For the times you aren't prepared – cash loans that can be in your account today.
It’s hard to budget for the unexpected, not just because you don’t know when you might need emergency funds, but you also don’t know how much you may need. If you find yourself caught short when unexpected expenses crop up, it’s important to consider all of your options, and one of these options is a fast cash online loan.
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
How to compare fast cash loans
Here are some loans to consider.
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.
Fast cash online – is it right for you?
Fast cash online is a type of finance offered to those that need quick access to additional finance. This type of loan is suited to someone that can't wait the week it may take for a bank personal loan, doesn't have a credit card (or has one that is maxed out) or is only looking to borrow a smaller amount.
These loans are also suited to those on low incomes, that receive Centrelink payments or have bad credit.
How does a cash lender work?
You can apply for fast cash online in a few minutes. You'll need your personal details, information regarding your income and employment (or Centrelink payments) as well as the last 90 days of your banking history, usually accessed with your Internet bank logins.
After verifying your details, the cash lender will let you know how much you qualify for, the terms of your loan and how soon you can have the cash. With many cash lenders, your funds can be transferred straight into your bank account within a few hours.
What should you check before applying?
There is a wide range of lenders that offer these types of loans, giving you more options when it comes to finding the right lender for you. It does, however, require you compare your options and avoid less reputable lenders. Here are some points to keep in mind when you compare lenders offering online cash loans:
- Compare the loan terms and amount.
Fast cash loans that are offered by online lenders are usually for smaller amounts, say for under $1,500. Although some lenders may offer up to $5,000, or even more depending on the type of loan you’re after. The terms offered with these loans can be quite short, with a minimum of 16-day terms being offered.
- Compare the interest rate being offered.
The interest set by your lender may be limited depending on the amount and terms of your loan. If it is less than $2,000 for terms of less than a year, they cannot charge you more than 24% of the loan amount in interest per month. For loans that do not fit into this category, compare your options and ensure the rate is competitive.
- Compare the fees you're being charged.
As with other types of loans, fast online cash loans come with fees. Take a look at the associated fees before you apply for the loan and see how much they will cost you. If your loan is for below $2,000 and you will repay it in less than a year, the lender will be limited as to what fees they can charged (4% of the loan amount per month). This is a part of the 24% interest per month outlined above.
- Make sure you understand the repayment terms.
The repayment terms offered by the lender can seriously impact your ability to repay your loan, so you want to ensure the lender will allow you to repay the loan amount in a way that suits your budget. Some small lenders send SMS updates to remind you about repayment dates, but all lenders should set out the repayment dates in your loan contract.
- Research the lender you're applying with.
It may seem harder to judge an online lender’s reputation than lenders who have physical branches, but it’s still important to consider, and there are still a few ways to deem your lender’s reputability. Take a look at some third-party customer reviews if they’re available, see how easy they are to contact and see how upfront they are with information regarding their fees and charges.
So, is this a cash advance?
The term 'cash advance' is generally reserved for money withdrawn on a credit card, not taken from a payday lender. However, some payday loan brands have taken to using this phrase when transferring money to the borrower.
It's important to understand the differences between the two. Cash advances instantly attract interest and generally don't have to be paid back within a specific timeframe. Cash loans are usually taken over a set period of time (usually until the next payday) and don't accrue interest.
The good and the not so good of receiving cash fast online
- You get convenience.
Fast cash loans offer a convenient option for people looking for finance, with many lenders able to offer online application, instant approval and automatic direct debits for repayments.
- There is a fast turn-around time.
As the name suggests, fast cash loans can offer you a quick turn-around time for your loan, with some lenders being able to transfer you the loan amount within the hour or the next business day.
- Relatively easy online application process.
As these lenders operate online, the application process for these loans is often quick and simple.
The not so good
- The risk factor involved.
There is some risk associated with these type of loans, with disreputable lenders preying on borrowers.
- The increased cost of credit.
These loans come with a very high interest rate, which can negate some of the loan’s benefits.
Some help to get a new job
Samantha had just dropped her kids to school when she got the call – she had gotten an interview for one of the jobs she applied for. The interview was on Saturday, meaning she'd need a babysitter for her kids. She'd also need petrol for the car as the interview was a fair drive away. She was worried because her bank account was very low and her Centrelink payments didn't come through until the following Monday.
