MyCashFinance Fast Loan
- Maximum loan amount
- $10,000
- Turnaround time conditions apply
- Same day
- Term of loan
- Up to 12 months
Summary
Borrow from $1,600 up to $10,000. Lender offers online pre-approval, but this loan is expensive and has high fees and charges.
MyCashFinance is a short-term lender offering loans from $1,600 up to $10,000. Repayment terms are short, with a maximum of 12 months. This loan is secured by either vehicle or real estate property assets. You can receive pre-approval within five minutes. Pre-approved applicants have an 89% chance of being accepted for a loan. As this loan is secured, there is a risk of losing your asset if you don’t make your repayments. Short-term loans are expensive and come with high fees and charges. Your cost will depend on how much you borrow, but they cannot exceed the ASIC’s cap on short-term lenders. For loans up to $2,000, you can expect to pay an establishment fee of 20% and a monthly fee of 4%. For loans from $2,001 up to $5,000, there is an establishment fee of $400, with the maximum interest rate of 48% p.a. For loans from $5,001 up to $10,000, the maximum interest rate is 48% p.a., inclusive of all fees and charges.
Details
Product Details
| Product Name | MyCashFinance Fast Loan |
| Minimum loan amount | $1,600 |
| Maximum loan amount | $10,000 |
| Loan term | Up to 12 months |
| Turnaround time | Same day - conditions apply |
| Available to Centrelink Borrowers? | Yes |
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.
⚠️ 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.
How does a Fast Loan from MyCashFinance work?
MyCashFinance is a short term lender who offers larger amounts of funding than most payday lenders. While short term lenders have much higher interest rates than standard personal loan lenders, these types of loans might be the only option for people in need of larger sums of money who have bad credit.
MyCashFinance only offers secured loans, so applicants will be required to own a vehicle or real estate in order to qualify for finance. Prospective applicants who do not own a vehicle or property have the option to apply via a joint application, provided that the other party does own one of those assets.
Compare Other Short Term Loans
Whilst we don't compare this loan directly, here are some other loans that are similar.
What features are on offer with a MyCashFinance Fast Loan?
Applicants can know if they are eligible quickly.
Once someone fills out the online form, they'll find out within five minutes if they've been pre-approved. Being granted pre-approval means that someone is 89% likely to be officially approved for finance. The pre-approval process does not check credit scores.
If someone is granted pre-approval, they need to send documentation so that they can be completely approved for the loan. They'll then be offered a loan amount and terms to suit their needs and budget outlined in a loan contract. Once the contract is signed, the loan can be processed.
Loan amount.
Customers can borrow between $1,600 and $10,000. The amount someone is approved for will depend on how much they can afford and the market value of their assets.
Flexible repayments.
Loan borrowers can make repayments weekly, fortnightly or monthly over a period of 365 months. The repayments will be automatically direct debited from the borrower's bank account on the scheduled dates outlined in their loan contract.
Save interest.
Borrowers can make extra repayments at any time penalty-free. Paying off a loan early can save people money over the life of the loan because they accrue less in interest and fees.
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.
- Unreputable 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. While lenders might not consider credit history, applying for lots of loans within a short period can have a negative impact on your credit score in the future.
Fees and charges
The fees and charges associated with these loans depend on how much someone borrows and what their repayment terms are. When an applicant receives their loan contract, their repayments will be set out for them. This document has to be agreed to and signed off on before the loan funds can be transferred. If someone is unhappy with the terms of their contract, they are under no obligation to continue with the loan.
While fees and charges will vary depending on the loan amount and the terms of the loan, it's good to be aware of how much these types of loans generally cost. ASIC enforce fee caps on short term lenders. These vary depending on the level of funding. Please see details of the caps below.
Up to $2,000
- Establishment fee of 20% of the loan amount
- Monthly account-keeping fee of 4% of the loan amount
- Default fees and enforcement expenses if you don't repay the loan
$2,001 - $5,000
- One-off establishment fee of $400
- Maximum annual interest rate of 48%, which includes all other fees and charges
$5,001 - $10,000
- Maximum annual interest rate of 48%, which includes all fees and charges
Fast Loan eligibility
In order to be eligible, applicants need to:
- Own an asset. This can be a motor vehicle or a property, either of which can be financed.
- Earn at least $500 per Week. Their income can come from wages, business income or Centrelink payments. Applicants who receive Centrelink will not be approved if they receive Newstart, Youth Allowance or Austudy. The income requirement does not apply if the loan is for business purposes.
How to apply for a Fast Loan from MyCashFinance
The first step to applying is filling out the pre-approval form. People who are pre-approved can continue onto the full application where they will need to submit further documents by fax or email.
Customers will be kept updated on the progress of their application. If they're approved, they'll be sent a contract. Once they sign the contract, the loan funds will be transferred into their nominated bank account.
Please note that it is always a good idea to compare loan options prior to submitting an application. This helps people to ensure that they are well informed and can apply for the best loan available to their circumstances.
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