Quick Loans Australia
Quick Cash Loans in Australia
You don’t even realize how easy it is to get quick cash loans nowadays. This is mainly because there are a lot of creditors who now have online application forms that you can fill no matter your location. Fast cash loans are a great short-term solution when you are in need of quick cash. Such loans help to protect you from unforeseen expenses, including, baby arrival, car repair, medical treatment and so on.
Although you can get quick cash loans nearly immediately, keep in mind you will also have to pay the whole sum once you get your next paycheck. If you can not meet the predetermined date of repayment, you always have the option of extending the loan. Keep in mind however that the longer you extend the loan the more you will have to pay.
Quick Cash Loans And What They are Used for
A fast cash loan is basically a personal loan that is easy to access. Here are the differences between such loans and regular bank loans:
- Short terms. Fast cash loans have to be paid as soon as you receive your next paycheck. This means that the loan period is usually 2 weeks, although at times it can be as long as a month;
- Small amounts. There's a limit on how much money you can borrow. This limit ranges between $300 and $1,000, the most popular being $500;
- Few installations. You pay back the money bit by bit in installments with a normal bank loan. It's different with quick loans online, because you have to pay back the whole amount at once;
- High interest. When you borrow money from a bank, the interest you pay depends on your credit rating and the type of loan you get. A loaner with a great credit score can usually get a 3 percent or less annual percentage rate. However, if you have a bad credit score, you will most likely have to pay 25 percent or more. All lenders are billed at the same rate for online fast cash loans. For example, you'll have to pay $75 in interest if you borrow $500;
- Credit score doesn’t matter. Banks check your credit score before giving you a loan to determine how much to charge you. And if your credit is very poor, there is no guarantee that you will be able to get a lot. And you don't need a good credit score or any credit score at all to get a quick cash loan. You don’t need anything besides a bank account, a verification of income and an ID proving that you are at least 18 years old. You can get your money in less than 60 minutes if you have all of the stuff that is required;
- Auto repayment. When getting a quick cash loan, you have to provide a signed check or other paperwork that allows the creditor to take money out of your bank account/. If you do not show up to repay the loan as scheduled, the creditor will either cash the check or collect the money from your account;
- Simply renewals. If you know that you won’t be able to pay your loan on time, you can extend it to a longer term. Keep in mind that you will have to pay a fee equivalent to your interest, and you have two weeks to reimburse the credit.
Why Getting Fast Cash Loans is a Great Idea
Fast cash loans getting more and popular everyday. There are many situations when quick cash loans can be of great help. Let’s take a look at the some of them:
- Buying groceries. Food and clothing are incredibly important for every person. However, prices keep raising, and you just don't have enough resources to get the products you need because of economic uncertainty. Online fast cash loans are great for people with a bad credit score as you get an additional budget to cover your existing expenditures.
- Unemployment. It can be a real challenge to go through an unemployment period. It is stressful not only financially, but also emotionally. And that’s when quick cash loans can help you out. First of all, you can get the money you need right away. Secondly, you can live like you did before you lost your job. Thirdly, it has a positive psychological effect and helps rethink your life.
- Debt Consolidation Loans. Some borrowers use quick loans to pay off another loan. Such loan may be used to repay the debt. And it could be another type of debt like a credit card. If this is the case, particularly if the loan's interest is marketed as less than the borrower owes on the rest of the debt, a fast cash loan can be reasonable.
- Utility payments. We are all aware of the importance of paying in time for your house or apartment. If the payment is postponed, further penalties may apply, and the debts will rise rapidly. And unforeseen expenses may occur in the life of any person. If you are struggling, simply get a fast cash loan and all pay all the bills quickly. You will have to return the loan on the next paycheck.
- Avoiding confusion. Some may wonder why not borrow some cash from their family or friends instead of getting a credit. However, many people don’t want to ask their close ones for money. This is because if you borrow money, you owe to a certain company, and not someone you know personally.
- Paying off your mortgage. Many credit contracts are about private property. Therefore, if you miss a payment or two, you can lose your home or a car. Nonetheless, you should not worry because you can always rely on fast cash loans.
- Medical treatment. Not having a health insurance, medical emergency will always cost a lot of money. It could be between $2,000 and a few hundred thousand, depending on the type of the medical treatment. And just like it is the case with any other debt, if you don't pay the bill immediately, it builds up in interest. Quick loans can help with all that.
