$500 - $5000
between $500 - $5000
up to 180 days
20% upfront establishment
fee 4% monthly fee

Small LOAN

Loan amount from $500 to $2000
Minimum 91+ days to Maximum 6 months
20% Establishment Fee and a flat 4% Monthly Fee*


Loan Amount of $1,000 over 20 weeks repayable weekly. $1,000(Principal Amount) + $200(20% Establishment Fee) + $200(fees based on 4% per month over 20 weeks) = $1,400 total repayable in 20 weekly repayments of $70.00.

*The example assumes timely repayment as per the loan agreement, or additional fees and charges may apply.


Loan amount from $2001 to $5000
Minimum 91+ days to Maximum 2 years
$400 Establishment Fee plus interest at 47.8% p.a. (Comparison Rate 66.58% p.a)*


Loan Amount $2500 over 2 years repayable fortnightly. $2,500 (Principal Amount) + $400 (Establishment Fee) + $1553 (Interest) = $4453 total repayable in 52 fortnightly instalments of $85.63

*The comparison rate is specific to a $2,500 loan over a two-year term with a $400 establishment fee and fortnightly repayments. Any deviation in loan amount, term, or additional fees and charges can result in a different comparison rate, and the given comparison rate only applies to the presented example.

Why are small bank loans so hard to apply for?

If you’ve ever thought about taking on a loan from a bank or a similar lending institution, then you’ve also considered the disappointing possible delays of applying for one. In the case of small bank loans, they may take too long to be practical for your needs if you’re in a hurry.

These delays have been a driving force behind the rise in popularity of short-term online loans from lenders like Fundo. Not only are our loans easier to apply for – they’re 100% fully online – they’re more convenient as well and open to a wider demographic of borrowers compared to traditional banking loans.

If you’re curious about how short term loans work compared to bank loans, then read on for more details.

Why is it easier to get a loan online than from a bank?

Compared to banking loans that involve pen-and-paper applications, most small cash loans are fully online. This means that their fast money loans are more accessible to a wider group of potential borrowers, especially those who, for various reasons, may not be able to visit a bank or lender’s office during their usual business hours.

Granted, that’s not to say all small loan lenders are fully operational 24/7.

At Fundo, for example, we accept applications at all hours of the day. That being said, because we review each application independently, applications sent outside of our business hours may take longer to review than those received during those hours.

To wit, if you apply for a small loan close to the end of business or during the early hours of the morning, we may not be able to get to your application right away. Particularly for applications sent after business hours, we’ll likely process them the following business day.

Don’t worry, though – our team is always working hard to get back to you on your application as soon as we can.

What is the smallest loan I can get from a bank?

While we can’t speak for the small bank loans available at banks and similar lenders, Fundo offers borrowers loans with amounts from $500 to $2,000. 

These loans are known as personal unsecured loans and are the most common type of small same day cash loans available online. Instant personal loans differ from most bank loans through their lack of security; that is, the collateral required to ‘secure’ the loan in case the borrower is unable to repay the loan during its term.

Personal small loans also have a much lower eligibility criteria list compared to bank loans. Here are the criteria we have for our loans, as an example:

  • You must be at least 18 years old to apply.
  • You must be a tax-paying Australian citizen or permanent resident.
  • You must be earning at least $300 a week (excluding any government benefits).
  • You must be able to show us a plan for repaying your Fundo loan.
  • You won’t be under financial hardship if you’re approved for a Fundo loan. 

Our application process accepts applications from borrowers whose income is supported by government assistance, but if you have another source of income, your application will be more positively reviewed.

Similarly, as small bank loans, Fundo’s loans are covered by the responsible lending laws in the country. While we accept applications from borrowers with complex living conditions, we may ask you to reapply at a later time if we determine it would be irresponsible to lend to you at the moment. 

Why are bank loan interest rates so high?

We‘re not in a position to speak on interest rates on small bank loans because banks operate differently from lending facilities and small loan lenders like Fundo. We can, however, say that the associated fees and penalties commonly expected for quick loans are based on industry standards.

These standards are set by lending legislation on both the federal and state levels. These laws establish what the Australian Securities and Investments Commission (ASIC) deems fair and reasonable concerning responsible lending.

Fundo, for our part, adheres to these laws and standards for all of our offered loan products and services. Our fees are disclosed to you during the loan offer stage as well as for transparency regarding our mutual responsibilities and obligations with the loan, should an application for a loan product be approved.

Making loans more engaging at Fundo

Here’s something that small bank loans don’t offer: the Fundo Credit Score. 

By using Fundo Credit Score, our borrowers can improve their chances of getting their applications approved faster or receiving a more attractive loan offer. You can improve your score by referring us to friends and family, repaying your loans on time, and leaving us reviews.

The better your Fundo Credit score is, the better the chances of your application for emergency loans getting approved.

Our borrowers can also view updates on their Fundo Credit Score through our self-service dashboard. It’s our one-stop hub for all the information you need to review and manage your Fundo account, as well as access your loan information and view your repayment schedule and history. We’ll provide free financial wellness advice on the dashboard, too.

Fundo is a people-oriented direct lender that aims to make small money loans not just more accessible but also more engaging.

So forget about small bank loans and apply for a new short-term loan with us instead.

This article is intended solely for informational and entertainment purposes and does not constitute financial advice. Any commentary, views, or opinions may be changed without notice at any time.