Borrow Money

If there’s some expense that you need to cover but do not have the funds for, you can just borrow money. These days, Australia boasts of a vibrant lending scene that caters to a wide range of borrowers offering a plethora of financing services. The borrowing public can send in their applications to traditional lenders, major banks and smaller players in the financing circuit. Provided that you tick all their requirement boxes, you can expect to get instant cash loans transferred directly into your bank account, hassle-free.

When looking for an easy and fast way to get access to a loan but worried about getting overwhelmed by the myriad of choices out there, MoneyScout can help. We have been helping countless Australians get access to the right loans through our lender partners by providing them with an easy, accessible and streamlined loan application process. All you need to do is complete a simple loan application and our loan experts will review your details and have you connected with the right lender in no time. 

Borrow money the easiest way

If you’re looking for a way to get access to extra cash easily and quickly, the best choice would be instant cash loans. Typically offered by lenders online. Borrowers won’t need to step out of their homes to apply for these small loans. All you need to do is access the form over the internet, put in your details and submit the form for a pre-approval without any fuss. 

When you borrow money through MoneyScout, we can help get you connected with the best lenders to offer you the type of financing that is most suitable for your needs. Most of our lender partners can offer fast cash loans of up to $5000. It shouldn’t take our loan experts more than 60 minutes to get you an outcome. Once you get approved for a loan, you can expect to receive the funds within 24 hours. Thanks to instant cash loans being the most streamlined financing tool out there, they can easily fulfill your need to get access to fast cash.

Options to consider when borrowing money 

If you plan to borrow money today, it is advised to review all of your options prior to making a choice. Below are some of the financing tools you should consider checking out before sending in an application.

Small loans

Known for the small loanable amounts being offered, they often let customers borrow money ranging from $300-$5000. The loan term is flexible where a borrower has the option to pay off in three months and up to two years. Getting approved for these types of loans tends to be easier too. Applying for these loans is convenient since they are usually accessible online. 

Personal loans

This type of larger personal loan can be obtained  from almost every financial institution out there. They are one of the most common ways to borrow money these days, especially if you are hoping to get approved for a more substantial amount. Through our lender partners at MoneyScout, you may be able to access up to $50,000 when taking out a personal loan. 

Credit cards

Another popular means to borrow money, credit cards are ideal because of how easy they are to use.  They are designed to work very much the same as bank cards which makes them very convenient. They are also ideal for people that do not like the idea of carrying cash with them every time they have to make a purchase. However, it is important to be a bit careful where credit cards go since they can come with steep fees. Also, one has to make sure that they are not going over their credit limit and that they keep up with their repayment otherwise, this can pull their credit score down. 

Loans for bad credit borrowers

If your credit score is a bit problematic, you might have a harder time getting approved for financing. Major lenders and banks tend to thumb down applications from people with not so stellar credit records. However, this shouldn’t mean giving up on financing. Today, there are specialist lenders that offer loans to borrowers that are credit-challenged where they will look into your capacity to repay a loan comfortably instead of what your credit records say. 

We know how much of a challenge it can be to find the right loan providers when there are so many out there. Thankfully, we have partnered with a number of top-notch lenders that offer a wide variety of financing solutions to all types of borrowers. All you need is one single application to access all that and we will see to it that you are paired with the most suitable lender out there.

Instant cash loan pros and cons

PROS

Fast loan processing and approval- These easy loans are considered as one of the fastest ways to borrow money. It is possible to receive the loan funds on the same day you have submitted the application. 

Quick application process- These loans are known for their fast application process. Since lenders only require mostly basic qualifications from borrowers, they do not need to take a long time to decide on a particular loan application. The process is all-online so, it is possible to get an outcome 60 minutes after submitting an application. 

Convenient- Borrowers that want to sign up for this type of loan will enjoy a hassle-free experience. It is done entirely online, so all they need is a device that will let them access the internet to get started. 

Easy approval- Lenders offering this loan are known for accommodating customers from all walks of life. It doesn’t matter if your credit is bad, their decision will be based mostly on your capacity to repay the debt.

CONS

Smaller loanable amounts- Instant loans are typically capped at $5000. This makes them less ideal for those instances when you have a much more substantial cash need. This is when you turn to longer term loans that offer 2-5 year repayments and up to $10k borrowing.

More expensive form of borrowing- While these loans do not get charged any interest rate, lenders tend to attach charges and other fees to the loan. While these fees are capped to ensure that lenders will not take advantage of them, most providers tend to charge the maximum allowed figures, which makes it more expensive to pay these loans back. 

Short-term borrowing- These loans are intended to be paid off within a short term. Customers have the option to pay off the loan for up to 24 months only. This means that the debt, along with the fees and charges attached to it should be settled by then.  

Credit check is required- Despite the fact that this loan only involves a smaller amount, credit assessment is still very much part of the approval process. There is a hard credit enquiry involved with these types of loans so, it will show up on your credit record. When used too much, this can pull your credit score down. So, it is always advised to keep your borrowing minimal, especially when it comes to these types of financing.