The babysitter costs $100 for the day plus $40 expenses for the kids and she would also need about $50 for petrol. Samantha looked at what her options were for a $200 fast cash loan. It was a Thursday so she would need the loan paid into her account by tomorrow. Comparing her options online she sees that she is eligible with a couple of lenders – she chooses one and receives a response a few minutes after submitting her application.
As she receives fortnightly Centrelink payments, her loan is due in full by the next fortnight. She will owe $248 in total.
"I want to apply. Is there anything I should avoid?"
- Lenders who charge you too much. For loans under $2,000 with repayment terms of less than a year, lenders cannot charge you more than a 20% establishment fee and a 4% monthly fee.
- Lenders who don't give you sufficient time to repay. While repayment terms vary, a lender cannot require that you repay the loan in 16 days or less. You can usually, however, repay the loan early without penalty.
- Paying your loan back late. Lenders are restricted in terms of what they can charge you for a loan, but they are less restricted when it comes to late payment fees. To avoid hefty fees such as default fees, late payment letter send out fees, and collection fees, budget to have your loan repaid on time.
Questions you may have had about fast cash loans
How can I repay my fast cash loan?
The majority of online lenders will be able to directly debit the money from your account on the day it is due. If you have a number of repayment dates then it is important to make sure you have the cash available in your account on the day. You may also be able to pay back your loans via bank transfer or BPAY, but you will need to discuss this with your lender.
I have a few black marks on my credit file – can I still get a fast cash loan?
If you have defaults on your credit file, or you simply missed a phone bill payment a few years ago, you may still be eligible for a cash loan online. The majority of short-term lenders look at your current financial situation and not your past. You may still undergo a credit check, but there could be lenders available to help you get a loan.
How much can I borrow?
You may be eligible to borrow up to $2,000 depending on your financial situation – although it's important not to borrow outside of your means. You can use the calculator below to get an idea of what your repayments might be based on how much you want to borrow. You may only be able to borrow a certain amount your first time in order to establish a line of credit and trust.
This calculator is designed to provide you with an estimate based on the numbers you enter. Your personal details are not taken into account and all calculations are based off the calculation model. This calculator is not intended to be the sole source of your information when making a decision regarding your loan, and this calculator also does not guarantee your eligibility. The calculator works off the following assumptions: fees do not change for the life, your lender will charge a 20% establishment fee and a monthly fee that is 4% of your principal loan amount. You may want to seek advice from a financial professional before signing up to a loan.
Do I need to provide payslips and/or my payroll details?
Sometimes lenders will request this, but you can now upload your files directly to the company and let the lender grab a "read-only" view of your bank statements. This will allow the lender to see your income, expenditure and whether or not you will be able to afford to pay back the loan. Lenders may still need to verify this by calling your employer.
What can I use my fast cash loan for?
When you are comparing and applying for a fast cash loan you will have to let the lender know a general idea of what you intend to use the cash for. These could range from buying items on sale, to concert tickets, to rent, to just a temporary cash shortfall. It's important to note that you shouldn't take out one loan, to pay for another. This can lead to an unhealthy debt spiral and financial trouble in the future.
I can't afford this month's repayment, what are my options?
Circumstances can change, and you may not be able to afford the repayments for the agreed loan term. If this sounds like your situation then it's important to contact your lender immediately. While you may get charged a small fee for the convenience, your bank account may not end up in the negatives. This process is different for each lender so it's recommended that you research your options.
How fast are these loans?
When you need fast cash, you will probably need same day funding. Depending on who you bank with, and what time of day you apply for your loan you may get your loan on the same day. It's important to note that some lenders such as Nimble, offer a pre-paid Visa Debt card with their accounts. If you have one of these cards you may be able to get your cash within 60 minutes of being approved.
I'm not quite sure if I'm eligible. What is the criteria?
Each loan you compare will have its own income and employment requirements. It's important to research each loan and the requirements before applying as each enquiry and application will go on your credit file. Too many enquiries and you may not get approved.
Can I use a small loan for my business?
If you are a business owner and need access to cash fast, you should consider comparing a range of loans designed for businesses. These are designed to allow you to access equity in property or invoices. If you need more information on loans for your business, check out this guide.