The world is rapidly shifting towards digitalization, and the same goes for the financial sector. Today, people have a plethora of options when it comes to borrowing money online.
In Australia, many loan apps have gained popularity due to their hassle-free and quick loan application process. In this post, we will be discussing the top 10 loan apps that give online loans in Australia.
1. MoneyMe
MoneyMe is a digital lending platform that offers personal loans of up to $50,000 with flexible repayment terms.
The loan application process is entirely online, and funds are usually transferred within an hour of approval.
MoneyMe also offers a credit score monitoring service to help borrowers improve their credit rating.
2. Nimble
Nimble is another popular loan app in Australia that offers short-term personal loans of up to $10,000.
The loan application process is straightforward, and funds are usually transferred within an hour of approval.
Nimble also offers a feature called Nimble Smart Little Loans, which allows borrowers to access small loans of up to $2,000 with no hidden fees.
3. SocietyOne
SocietyOne is a peer-to-peer lending platform that connects borrowers with investors.
The platform offers personal loans of up to $50,000 with flexible repayment terms.
The loan application process is entirely online, and funds are usually transferred within a few days of approval.
4. Wisr
Wisr is a digital lending platform that offers personal loans of up to $50,000 with flexible repayment terms. The loan application process is entirely online, and funds are usually transferred within a few days of approval.
Wisr also offers a feature called the “Wisr Credit Score,” which allows borrowers to track their credit rating over time.
5. Jacaranda Finance
Jacaranda Finance is a digital lending platform that offers personal loans of up to $10,000 with flexible repayment terms. The loan application process is entirely online, and funds are usually transferred within a few hours of approval.
Jacaranda Finance also offers a feature called “Quick Assessment,” which allows borrowers to check their eligibility for a loan before applying.
6. Cigno Loans
Cigno Loans is a digital lending platform that offers short-term loans of up to $1,000. The loan application process is entirely online, and funds are usually transferred within a few hours of approval.
Cigno Loans also offers a feature called “Flexi Repay,” which allows borrowers to repay their loan in smaller installments over a more extended period.
7. Ferratum Money
Ferratum Money is a digital lending platform that offers personal loans of up to $10,000 with flexible repayment terms. The loan application process is entirely online, and funds are usually transferred within a few hours of approval. Ferratum Money also offers a feature called “MoneyMe+” that allows borrowers to access discounts and rewards.
8. Spotter Loans
Spotter Loans is a digital lending platform that offers personal loans of up to $5,000 with flexible repayment terms.
The loan application process is entirely online, and funds are usually transferred within a few hours of approval.
Spotter Loans also offers a feature called “VIP Fast Lane,” which allows borrowers to access faster loan processing times.
9. Fair Go Finance
Fair Go Finance is a digital lending platform that offers personal loans of up to $10,000 with flexible repayment terms.
The loan application process is entirely online, and funds are usually transferred within a few hours of approval.
Fair Go Finance also offers a feature called “Loan Calculator,” which allows borrowers to calculate their repayment amounts and terms.
10. MoneySpot
MoneySpot is a digital lending platform that offers personal loans of up to $50,000 with flexible repayment terms.
The loan application process is entirely online, and funds are usually transferred within a few hours of approval.
MoneySpot also offers a feature called “Loan Selector,” which allows borrowers to choose the right loan product for their needs.
Loan Comparison
To help you compare the different loan apps, we have prepared a comparison chart of the loan amount, loan term, and interest rates offered by each of these platforms.
| Loan App | Loan Amount | Loan Term | Interest Rate |
|---|---|---|---|
| MoneyMe | Up to $50,000 | Up to 5 years | 6.25% – 19.95% p.a. |
| Nimble | Up to $10,000 | Up to 2 years | 6.99% – 47.61% p.a. |
| SocietyOne | Up to $50,000 | Up to 5 years | 5.95% – 17.49% p.a. |
| Wisr | Up to $50,000 | Up to 7 years | 6.49% – 19.45% p.a. |
| Jacaranda Finance | Up to $10,000 | Up to 2 years | 4.8% – 29.9% p.a. |
| Cigno Loans | Up to $1,000 | Up to 3 months | 10% – 25% of loan amount |
| Ferratum Money | Up to $10,000 | Up to 3 years | 17.45% – 29.95% p.a. |
| Spotter Loans | Up to $5,000 | Up to 2 years | 19.9% – 49.9% p.a. |
| Fair Go Finance | Up to $10,000 | Up to 3 years | 17.2% – 29.9% p.a. |
| MoneySpot | Up to $50,000 | Up to 5 years | 5.35% – 19.95% p.a. |
Conclusion
The loan apps listed above are some of the best options available in Australia for those seeking quick and hassle-free online loans.
However, before applying for a loan, it is essential to read the terms and conditions carefully and ensure that you can afford to repay the loan on time.
It is also recommended to compare the interest rates and fees offered by different platforms to find the best deal.
With the right loan app, borrowing money online can be a convenient and easy process.
