LastMinuteLoan is an Australian loan referral and matching platform that connects borrowers with third-party lenders, rather than providing loans directly. It is designed for people looking for access to short-term and personal finance options, with borrowing amounts ranging from $100 up to $75,000 depending on the lender and product.
This page provides an independent review of how the platform works, who it may suit and what you need to consider before applying.
How does LastMinuteLoan work?
LastMinuteLoan is a loan matching platform, not a lender or broker. When you submit an enquiry, you’re providing your details to be matched with lender. If you choose to proceed, you’ll deal directly with the lender offering the loan, not LastMinuteLoan itself.
For smaller, short-term loans, the process is simple and fully online. You fill out a quick application form with details about your finances and how much you want to borrow. This is assessed through an automated system, which can return an initial outcome in minutes and match you with a lender based on your information. If approved, you review the terms, sign the contract and the lender releases your funds.
For larger loan types advertised on the site, such as car loans, business loans, asset finance and debt consolidation, the process is different. Instead of being matched directly with a lender, your enquiry is referred to a finance specialist via eBroker. They’ll contact you to discuss your needs and help find a suitable loan option, meaning it’s a more tailored, assisted process rather than an instant match.
Note that while LastMinuteLoan claims funds can be paid out in 15 minutes of signing your contract, this is only during standard banking hours and typically for smaller loans up to $3,000. Larger loan amounts or applications outside business hours will usually take longer.
How much can I borrow through LastMinuteLoan?
LastMinuteLoan connects borrowers with lenders offering loans from $100 up to $75,000, depending on the type of finance and the lender you're matched with. Loans are grouped into three tiers:
- Small loans (SACC): $100 to $2,000
- Medium loans (MACC): $2,001 to $5,000
- Larger personal and specialist loans: $5,001 to $75,000
The amount you can actually borrow will depend on your financial situation and the lender's assessment.
The amount you can actually borrow will depend on your financial situation and the lender's assessment. To be eligible, you'll generally need to be at least 18 years old, an Australian citizen or permanent resident, and have a regular source of income. Lenders will assess your income, expenses and usually your credit history when determining how much they're willing to lend and to ensure they meet their responsible lending obligations.
What are LastMinuteLoan's fees and rates?
When you apply through LastMinuteLoan, the platform itself doesn’t set any fees or interest rates. These are determined by the lender you’re matched with.
For small loans up to $5,000, costs are governed by Australian regulations, meaning lenders must follow the same capped pricing structure. Here’s what you could be paying:
Loans up to $2,000
- Establishment fee: 20% of your loan amount
- Monthly fee: 4% of your loan amount
Cost example: for a $1,000 small loan repaid monthly over three months, you would incur a $200 establishment fee and a $40 monthly fee, resulting in a total loan cost of $1,320.
Loans from $2,001 to $5,000
- Interest rate: up to 48% p.a.
- Establishment fee: $400
Cost example: for a $3,000 small loan repaid monthly over 12 months, you would incur a $400 establishment fee and interest of $947, resulting in a total loan cost of $4,347.
For larger loans, costs will vary depending on the lender, your profile and the type of finance you choose.
While LastMinuteLoan can offer access to fast funding through its lending partners, short-term loans can be an expensive form of credit and should be considered carefully based on your financial situation.
Can I get a loan through LastMinuteLoan with bad credit?
Yes, you may be able to get a small loan through a lender in the LastMinuteLoan network even if you have bad credit, but approval will always depend on the individual lender’s criteria.
Because LastMinuteLoan is a matching platform, it does not set lending rules or make approval decisions itself. Instead, eligibility is determined by the lender you are matched with.
With a wide panel of lenders, applicants with poor credit histories, including missed repayments, defaults or a low credit score, may still find a suitable lender through the platform, rather than needing to meet a single set of strict lending criteria.
Can I apply if I receive Centrelink payments?
Yes, you may be able to apply through LastMinuteLoan if you receive Centrelink payments, but approval will depend on the lender you are matched with.
Some lenders may accept Centrelink income as part of your application, particularly where it is regular and stable, such as the Age Pension, Disability Support Pension or certain veteran payments. However, policies vary, and not all lenders will accept Centrelink as a sole source of income.
Where it is accepted, lenders often apply limits on how much of your total income can come from Centrelink, with the remainder expected from other sources of income.
Is LastMinuteLoan legitimate?
LastMinuteLoan is a legitimate Australian credit intermediary. It is regulated under the National Consumer Credit Protection Act and operates as an authorised credit representative of eBroker. This means the platform is authorised to collect loan enquiries and connect borrowers with third-party lenders.
However, it has been subject to regulatory scrutiny. In 2021, LastMinuteLoan received a formal warning from the Australian Communications and Media Authority (ACMA) for breaching the Spam Act in relation to its marketing communications practices at the time.
Public customer reviews for LastMinuteLoan are also very limited, with just one review available on Trustpilot, which is negative.
As a matching platform, LastMinuteLoan is not responsible for the lending decisions, terms or conduct of the lenders it connects you with. Outcomes and customer experience will ultimately depend on the lender you are matched with.
Pros and cons of LastMinuteLoan
Pros
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Fast, simple online application
The process is fully online and designed to be quick, allowing you to submit an application in minutes and potentially access funds fast.
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Access to a panel of lenders
Your application is assessed against a panel of lenders, allowing you to be matched with a suitable option without needing to apply individually to multiple providers.
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More flexible eligibility criteria
A wider range of credit profiles may be considered, including applicants who may not meet strict traditional lending criteria.
Cons
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No visibility of lender network
LastMinuteLoan does not publish the lenders it works with so it’s not clear who your application may be passed on to.
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No choice of lender
While LastMinuteLoan works with a panel of lenders, it will match you with a specific lender rather than letting you compare and select one yourself.
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No support after referral
Once you’re passed to a lender, LastMinuteLoan is no longer involved, meaning any issues, questions or changes must be handled directly with the lender.
