Cash Loans Melbourne

The answer to that question is no. In short, you should avoid any lender or consultant that guarantees approval for a loan. Financial regulators in Australia demand that cash loan lending gets carried out fairly. That means responsible lenders who won’t cause you financial hardship.

Personal loans generally run for longer than cash loans. Cash loans enable you to borrow sums between $2,050 and $5,000, choose to repay over just sixteen days or select a longer term of up to two years. You can also repay early if your situation changes – without extra fees. Another significant difference with a cash loan is that personal loans use an annual percentage rate (APR) along with fees to charge for borrowing. Cash loans employ fixed costs based on the loan amount (maximum 48% per year in repayment fees and $400 to establish the loan).

You’ll need to be minimum eighteen years old and have a regular form of ongoing income. You’ll also need to be an Australian resident or citizen and provide proof of address along with ID. Lenders will also look at the most recent 90 days of your bank statements.

Qualifying for a cash loan is different to applying for personal loans – where you get assessed more on your credit history. With cash loans, affordability is the main requirement for approval. Lenders look at your bank statements to verify you have regular income. They also check to see what you spend every month so they can make sure you’re not borrowing more than you can afford.

When applying for cash loans, Centrelink benefits are acceptable as long as that doesn’t make up more than half your income – and you’ll need to get a Centrelink Income Statement via MyGov if that’s the case.

Cash loan providers operate online. Funds get transferred directly into your bank account after you get approved, so delays are minimal. Savvy will find your ideal option and quickly connect you to the lender’s website. From there, you can upload documents, fill out a quick form, and even sign the provider’s agreement. Everything gets done via your smartphone or any device with an internet connection.

Cash loans can be a great way to get back on the borrowing ladder after problems and to rebuild your credit report too. In fact, many Aussies use bad credit cash loans to consolidate multiple forms of existing borrowing, such as credit cards and overdrafts. The advantage with a small loan is the repayment term is finite – not like with a credit card or overdraft. Repayments are fixed, so you can set yourself a target and stick with that. You also improve your credit score every time you successfully pay off a loan.

Every responsible lender checks your credit report. The difference with cash loan providers is they mainly check for existing and recent loans – not to penalise you for past late payments or problems. When you apply for a cash loan, lenders leave an impression that other credit providers will be able to see if you apply for a credit card, phone contract, or another loan further down the line. Cash loan lenders won’t approve your application if you already have a couple of outstanding short-term loans. You’ll need to repay them before you apply again.