In need of a quick financing solution? Find out how to get funds in your account today.
We have all faced overstretched budgets or unforeseen expenses at some point in our lives. While traditional lenders might not be able to help if your credit history is less than perfect or you've maxed out your current credit, there are alternatives available.
Most online cash loans providers even guarantee completion of the entire loan processing within a few hours.
These quick cash alternatives ease the immediate financial burden you might be facing and provide a repayment schedule that is structured around your own pay. Although their total interest and fees are higher than traditional lenders, they can still assist you with the credit you need.
Sunshine Short Term Offer
Sunshine Short Term Offer
- Bad credit applicants considered
- Fast approval service
- Borrow up to $2,000
100% confidential application
Sunshine Short Term Offer
A short term loan with a fast and easy application available to those with good or bad credit. You can apply today and get approved for up to $2,000.
- Loan amount: $2,000
- Loan term: 9-15 weeks
- Turnaround time: 30 minutes (conditions apply)
- Fees: 20% of borrowed amount + 4% of borrowed amount each month
- Income requirement: 50%+ of income cannot be from Centrelink
- Bad credit borrowers OK
- Quick and easy approval
- No credit checks
Cash loans – the lenders with which you can apply
Do you really need a loan today?*Thinking of applying? Here's how.
- Compare a wide range of small cash loans online.
Remember to compare the fees and charges, the loan term length, interest rate, repayment schedule, turnaround time and any late fees you may incur. Check to make sure you meet the minimum requirements. - Gather your documentation.
You'll need to prove your identity, your income, your address and your assets among other things when applying online. Make sure you have all the required information before applying. - Apply online.
After preparing your documentation and comparing your options, you can apply online. Remember that you need to be 100% truthful on your loan application as it will form a legally binding small amount credit contract.
How does a cash loan differ from other short term loans?
These loans are generally required to meet small, short-term requirements and so they are mostly used for a period of less than one year. If your application is accepted the loan amount is normally transferred to your nominated bank account and the repayment schedule is set according to your capacity.
A cash loan works in a similar way to a payday loan or even a cash advance. You will apply for the loan amount you need, submit the required documentation and supporting evidence including the last three months of your bank statements. The lender will then assess your application based on the information you supply, then give you a decision.
Online cash loan lenders can often complete the whole process with a very short turnaround time. There are also lenders who specialise in bad credit cash loans, and provide loans to borrowers who might have less than "perfect" credit history. Other lenders also offer loans to those who receive Centrelink payments.
What lenders will consider you if you receive Centrelink payments
What you need to know before you start comparing.
Different lenders specialise in specific types of cash loans. Some of them provide a quick turnaround time, others extended repayment terms, and some may offer flexible lending requirements. The parameters on which these lenders can be compared are:
- Find out the complete list of costs.
There is an overall cap on fees and charges on small, short term loans by the Australian government. If you borrow less than $2,000, you cannot be charged more than 24% (20% establishment fee and 4% monthly fee). However, if you borrow more than this the lender can charge up to 48%. - Make sure you meet the eligibility criteria.
Some lenders specialise in bad credit cash loans while others require a reasonable credit score in order to be approved. Bad credit lenders may also differ on their flexibility. For instance, some may lend to those currently bankrupt whereas others will not. It's important to ensure that you meet the criteria before applying. Each application for credit is listed on your file and too many in short period of time could be detrimental to any future loan applications. If you are applying for a no credit check loan, this might not even apply. - What is the turnaround time?
With the growth of technology, these loan applications are available completely online. There is no need to be physically present to make an application or provide documents, and you can upload all your documents online. Some online lenders will send your loan within a few hours while others might take a couple of business days to complete the processing.
The good (and the not-so-good) cash loan features
- You'll get cash for different situations. Due to greater lender diversity in this industry it is possible to have cash loans for varying personal situations. Loans are available for different income levels and all types of credit.
- There will be a quick turnaround. The processing time for more conventional loans can be quite long with a higher requirement for documentation. On the other hand cash loans are known for their quick disbursal and require less documentation.
- The government has put a cap on fees. There is strong government regulation in this sector. There are caps on fees and charges, which help protect you from disreputable lenders and gives you a definite repayment schedule within which you can repay the loan.
- You might get stung with higher costs. These loans are generally more expensive than those available through traditional lenders due to their short-term nature and high fees.
- The loans have a shorter duration. Cash loans are used for short term financial requirements, and have smaller amounts as well as a shorter repayment duration. This might not fulfill the higher financial requirements in some cases as it makes them unsuitable for various purposes.
Is there anything that I should avoid?
- Borrowing unnecessarily. Due to faster processing and lower checks these loans might give a feeling of "easy money". This can lead to spending on superfluous items like gadgets or vacations with one of these loans. You should really consider whether you can afford the repayments before you apply, and only take on the loan if you really need it.
- Taking on too large of a loan. Just like you should consider whether or not to apply for a loan, you should also determine whether you really need the full amount for which you're applying. A higher loan amount will mean higher ongoing repayments, and may make it more difficult for you to manage.
