you’re looking at fast personal loans there are a few things to consider. How long are the repayment terms? Whether unsecured or not, smaller loans have smaller repayment periods, so make sure that you can stick to the schedule. How soon will you be funded? If you want a loan that is funded today, look at out fast your bank can approve and your personal loan and deposit the funds. This might be crucial, with you needing the money within a few hours, or you may be able to wait a day or two. If you find a better deal that involves waiting, and you can wait, then do so. How much will the loan cost? There’s the interest rate, as well as any establishment and maintenance fees. These fees add to the overall repayment amount and you need to factor this in. Each lender will have different fees and rates, even when you’re borrowing the same amount, so always look at the comparison rate. You can compare top unsecured personal loans and read more about the best fast approval personal loans in Australia at InfoChoice. The products compared in this article are chosen from a range of offers available to us and are not representative of all the products available in the market and influenced by a range of factors including interest rates, product costs and commercial and sponsorship arrangements InfoChoice compares financial products from 145 banks, credit unions and other financial institutions in Australia. InfoChoice does not compare every product in the market. Some institutions may have a commercial partnership with InfoChoice. Rates are provided by partners and taken from financial institutions websites. We believe all information to be accurate on the date published. InfoChoice strives to update and keep information as accurate as possible. The information contained on this web site is general in nature and does not take into account your personal situation. Do not interpret the listing order as an endorsement or recommendation from us. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. If you or someone you know is in financial stress, contact the National Debt Helpline on 1800 007 007.