Need Cash Now
You can’t always be on top of your finances at all times. Despite your best effort at keeping everything in check, emergency expenses can crop up every now and then. When this happens right when you are a little bit short on funds, you know that the best solution would be to find alternative routes that will help address the shortage. If you need cash now and your payday is still days away, one solution you can look into is instant cash loans.
Qualifying for cash loans
When you need cash now, you’ll find that most loan providers out there will make a decision based on how affordable a loan is for you. The lenders are still going to look into your credit report to get an idea of how many existing loans you have at present and check other financial details about you. However, they are not going to just automatically reject your loan application if they see that you had late payments in the past or missed a few due dates. A bad credit score will not be the sole determinant of whether the personal loan will be approved or not.
Just because you need cash now doesn’t mean you should skip the credit assessment part of the loan application process. Legitimate lenders will always see to it that they are upholding responsible lending practices and checking your credit score is one way of doing that. However, they will focus more on your monthly income and your regular expenses to find out if you can afford a loan or not. You will probably get approved for a cash loan if:
- You’re no younger than 18 years old
- You’re a citizen or permanent resident of Australia
- You’re getting a regular income from a job or even from benefits
- You have the means to afford the loan repayments comfortably
Can I use the funds for anything?
If you need cash now and you take out a cash loan, you will find that it is possible to use the funds for just about anything you can think of. Lenders offering loans to borrowers that need cash now do not put any restrictions on how the funds should be used. It is very common among Australians, however, to use the money to cover a temporary gap in the cash flow. There are also those that use the money to pay for car repairs, cover vet bills, pay for medical emergencies, cover the costs of a holiday and even some cash for the weekend
Cash loans tend to be unsecured, so there is no need for you to present an asset or anything of value to secure the financing. This is also the reason that you can just use the funds for whatever reasons. This is why they make for such a remarkable option for people that need cash now. Add to that the fact that they tend to be highly accessible and can be paid within a short term, so it is no wonder why thousands of Australians apply for cash loans monthly.
Cash loans and interest rates
Sometimes, when you need cash now, the interests and other costs involved with the loan are the last things on your mind. You’ll be more concerned about getting access to the extra funds you need when you need it. Fortunately, with cash loans, the fees attached to it are spelled out ahead of time. Lenders offering these financing tools are very transparent so you will know exactly what the fees and costs are ahead of time.
Lenders that offer fast-access loan products tend to offer quick repayment options. They tend to be more flexible too, in terms of the kinds of borrowers they will accommodate. Banks tend to not offer loans below $5000. They are not too keen on letting credit-challenged people borrow money from them as well. Thankfully, there is a sector of lenders nowadays that offer cash loans of $5000 and below for those borrowers that need quick access to smaller amounts of cash.
- Loan amounts of $300-$2000 have capped repayment fees at 4% of the loan amount. In addition, there is also an establishment fee that is capped at 20%.
- Loans ranging from $2001-$5000 have capped repayment fees of 48% per annum. Meanwhile, a capped establishment fee of $400 is also attached to the borrowing.
The reason that cash loans are very popular among those that need cash now is their affordability due to repayment periods that are highly flexible. While a lot of people appreciate how fast they can access funds through this financing option, the fact that they can also get access to fast repayments makes it more than ideal. After all, not every borrower would want to manage extended borrowing terms. There are those that would want to get the loan paid off as soon as they can.
With larger long term loans, it is not possible to make rapid repayments without penalties for paying off the loan earlier than scheduled. With cash loans, borrowing between $300 and $5000 will give you the option to pay off the amount within 16 days to 24 months, whichever term is most manageable for you. You get to decide how soon or how long you would want to pay off the loan.
Cash loan application
You can sign up for a cash loan anytime you want. Most of the lenders offering these financing tools these days are operating online. This means that all you need is a device that will allow you to access the internet to sign up. You won’t even need to leave your house to do so. The documents needed to support the application will need to be submitted digitally. So, all you need to do is get digital copies.
It does help to have an idea of the specific documents that lenders might need you to provide them with in order to process your loan application. Same day loans are known for their fast processing, approval and funding. You can even get things faster if you have all the necessary documents ready prior to sending your application. Among the documents that your lender might require are:
- Proof of identification which includes your passport, driving licence or any government-issued IDs
- Bank statements for the last three months so lenders can verify your income source
- Proof of address including your phone or utility bills
- If employed, copies of your payslips
- Centrelink Income Statement for people who are on benefit fully or partially
Funding your loan
Thanks to the straightener qualifications that lenders have set for cash loan borrowers, the approval process does not take long. At MoneyScout, we use a streamlined online process to ensure that your application gets assessed, processed, approved and funded fast. Our team of loan experts will review your loan application and will likely have an outcome within an hour or so. Then, a lender contacts you with the loan offer. You will be sent the contract which you are expected to review and understand. The loan terms and the repayments will be detailed in the document, so make sure you understand what you are signing up for. Once you agree with the terms, you sign the document digitally, send it back to the lender and they will begin the fund transfer. In most cases, you can expect the funds in your bank account within 24 hours with some borrowers getting access to the amount right away, especially those with NPP-enabled bank accounts