Loans like CashnGo have gained popularity as a convenient solution for Australians in need of quick funds. However, it's essential to consider alternative options. That’s where Savvy can help you out. We can guide you through the details of CashnGo and similar loan options, helping you compare them to the straightforward process of applying for a fast loan through us today!
How do loans like CashnGo work?
CashnGo is a lender specialising in small loans, which are designed to provide fast and easy funds to borrowers who need cash quickly. Also known as payday or SACC loans, these come without any interest, instead having their cost based around fees. CashnGo offers loans up to $2,000, but the amount you’re able to borrow will also be determined by which lender you choose and factors such as your income, debts and repayment history.
These loans are designed to be approved and paid quickly, typically on the same day you apply and sometimes having funds released as soon as within the hour. Regarding the term lengths you can choose, these can also vary, but CashnGo allows you to take between 62 and 180 days to repay your loan.
What fees will I have to pay with loans like CashnGo?
For loans like CashnGo, the fees and interest charged will depend on the size of the loan you take out. All loans of $2,000 or less (which are what CashnGo offers) come with a one-off establishment fee of up to 20% of your loan amount and ongoing monthly fees of up to 4% of your loan. However, with loans of $2,001 to $5,000, your establishment fee is capped at $400 and your interest can be no more than 48% p.a.
It's crucial to understand what this means in terms of the cost of your loan. If you’re applying for a $500 loan and repaying it over four fortnights, you’ll pay a total of $140 in fees across your term. However, if you increase this to a $2,000 loan over 13 fortnights, your fees will increase to $880.
What alternatives to loans like CashnGo are available?
For a straightforward and convenient alternative to loans like CashnGo, you can explore the option of applying for a small loan through Savvy. Our platform connects you with reputable lenders offering rapid cash loans ranging from $2,050 to $5,000. The application process is hassle-free and online from start to finish.
You can expect an instant outcome in just 60 seconds upon submission. If conditionally approved, formal approval can follow swiftly, with funds potentially being released in as little as one hour, depending on your lender and bank's processing times. Start the process with us today and gain access to the funds you need without the unnecessary complications!