- Holiday gifts. Christmas is a goldmine for creditors. At this time of year people have to buy gifts for their relatives. Consequently, they get fast cash loans, as they often tend to be the best solution. You get the cash you need for the Christmas season, and then you can pay back what you owe in the new year after making some cash.
Finding a Reliable Lender is Key
You probably have hundreds of nearby paying lenders to choose from, especially if you live in an urban or suburban area. You can use the Internet to find a company willing to give you some money in pretty much any area.
However, not every lender is reliable. Looking for properly licensed businesses is probably the best way to tell the difference between a secure fast cash loan and a scam. All licensed lenders must comply with the federal government's laws. Thus, if use their services, you can be sure of safety.
One other quick way to check if online quick cash lenders are reputable is to see if they have a license. Most of the time such information can be found on the official site of the fast cash lender.
Finding a licensed borrower is not the only thing to consider when searching for safe online loans. Most businesses who qualify as lenders don't actually lend you money themselves. Some of them are platforms that provide online lenders with information about your personal loan. Thus, you should avoid giving out your personal information to websites that sell it to other companies. You never know who will get access to your personal data.
If you don't know what a website is about, inquire if it's a direct lender. A direct lender deals with all aspects of the process of borrowing. A direct lender will review your application, manage the approval process and give you the money. It is a simple process that makes sure your personal information stays safe. If you are looking for a decent online quick cash lender, make sure that:
- The lender is approved in your country;
- The creditor is directly from the company;
- Your personal data will not be revealed to third parties.
Steps on How to Apply for a Fast Cash Loan
If you are interested in getting a fast cash loan, you will need to provide the following information:
- Home address;
- Source of income;
- Social security number;
- Bank account.
There may also be cases when online fast cash lenders may not provide you with a quick cash loan, even if you have a bank account and a source of income. It can happen in the following cases:
- In case you don’t earn enough money. Usually, creditors require at least $500 in monthly net income;
- If you have a pending loan. Lenders use special services that are able to track loans;
- If you do not meet the repayment requirements. Most of the time lenders use their own algorithm to calculate the risk that you will not pay back;
- If you have recently had a bankruptcy;
- If you have been employed for a short period of time;
- If you have recently opened your bank account.
Amount of Cash You Can Borrow With Fast Loans Online
You can usually get as much as $1000 or more with fast cash loans. Loans are secure against your next paycheck, and that is usually the day that is due for repayment. Fast cash loan requirements are fairly straightforward. You must be an Australian citizen or resident, be over the age of 18, have a job, and a valid checking account. On some occasions, as part of the verification process, a payday loan company can ask you to show proof of income such as bank statements and pay stubs.
Quick cash loans companies in Australia can process your application online using Internet technology. In order to approve the loans, they review the personal and financial details electronically or sometimes ask for the faxes of the relevant documents. They typically confirm and authorize the loan within an hour and deposit cash within 24 hours or less into a checking account. Fast online loans have saved a lot of people from trouble.
Pros And Cons of Quick Online Loans
- Incredibly easy to get. Quick cash loans have a clear advantage over any other types of loans, as they are easily accessible. In fact, most cash advance lenders guarantee access to cash within 24 hours, as well as an immediate decision on borrowing. There are also some that are available round the clock and have online apps. Thus, such loan applications may take as little as five minutes, unlike traditional loans, which may take a lot of time to get.
- There are barely any requirements. Standard borrowers typically need a Social Security number, proof of income, photo ID, a credit check and will check if you are able to repay a loan. It is different with fast online loans, because there are a lot less requirements. You have to be at least 18 years old, have a Social Security Number, have a stable source of income, and a bank account. That’s it. Although having fewer requirements makes it a lot easier to get money, keep in mind that banks and other lenders have often put in place additional requirements for a reason.
- Your credit score doesn’t matter. Unlike it is the case with traditional loans, you don’t need a good credit score to apply for a quick loan. There is also no such thing as hard credit inquiry. However, there are only a few cases when payday loans will help you build a credit for future loans.
- It’s an unsecured loan. Contrary to car title credit, traditional car credit or mortgage, fast cash loans are not covered by personal property. In other words, the creditor can't take your assets if you don’t repay the loan.
- They are costly. Fast cash loans have high interest rates of around 400 percent on average. In comparison, many personal loans charge around 4 percent -36 percent interest, while credit card interest ranges from around 12-30 percent.
- You can easily get trapped in a debt cycle. A quick cash lender charges additional fees each time you extend (roll-over) a loan, raising your out - of-pocket costs to borrow the money.