- Failing to contact the lender if you're having trouble meeting repayments. If you're going to make a repayment late or there will be insufficient funds in your account for the lender to direct debit, you need to contact the lender before the repayment is due. Not doing so will see you stuck with late payment fees, direct debit dishonour fees and default fees. This can add a significant amount onto what you owe.
What size cash loan can I get?
When taking on credit it is advisable you only take on what you can afford. Below are some of the general borrowing amounts.
What can I use a cash loan for?
Cash loans can be quite expensive, so they are generally only used when it comes to emergencies or if you have any unplanned expenses that arise. You may be able to apply for a cash loan if you have a cash flow issue such as if your car needs repairs, or a bill is overdue. Of course, it's important to call your utility provider first to work out a payment plan if possible.
Other uses of cash loans include:
- Valentine's Day. If you've had bills to pay and are unable to save for a night out on Valentine's Day, a short term cash loan may be able to help
- Concert tickets. You're favourite band just announced their reunion tour.
- Online sales. It's the day before payday and your favourite retailer has just announced a huge 50% off sale. A small cash loan may get you that new piece of clothing.
- Birthday presents. Sometimes you may need that little extra to afford the present you want to buy. Instant cash loans can offer you that extra.
- Unplanned trip expenses. If you need to travel interstate and can't put together the funds before payday, a short term loan may help
When considering getting a cash advance online it's important to compare your options – this type of financing can be expensive.
What you probably can't use a cash loan for
- A new car. Cash loans are usually for amounts under $2,000. You may be able to use a cash loan for a second-hand car.
- Cosmetic surgery. If you've been planning any sort of cosmetic surgery you'll know the costs run into five figures quickly and are unsuitable for a cash loan
The questions you've asked about cash loans
Can I apply for a loan if I'm not earning an income?
There are numerous lenders in this market. Some of them have a minimum income requirement whereas others can provide loans on the back of an asset or using a guarantor, or who even accept Centrelink payments as income. Click through to the individual review pages of each loan to see what requirements are in place and if you're eligible.
Can I get the loan if my credit card is maxed out and I need a short term loan for an emergency?
Yes, these loans act as a buffer during such circumstances. Just keep in mind that the lender will take into account any credit you currently hold when they're determining whether you can currently afford a loan.
Are cash loans more expensive than other alternatives?
Cash loans are heavily regulated by the government and there are specific caps on fees charges. However, these loans are still more expensive than traditional lending options due to the short-term nature of the repayments and the allowable fees that are higher than normal. Keep these increased costs in mind before you apply.
Can a business use a cash loan?
If you're in need of quick business capital or waiting on outstanding invoices to be paid, you could consider a cash loan for your business. It's important to note that these loans may attract higher interest rates and fees, so arm yourself with as much information as possible
Is guaranteed approval really available on a cash loan?
Guaranteed approval on any loan in Australia is a thing of the past. Since the Global Financial Crisis, lenders have tightened their restrictions on guaranteed cash loans.
I haven't been paid yet, can I get a cash advance?
Sometimes you may need a small amount of cash to get by until payday. This is where a payday cash advance could come in handy.
Need the cash today?
If you need the money from your cash loan today, then it could be worth your while to compare a range of fast lenders who offer same-day funding.
Are you a small business owner?
It can be tough being a small business owner in Australia. You could get a short term unsecured cash loan for your business and repay it with the next invoice.
What are the steps to getting a fast cash loan?
If you want to make sure that your online cash loan application may get approved, then this guide is worth reading and may help.
Do you want to apply online?
If you want to avoid the hassle of paperwork and faxing, find out how you can apply directly online for your next loan.
Are online cash loans safe?
The financial governing body ASIC, regulates the cash lending and payday industry very closely. Each lender must comply with a wide range of rules and regulations that are designed to protect you. Despite all of these precautionary measures in place, it's still important to research and check the lender's authenticity.
If I can't repay my cash loan, what options do I have?
If you are in the unfortunate position that you can't meet your repayment on the next date, it's important to get in contact with your lender. They will attempt to work with you to sort the issue out.
Remember that these forms of finance are generally used for emergency situations, so always compare your options before applying online.
I have a current personal loan paying it over 12 months with cash converters. Will I get approved for another one?
Hi Rani,
Your eligibility depends on a variety of factor. On its website, Cash Converters explains “We have strict guidelines which apply to the assessment of every loan and this includes strict limits on the number of loans a customer can have at one time.” You’ll need to get in contact with Cash Converters to find out if you’re eligible for a loan.
Hope this helps,
Elizabeth
I would like to know if I’m recieving parenting payment with bad credit rating can I apply for a $2000 loan with a chance of approval
Hi Ngaire,
Thanks for your question.
There are a few lenders who will consider you for a loan when you are receiving parenting payments. If this is your sole income you can find lenders who may consider you on this page. If you are receiving this as well as supplementary income you can find out about your options on this page.
Thanks,
Elizabeth