Learn how the different lenders stack up


No matter the reason you need a loan, the process of shopping for loans and comparing different lenders can be exhausting.

If you need cash and you need it fast, you might be inclined to accept the first offer that comes your way. You might tell yourself that all major lenders in Australia and their loan packages are the same, but the reality is not every cash loan will be right for you.

The five crucial questions to ask when shopping for cash loans:

  • How much will it cost me in interest? When comparing loan options, many people forget to look at interest rates. Considering interest rates is the best way of determining which loan will actually cost you more in the long run.
  • Is it a short or long-term loan? For some people, signing up for a multi-year loan feels a lot like signing their lives away. However, long-term loans sometimes come with lower interest rates. Different term lengths also come with different repayment schedules. The shorter your loan term, the more often you’ll make smaller payments and vice versa.
  • How soon can you get your hands on the cash? Let’s not mess about here—if you need a cash loan to cover rent, a bond, or medical and dental expenses, you need it ASAP. With some lenders, you can expect to pay more for that convenience, but others (like Club Money) don’t take advantage.
  • Will your lender check in with you? A good lender will help you understand your financial position and support you for the duration of your loan. Look for a lender that lets you reschedule repayments without fees—flexibility is fundamental when taking out a cash loan! Unlike other lenders, Club Money will help you manage your cash loan in the way that is best for you, not us.
  • Do you need to have a squeaky clean credit history? A credit report is a summary of your financial history, and your credit score is a reflection of how ‘good’ that history is. Some lenders don’t offer loans to people with ‘bad’ credit because of rigid lending criteria. We believe bad luck doesn’t discriminate—choose a cash loan minus the judgment.

Another thing to consider is the minimum and maximum amount the lender is able to loan. Make sure you check their specified loan limits before locking yourself into anything.

Comparing different lenders across Australia

Now that we’ve established that not all cash loans are created equal, it’s time to examine the major players in the Australian market.

The table below will come in handy when shopping for cash loans. Print it out and stick it on your desk to assist you when working out exactly how much you need to borrow and what the optimal borrowing terms will be for you. Match up your requirements to one lender as closely as you can in order to choose the right cash loan for your circumstances.

Lender Interest rates Loan terms Turnaround time Min/max amount Rescheduling payments Bad credit loans
Cash Train 20% of principal amount + 4% monthly charge 10 weeks or 3 months, depending on how often you are paid 24 hours $200/$2,000 $25 Conditional
Cash Converters 20% of principal amount + 4% monthly charge 9 months 24-48 hours $400/$2,000 $33 Yes
Club Money 20% of principal amount + 4% monthly charge Between 61 days and 12 months 24 hours $250/$5,000 Free Yes
MoneyMe N/A Between 3 months and 24 months 24 hours $500/$15,000 $25 Conditional
Wallet Wizard From 47.8% Up to 2 years 24 hours $500/$2,000 $10 Conditional

Of course, some of these loan and payment terms can be altered or modified, and there’s no one-size-fits-all solution for a cash loan. The best way to figure out what’s best for your needs is to chat to someone qualified. Give us a call at Club Money today to demystify cash loans and lending processes in Australia.

How do I kick-start the process?

Applying online is the fastest and easiest way for lenders to process your loan application. Because the digital world never sleeps, you can apply outside of business hours or on weekends, which increases the likelihood of your loan being approved in the nick of time.

At Club Money, we have a quick and easy online application process for cash loans. Provided you stay in contact with us, we never charge arrears fees for missed or rescheduled payments. Plus, we charge no upfront application fees. After you are approved for a loan, you’ll always know the exact amount of repayments and any extra costs involved.

How to apply for a cash loan with Club Money:

  • Read our lending criteria (it’s super short and straightforward).
  • Get your bank details, drivers licence and/or Medicare card ready.
  • Fill out the online application form (this can take less than five minutes).
  • Wait to receive approval (30+ minutes after submission).

That’s it! Once approved, the money will appear in your account as little as two hours later. We aim to help you out, not stress you out. We care, we listen, and we’ll do well by you as long as you stay in contact with us.

To find out more about our same-day and fast cash loans, send us a message online or call our friendly team on [phone].