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Online cash loans are payday loans which can be applied for fully online. This means that there is no need to access a branch or other location in order to acquire approval and receive funds. This may be advantageous to people for reasons of preference, convenience, or factors such as physical disability.
Prospective borrowers ought to be aware that payday loans incur the most expensive fees that are permissible by the Australian Securities and Investment Commission (ASIC). While they may still be a viable option for some customers, there are other forms of online loan available that may work out as more cost effective options, depending on the credit rating and financial circumstances of the applicant.
See below for further details.
If you're struggling financially and would like to speak to someone for free financial advice, information and assistance you can call the Financial Counsellors hotline on 1800 007 007 (open from 9:30am to 4pm, Monday to Friday). If you are suffering financial problems related to the coronavirus pandemic you may be eligible for additional support. Find out more here: https://www.finder.com.au/coronavirus-financial-help
Do you really need a loan today?*
It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.
Check your options before you borrow:
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.
The basic premise behind any online cash loan is that customers can apply for the finance that they require via a fully online process. Prospective applicants begin by submitting an application (after ensuring that they meet the necessary eligibility criteria), which will include details about their income, identity and employment. The lender should be able to complete the identity verification process online, using details from the documents provided by the applicant.
Once a lender approves an application, the successful applicant should review the loan’s terms and conditions to make sure that the interest rate offered and loan terms are compatible with their current circumstances. After accepting these terms and conditions, the lender can transfer the approved funds into the approved applicant's bank account. The term of the loan can vary from 16 days to a year, and borrowers will have to make repayments in line with a preset repayment plan.
How much someone can borrow varies largely and will depend on the type of cash loan that they apply for.
Applicants for payday cash loans may be eligible to borrow up to $2,000 depending on their financial situation – although it's important for loan customers not to borrow outside of their means. Prospective applicants can use the calculator below to get an idea of what their repayments might be based on how much they want to borrow, prior to submitting an application. Some lenders may only allow applicants to borrow a certain amount their first time around in order to establish a line of credit and trust.
Here's what you can expect when applying for a "quick cash loan'" or a fully online cash personal loan.
Always compare loan options carefully and ensure that you meet all of the eligibility criteria outlined for that specific loan before submitting any loan application.
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