Cash Smart Loans and Cash Advances

Information verified correct on October 22nd, 2016

Cash Smart offers you a choice of two convenient credit options: a one-month cash advance or a six-month personal loan.

If you’re in need of a small loan to tide you over until payday, Cash Smart is an option for you. Depending on your needs, you can apply for a short-term loan that you repay in one month, or a longer term personal loan with terms available up to six months. The amount you can borrow is determined by how much you earn for the one-month loan, and maximised at $2,000 for the six-month loan.

How does borrowing from Cash Smart work?

If you’re interested in applying with Cash Smart the first step is deciding which loan you want. For the one-month loan you’ll be able to borrow up to one week of your pay, while you can borrow between $300 and $2,000 for the six-month personal loan.

When you’ve decided on your loan, submit your online application. If you’re approved for the loan you will be offered a contract, and once you’ve agreed to it the loan will be transferred into your bank account. If you opt for the cash advance you can also choose to collect your loan from a branch on the same day.

What loan options do I have?

You’ll have your choice between two Cash Smart loans:

  • Payday Advance. If you’re looking for a small, short-term loan that will cover you until you next get paid, this is the option to consider. You’ll be able to borrow up to one week’s worth of your pay for a maximum term of one month. You can apply online but have the option of collecting your cash from a branch on the same day you’re approved.
  • Personal Loan. This loan has a longer term of six months and you’re able to borrow between $300 and $2,000. Your repayment terms are flexible, with you being able to select weekly, fortnightly or monthly repayments.

The features that come with a Cash Smart loan

Applying for a Cash Smart loan gives you access to the following features and benefits:

  • Easy application. If you’re looking to apply with Cash Smart you can do so online, and this includes everything from entering your details to uploading your bank statements.
  • Loans to meet your needs. You have the choice of two loans, so you can opt for the one that best meets your requirements: either a short-term cash advance or a longer term personal loan.
  • Repayment flexibility. You’re able to select weekly, fortnightly or monthly repayments and you can repay your loan early without penalty.
  • Flexible eligibility. In order to be eligible you only need to meet a few basic criteria, including minimum age, income and employment requirements. You can check you meet these below.

The costs of the loan

When you apply for a loan with Cash Smart you will be given a repayment schedule that sets out how much you’ll need to pay on each date. You’ll need to agree to this schedule before you take on the loan.

Are you eligible for a Cash Smart loan?

To apply, you’ll need to be able to answer "yes" to each of the following:

  • You’re over the age of 18
  • You earn at least $400 per week
  • You’re paid directly into your bank account
  • The repayments will be affordable to you
  • If you’re looking to apply online, the majority of your income can’t be from Centrelink payments

Meet the minimum requirements? Here’s how to apply

When you’re ready to apply you can fill in your details on Cash Smart’s online form. You’ll also need to upload certain documents to provide your identity and financials. Including the details you’ll need for the form and the documents, here’s what to have on hand:

  • Personal information. Name, address, contact details and driver’s licence number.
  • Employment details. Your occupation, employer’s name, work address, the date you started and your pay cycle.
  • Banking. Your BSB and account number.
  • Budget. Your income, loan payments, ongoing food, medical, rent and other payments.
  • ID documents. You’ll need a scanned document of your ID.
  • Bank statements. You will need to upload 90 days’ worth of your bank statements.

Cash Smart offers you two convenient loans to meet your borrowing needs, but before applying, compare these with similar products to ensure they are the right products for you.

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