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 life. Traditional lenders might not be able to help if your credit history is less than perfect or you've maxed out your current credit, however, 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
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
Cash Loans - the lenders you can apply with
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.
Thinking of applying? Here's how.
- Compare a wide range of small cash loans online.
Remember to compare the fees and charges, length of the loan, 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 3 months of your bank statements. The lender will then assess you application based on the information you supply, then give you a decision.
Lenders of online cash loans 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 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 have their point of difference in the flexible lending requirements on offer. 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 — 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 loans are available to conveniently apply for online. There is no need to be physically present to make an application or provide documents, you can upload all your documents online. Some online lenders send your loan loans within a few hours while others might take a couple of business days to complete the processing.
The good (and the not-so-good) of cash loans
- You'll get cash for different situations. Due to the greater diversity of lenders 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. Cash loans, on the other hand, are known for their quick disbursal and require less documentation.
- The government has put a cap on fees. This sector is heavily regulated by the government. There are caps on fees and charges, which helps protects you from unreputable 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 so are smaller in amount and have a shorter repayment duration. This might not fulfil the higher financial requirements in some cases as it makes them unsuitable for various purposes.
Is there anything that I should be avoiding?
- Borrowing when you don't really need to. 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 you're applying for. A higher loan amount will mean higher ongoing repayments, and may make it more difficult for you to manage.
- Not contacting the lender when 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, default fees and the like. 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 amounts that are generally borrowed.
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 a overdue bill, or if your car needs repairs. 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 used car.
- Cosmetic surgery. If you've been planning any sort of cosmetic surgery you'll know the costs run into five figures quickly and 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 is a wide variety of 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 any credit you currently hold will be taken into account by the lender 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 higher than normal fees that are allowed to be charged. 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
Are cash loans I apply for online safe?
The financial governing body ASIC, regulate 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 important to research and check the authenticity of the lender.
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.