Cash Loans Online
Compare online cash loans that are fully accessible via a phone, tablet or computer today.
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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.
What's in this guide?
Are you struggling financially?
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
⚠️ Warning about Borrowing
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:
- 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.
Sunshine Short Term Loans
- Loan Amount: $2,000
- Loan Term: 9-14 weeks
- Turnaround Time: 30 minutes - conditions apply
- Fees: 20% of loan amount + 4% of loan amount each month
- Bad credit borrowers OK
- Quick & easy Approval
Lenders providing cash loans online
How does an online cash loan work?
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.
“I want to apply for a cash loan online. What options do I have?”
- Payday loan. A payday loan is a short term loan, usually repayable between 16 days to 1 year, with lenders typically offering loans between $100 and $2,000. Borrowers will pay much higher fees than with other types of credit. This is capped at a 20% establishment fee and a 4% monthly fee, but still works out as expensive for the loan amount, and repayments are usually high because of the short loan term.
- Bad credit personal loan. These loans can be for higher amounts, usually over $2,000, and are repaid in periods between 16 days and two years. You’ll usually find interest rates up to 48% p.a. for these loans.
- Standard personal loan. Personal loans can be for any purpose and are usually available for amounts upwards of $5,000 and as high as $50,000. Standard personal loans usually require people to have a good credit record, and have repayment periods of between 1 and 7 years.
- Personal overdraft. Some banks offer overdraft facilities to their customers accessible via their transaction accounts. With an overdraft, you can overdraw on your account up to a set limit. For those who have bad credit but have a good history with their financial institution, a bank may still approve them for overdrafts in some cases.
- Line of credit. A line of credit functions in a similar way to a credit card, but customers can expect to pay lower interest and receive a higher credit limit. Some credit limit providers even offer debit cards for accessing funds, and once approved, credit limit funds are accessible to borrowers at any time. With most credit limit borrowers only have to repay the money that they draw down and the interest incurred on that expenditure.
How much can I borrow?
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.
What are the risks of payday loans?
- Unaffordable repayments. Payday loans are an expensive way to borrow money and should only be used as a last resort. Check the size of each repayment and ensure you will be able to pay it on time. Unaffordable repayments can lead to late fees that will only make things worse.
- High rates and fees. Rates and fees on payday loans are high but there are rules in place so be sure to check your lender is not charging you more than ASIC allows. Also, look at what you would be charged if you are late on a payment or if you default on the loan altogether. Lenders don't always outline these fees on their websites, so you may need to contact the lender directly to find these out.
- Disreputable lenders. All Australian lenders should be accredited by ASIC. Check for a credit licence on the ASIC Register and ensure that the lender is easily contactable.
- Impact on credit score. Every loan application shows up on credit reports. Therefore, applying for lots of loans within a short period can have a negative impact on your credit score in the future.
Features and benefits of cash loans online
- Multiple options. There are several Australian financial institutions that offer cash loans online featuring a variety of different loan types.
- Flexible lending criteria. There are a number of lenders that offer flexible lending criteria, depending on the applicant's financial circumstances. Some online cash loan providers offer loans to applicants with poor credit histories. However, it is likely that borrowers for these loans will be required to pay high fees and rates.
- Fully online process. Most lenders that provide online loans rely on technology to process applications. With some, applicants can expect to receive approved funds within a few hours of submitting your application, without having to visit a branch.
- Funds direct debited into your account. When you apply for an online cash loan, the lender can transfer approved funds into a nominated bank account, the details of which you provide as part of the application process.
Frequently asked questions about cash loans online
- What eligibility criteria do I have to meet to apply?
Generally you must be a permanent resident of Australia, you must be over 18 years of age, and you must have a steady source of income. Some lenders will also require you to have a good credit rating.
- How long does a typical online application take to complete?
You can complete some online cash loan applications in around 10 to 15 minutes if you have all the required information. Larger personal loan applications make take more time as they may require more information.
- How quickly can I get access to approved funds?
Some lenders can give you access to approved funds within an hour, some offer same-day access, while with others you may have to wait until the following business day.
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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