Cash lenders could help you find finance quickly, even if you have a bad credit rating.
A cash or payday lender is able to provide cash fast for those emergency bills. This type of loan can be a lifesaver for when you are in between pay-cheques and suddenly need to make a purchase.
Cash lenders will typically provide a short term loan in just a day, sometimes even hours. This could make cash lenders a temporary solution to a sudden cash flow issue.Generally, you can borrow up to $1,000 which is due on your next ‘payday’. Please note that interest rates a relatively high in comparison to standard personal loans, up to 20%.
Sunshine Short Term Offer
This is a short term loan offer with a fast and easy online application for bad credit borrowers who are employed. You can apply today to get approved for up to $2,000.
- Loan Amount: $2,000
- Loan Term: 9 weeks
- Turnaround Time: 30 Minutes - conditions apply
- Total Cost of Borrowing $100: 20% of borrowed amount + 4% of borrowed amount each month
- Bad credit borrowers OK
- Quick and easy Approval
- No Credit Checks - Must be employed
Comparison of Payday Loans
Warning about Borrowing
It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.
Check your options before you borrow:
- For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
- Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
- If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94
The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.
* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.
How does a cash lender work?
In most cases, a cash lender is able to meet your sudden financial need by looking at your current employment situation and income. Most allow for you to apply online and will give you a response in just a few minutes
After verifying your criteria, the cash lender will let you know how much you qualify for, the terms of your loan and how soon you can have the cash. With many cash lenders, the entire process can take place in just a few hours, with your funds transferred straight into your bank account.
How to compare cash lenders
With their increasing popularity, you will find a large variety of cash lenders available all across Australia.. Compare your loan options carefully before making any final choice:
- Fees and interest rates.
The Australian government has put restrictions on the amount of fees and interest that can be applied to short term loans offered by cash lenders. You will want to check that the lender is complying with these. There are also some lenders who will offer less than what the government requires. You can expect to be charged up to 20% of the principal amount, plus 4$ of the principal per month.
- Loan terms.
Most cash lenders will demand a quick turnaround for the repayment while others will let you stretch it out over two months. Make sure that you will be able to meet the terms of the cash lender you are looking into.
Missing or being late on one cash loan can cost you in penalties. Check to see what type of charges each lender has when it comes to a late fee.
- Accessibility. Will you have to wait for a cheque and then cash it, or are the funds deposited into your existing bank account? Which option you want is dependent on the urgency of your need.
Pros and cons of cash lenders
- Fast turnaround time. This type of loan is the perfect solution for an immediate problem. Once approved, it may just take a few hours before you have access to the money.
- Bad credit. Depending on the payday lender, a poor credit history could have no bearing on your eligibility for this type of loan.
- Convenience. In most cases you can apply for this type of loan from your computer.
- Fees and rates. Despite being a convenient source of funds, the interest and fees are still considerably higher with a cash lender than with a traditional personal loan.
- Terms. The short terms that a payday lender offers can make it difficult for the borrower to pay the loan back on time.
Things to avoid about cash lenders
If you are not careful, you may become overly reliant on this type of lending product. Using it often is causing you to lose a lot of your hard earned money on fees and interest.
- Missing payments.
There is a list of charges you can accrue if you are late or miss a payment with your payday loan. Make sure that you are prompt with all of your repayments to avoid these charges.
Frequently asked questions about cash lenders
How can the money obtained with a payday loan be spent?
There are no restrictions from most cash lenders on the types of purchases you can make with the money borrowed.
How much will they let me borrow?
This will depend on your particular circumstance, but in most cases the limit on a payday loan is between $1,000 and $5,000.