Unsecured Personal Loans with CashPal

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Trusted by thousands of Aussies every month

CashPal TeamLast updated 27 November 2020

Let us help you choose from the best unsecured personal loans on the market!

So, you’re in the market for a personal loan. Maybe you need to make some improvements to your home. Or you’re in desperate need of a holiday. Perhaps you’re just trying to pay some large bills and consolidate your credit cards. You’re shopping around and have started to identify what it is you really need: affordable, easy, fast-approval online loans. When Aussies need quick cash loans (and fast!), they turn to us. Let CashPal help you get started on your journey to finding the perfect unsecured personal loan for your situation.

Unsecured personal loans are great for people wanting smaller loan amounts with flexible repayment options. The major difference from a secured loan is that you do not need to provide security or an asset against the loan amount.

Benefits and downfalls of an unsecured loan

Pros

Generally used for smaller personal amounts, like renovations or holidays

Few restrictions on what you can use the money for

You don't need to risk putting up your car or other assets as security

Applications are generally quick and easy, with very fast approval possible

With good credit, you can usually beat a credit card's interest rate

Cons

With no security against the loan, lenders charge higher interest than the secured counterpart to cover their bases

If you default, the lender can bring out the big guns to cover their costs

What makes unsecured personal loans affordable?

Loan amounts are normally smaller — think medical bills, a new laptop or travel expenses rather than a car or home. As with all loans, assess affordability on these fronts:

Fees & charges

While it is free to apply with CashPal, lenders may charge their own establishment fees and account-keeping fees.

Rates

Interest and comparison rates should be at the top of your to-check list. Our service helps you find the best unsecured personal loans, but always make your own evaluation.

Flexibility

Does your lender charge early termination fees? Are you penalised for extra repayments? Is there a redraw facility should you need it?

Loan term

Always opt for the shortest loan period you can afford — a short term loan is always cheaper in the long run, even if longer periods look enticing with low monthly repayments.

Why apply online, and who can apply?

All of our lenders are online, so you don’t deal with a bank or a brick-and-mortar business — savings in overheads can be passed onto you as savings in fees and charges. Online lenders often have more tailored customer service and greater flexibility with their terms. Our lenders understand that everybody’s financial situation is unique: unsecured personal loans are for pensioners, students, single parents, small business owners, and everyone in between. All we ask is that you:

Are 18 years old or over
Have been paid a regular income into a personal bank account for at least the past 90 days
Are an Aussie citizen, or have permanent residency
Have an active telephone number and email address

Even if you receive Centrelink payments, you can still use our service — your lender does their own assessment and may ask for further documentation (bank statements, pay slips, bills, or proof of Centrelink benefits). Centrelink won’t necessarily stop you from fast approval; each lender has their own requirements.

Unsecured loans with no credit check?

If your credit is not crash hot, fear not. CashPal does not perform credit checks, though some of our lenders might — and even then, they generally won’t reject you just for a bad credit score. Your recent payment record is reviewed instead. If your credit is healthy, a personal loan only affects your rating if you miss a payment or breach your agreed terms — so stick with your contract as best you can, and contact your lender if you ever have problems.

How to get very fast approval

1
Have your paperwork ready
All lenders require proof of ID, residency and income. Know what your lender will ask for and prepare it before you hit apply.
2
Only apply for the amount you need
A little extra is tempting, but it only costs you more in interest. Stick to your budget and request the exact amount for your expense.
3
Take care of your credit
Not always possible — and many lenders understand. At the very least, know your rating and research ways to improve it.
4
Manage your finances
Keep a weekly or monthly budget, and track your spending and expenses so you know exactly where you stand.
5
Be honest
Lying about your income or ability to manage a loan might feel easy when you need urgent cash. Stay honest — our lenders are reputable yet understanding.

What's next?

Instant unsecured loans are almost possible! Complete your application within business hours and bank with the same institution as your lender, and your funds could be transferred the same day— otherwise expect the following business day. To get started, click Apply Now from any page on our website. You’ll know if we can help you in a few quick minutes; our loan calculator gives you an idea of what your loan might look like (examples only). We’ll then hook you up with a lender who can offer the loan you need — they’ll do a comprehensive assessment, and if approved, send a contract to sign, with money in your account no later than overnight. Our lenders have helped Aussies with everything from wedding loans to dental bills. Apply today!