Money Now

As a general rule of thumb, if you have some form of regular income and can afford to repay your cash loan without hardship, you’ll likely get approved for one. You can get a cash loan with bad credit, access emergency funds if you’re on Centrelink and if you’re self-employed. You’ll also need to be at least 18 years of age and a resident or citizen of Australia.

No. Cash loans offer a lot of flexibility, but that doesn’t extend to topping up a loan midterm. It’s a trade-off – these loans are quick to arrange because the structure is very defined, so lenders can’t let you extend your borrowing. To do that, more often than not, you’d need to pay down your existing loan and then take out another one. The good news is, there are no extra fees for repaying a cash loan early.

Applicants for cash loans typically get approved the same day or within a couple of hours. When you need money now, most applications can be evaluated without the need for too much documentation, phone calls, and a long wait.

That’s largely up to you. Loans up to $2,000 can be repaid over anything between just sixteen days and a whole year. For amounts between $2,001 and $5,000, you can select up to two years to pay the money back.

Yes – Australian laws mean lenders are required to make sure you can repay a loan without hardship. However, they don’t check your credit report in the same way other lenders do – they’re primarily looking to make sure you don’t already have too many cash loans or recent defaults. It’s worth noting that every time a lender checks your report, they leave an impression other credit providers can see. That’s why it’s essential not to make too many applications in a short time.

All lenders outline various fixed penalties for making a late repayment. They range from $10 to $30 in most cases but can vary. It’s best to only borrow within your means and try to be on time with a cash loan each month or week. The good news is that these products have consumer protection built-in. A lender can never charge you more than a total of 200% of the amount you initially borrowed in late fees across the term of any single loan.

Cash loans are covered by very clear rules, so they’re a good choice if you like to know exactly what you’ll be paying from start to finish. Every fee is capped, and there’s no interest rate. All your loan charges are based on how much you borrow. With a cash loan, you’ll pay a maximum of 20% of the loan amount in setup fees – capped at $400. Borrowers also pay 4% of the original loan amount each time they make a repayment and there are zero fees for early repayment.

Once you’re approved for a cash loan, the lender sends a detailed contract. This lists all the fees and states your obligations clearly under the agreement. Remember that you’re not committed until you’ve read, understood, signed and returned that document (usually electronically). It’s important to be sure you’re happy with all the terms before you decide to proceed. If you have any questions, you can contact the lender via their website or the phone.