- They have access to your bank account. Borrowers are often required to grant the lender access to their bank account in order to get a fast online loan. While it is quite popular nowadays to set up direct deposit to make bill and loan payments, this account access functions a bit differently. Some lenders make you write a post-dated check–in this case, a check that is dated to be cashed after your next payday–when you get the loan. If you don't have enough money in your account when they cash the check, you can face expensive overdraft fees and bounced check fees from your bank as well as transaction fees returned or declined by the lender.
Question: What exactly do I need to apply for a quick loan?
Answer: All you have to do is fill out the application form. Some lenders may ask you to fax the documents, but it can be done electronically as well. You will get the money as soon as you are approved.
Question: What are fast cash loans primarily used for?
Answer: Fast easy loans can be used for a variety of purposes, but are especially helpful when unexpected expenses occur. Most of the time they are used for unpaid bills, medical expenses, or car repairs.
Question: Is there a certain limit on how much money I can borrow?
Answer: The amount of credit you can get depends on your salary and the overall financial situation.
Question: Is getting a quick cash loan always a good idea?
Answer: Quick cash loans are pretty expensive and therefore should not be used to address long-term financial problems, fund daily expenses or purchase a big-ticket item such as a car or house. Consumers should not get a quick cash loan in case they don’t have a stable source of income, because late fees for quick cash loans will quickly build up, leading to debt.
Question: What if I pay out the loan early?
Answer: Most lenders make it possible for customers to pay their loan early without any additional fees. That said, you will still have to pay the full amount of the credit contract. If you need to organize an early payment, contact your payday credit provider.
Question: This is my first time taking a quick cash loan. Do I need to be aware of something?
Answer: Before applying, it is very important to understand the procedure. The entire process will be online, so make sure that you have all the necessary personal documents and financial details. You will have to compare things like minimum income, terms of employment, qualification for Centrelink and whether a credit check is performed by the lender. Each lender is different, so make sure you read everything carefully before moving on. Take note of the terms and amounts of interest (to dates) and make sure you have enough to repay your loan.
Question: Will I get my money as soon as my application is approved?
Answer: Most lenders will evaluate a request and respond within 60 seconds. It may take longer, however, if the creditor requires additional supporting evidence like proof of income or employment via bank statements or payslips. Usually, if approved, customers can expect funds within one to two business days in the nominated account.
Under government law, all small amount credit providers have to check your bank statements for 90 days. This is to check that the loan and the repayments can be serviced. Many borrowers use electronic confirmation via Credit Sense instead of faxing or emailing such statements to the bank. Credit Sense uses 128-bit security authentication to provide bank statements to the customer in a safe manner. Bank and login information isn’t stored.
Question: I am in a difficult financial situation and can’t pay the loan on time. Is there an option to renew it?
Answer: You can't renew or roll over your loan in accordance with Australian government regulations. You will first have to pay off your current loan and then reapply (after assessing your current financial situation) if you want to receive another quick online loan.
Question: Can I apply for numerous quick cash loans at the same time?
Answer: Quick online loans are governed by the law and intended as a "stop-gap" solution to financial issues. There are different restrictions on borrowing more than one loan at a time.
Question: Is my personal information kept safe?
Answer: Yes, because Australian loan companies use a secure online platform to keep your information safe, such as McAfee, Norton, or Verisign. Fast cash loan loan applications are usually made via a secure online request form to protect the privacy of the borrower. These systems use a 128-bit safe server and SSL encryption to make sure the personal data stays safe. Lenders will require a snapshot of your account during the last 90 days to verify their applicants income.
Question: Can I keep relying on quick online loans?
Answer: In case you make all your repayments on time, you may be approved by a creditor for another loan. Some lenders have additionals bonuses for constant borrowers such as increased borrowing amounts and faster financing. Nonetheless, these loans are not a long-term solution and you may want to reassess your expenses.
Question: Is it possible to get a fast cash loan if I have recently changed my bank account?
Answer: Fast cash lenders require at least 90 days of bank statements in compliance with government regulations. In case you have just changed your bank accounts, you can get in touch with your old bank to obtain the necessary bank statements.
Question: Will I get into major trouble if I don’t repay my loan on time?
Answer: If you are unable to repay the loan on time, you will face additional charges and interest. Before a loan offer is accepted, these future costs will always be disclosed. You should speak to your creditor if you want to negotiate a new repayment schedule.