Cash Cloud Payday Loans
Cash Cloud help match their customers to suitable payday lenders
Cash Cloud is not a direct lender; it works to match customers with a loan offered by one of its lenders. The fee structure is transparent and customers can review it before they agree to the loan. Cash Cloud’s service is free and customers can receive their money quickly – in some cases within 60 minutes or on the same business day.
$2,000
Maximum loan amount
Within an hour
Turnaround time
Up to 3 months
Term of loan
Details
| Product Name | Cash Cloud Payday Loans |
|---|---|
| Minimum Loan Amount | $300 |
| Maximum Loan Amount | $2,000 |
| Arrears Fee | $35 |
| Loan Term | Up to 3 months |
| Turnaround time | Within an hour |
| Costs | 20% of borrowed amount + 4% of borrowed amount each month |
| Available to Centrelink Borrowers? | No |
How does the process work?
When someone applies for a loan with Cash Cloud, it will send their application to its primary lender, Stress Less Money. If that customer isn't accepted, there are other lenders on its panel who will consider their application. Those who are accepted will be transferred to the lender to review the costs and complete the process to receive their funds. The repayment process will differ depending on the lender each customer is matched with.
Comparison of Payday Loans
Whilst we don't compare loans from Cash Cloud directly, use the table below to see how they compare against other short term loans
What features does Cash Cloud offer?
- Increases chance of approval.
As more than one lender is reviewing each applicant's application, customers have more of a chance of approval, even though only submit one application is submitted. - No paperwork.
Customers won’t need to fax any paperwork to Cash Cloud to complete their application. - Customer support.
Cash Cloud offer email and online support to customers who need help before they apply, to check on their application status or if they have a complaint.
What will the loan cost?
This depends on the lender a Cash Cloud applicant is accepted by. For instance, if a application is accepted by Cash Cloud’s primary lender, Stress Less Money, the fee structure will be as follows:
What customers will pay:
- Establishment fee: 20%
- Monthly fee: 4%
What customers might pay:
- Dishonour fee: $35 charged when a direct debit is dishonoured
- Rescheduled payment fee: $35
- Late fees: $7 charged daily for up to 45 days
Is there anything to be aware of before applying?
- Cash Cloud’s primary lender has a policy of not rolling over loans, but if someone is matched with a different lender (for example, Cash Train) they can review their renewal policy before they accept the loan terms.
- Once someone submits an application with Cash Cloud and are accepted by a lender, they should direct all account and loan enquiries to that lender and not Cash Cloud.
How to apply with Cash Cloud
Those looking to apply can get started by submitting an online application on Cash Cloud’s website. They'll need to be:
- Over the age of 18
- A resident of Australia
- Currently employed
They'll also need to provide certain details to complete the application, so prospective applicants should keep this information handy:
- Loan: Details on why the loan is needed and how much funding is required
- Personal: Their name, address, marital status and number of dependants
- Identification: Their driver’s licence, proof of ID card, Medicare card or passport
- Financial: Their income, debts, assets and liabilities
- Employment: Their current and previous employers, their contact information and their job title
What to consider
While Cash Cloud claims to help match payday loan applicants with appropriate lenders, it is still important for prospective payday loan applicants to compare lenders themselves before submitting an application.
Customers for payday loans should also be aware of the potentially high fees attached and if they are facing financial hardship, should consider potential alternative solutions that they may qualify for.
