What is Cash Direct and how do its loans work?
Cash Direct is a small online cash loan provider based in Fremantle. Although it offers vehicle loans up to $25,000, its main product offering is small loans between $200 and $5,000. You can see the breakdown of how each of these loans works below:
Loans from $200 to $2,000
- Available for: new and existing members. For new customers, loans are typically limited to no more than $1,000.
- Establishment fee: 20% of your loan amount.
- Monthly fee: 4% of your loan amount.
- Loan terms: between three weeks and six months.
- 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
- Available for: Cash Direct members with a good repayment record or applicants earning over $50,000 with good credit.
- Interest rate: up to 48.00% p.a.
- Establishment fee: $400.
- Loan terms: between four weeks and two years.
- Cost example: for a $3,000 small loan repaid monthly over 12 months, you would incur a $400 establishment fee and total interest of $947, resulting in an overall loan cost of $4,347.
If you’re new to Cash Direct and considering them for a loan, you should only look at them if you need $1,000 or less. If you’re needing more money, you're better off applying for a cash loan through Savvy via one of our providers, as you could be approved for up to $5,000.
What are Cash Direct’s eligibility criteria?
The eligibility criteria for Cash Direct’s loans are as follows:
- You must be at least 18 years of age.
- You must be an Australian citizen, permanent resident or accepted visa holder.
- You must have a valid mobile phone number and email address.
- You must have access to a valid 90-day banking statement.
- You must be earning a regular income, which can include Centrelink income.
If I’ve been rejected by Cash Direct, where can I get a loan from?
If you’ve applied for a loan with Cash Direct and have been rejected, you could submit your application to Savvy. We’re partnered with flexible cash lenders who can work with applicants of all financial backgrounds, instantly connecting you with the lender whose criteria you match and potentially turning applications around within the same day, if not as fast as one hour.
Here are the simple steps to applying with us:
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Fill out our application form
Tell us about yourself, how much money you want to borrow and why you need it.
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Receive an instant outcome
If your application meets the criteria of one of our lenders, you can receive an instant conditional outcome.
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Get formally assessed
From there, they’ll formally assess your application to see if the loan is right for you.
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Receive approval and have funds transferred
Once your lender is happy, you can be approved and the funds sent to your account.