While not every lender can guarantee same-day approval, there are steps you can take to increase your chances of getting a loan approval in 24 hours. Here’s what to know before you apply.
1. Choose a lender that offers fast approval times
Not all lenders process applications at the same pace. Some banks may take several days or even weeks to finalise a decision. If your goal is a personal loan with 24-hour approval, it’s important to focus on lenders that clearly advertise fast turnaround times and digital applications for personal loans. Start by reading the lender’s FAQs or service pages to understand how their process works.
2. Understand eligibility before you apply
Applying without knowing the criteria can delay or derail your loan. Many lenders list minimum requirements like:
- Age (usually 18+)
- Australian citizenship or permanent residency
- Stable employment or income
- Minimum credit score
Use an personal loan eligibility calculator to see if you pre-qualify. This is a smart first step that helps avoid rejected applications, which can also impact your credit score.
3. Gather your documents upfront
To speed up your application process, have all your required documents ready. This usually includes:
- Proof of identity (e.g. driver’s licence or passport)
- Recent payslips or income statements
- Details of existing loans or debts
- Your bank account information
Missing or unclear documentation is a common reason loan approvals are delayed. Submitting everything correctly the first time helps support your case for loan approval in 24 hours.
4. Apply online and choose the right loan type
Many lenders now support online loans with 24-hour instant approval processes. These applications are typically quicker to assess and don’t require you to visit a branch or mail paperwork.
Choosing the right loan structure also plays a role. Whether you opt for a fixed or variable rate, or a secured or unsecured personal loan, make sure it matches your financial situation and risk level. Secured loans may offer lower rates but require an asset, while unsecured loans tend to be quicker to process.
5. Maintain a healthy credit score
Lenders rely on your credit score to determine your reliability as a borrower. A good credit score can not only improve your chances of 24-hour loan approval, but it can also help secure a lower interest rate. Before applying, make sure you’ve paid bills on time, limited new credit enquiries, and reduced outstanding debts where possible.
6. Be accurate and honest in your application
Providing incomplete or incorrect information can lead to delays or even automatic rejections. Double-check your application for accuracy, and ensure all information matches your documents. This applies to your income, employment status, debts and contact details.
7. Use rate quote tools to pre-qualify
Many lenders now offer rate estimate tools based on a soft credit check. These allow you to preview your interest rate and repayment estimate without committing to a full application. It also won’t affect your credit score.
Tools like the personal loan repayment calculator can help you see how loan amounts and terms might fit into your budget before you apply.
8. Consider pre-approved offers
If you’ve taken out a loan before or have a strong credit profile, you may already be eligible for pre-approved offers from lenders. These offers are based on your credit history and income profile, and they can significantly speed up processing time. Be cautious and always read the terms carefully.
Apply for a personal loan at NOW Finance
If you’re looking for a low comparison rate, no-fee personal loan with a simple online application process, our team at NOW Finance is here to help. We’ve been recognised by the Mozo Experts Choice Awards and are committed to making lending straightforward, transparent and fair. To explore your options, start your personalised quote. It only takes a few minutes, and there’s no impact on your credit score.
