Enjoy the speed of a fast and easy application with a short term loan from Rapid Loans.
Rapid Loans has provided fast, secured personal loans online since 2003. In that time, it's serviced over 25,000 borrowers to help them meet their personal finance needs. This business is completely online, which means that you are able to get your funds quicker and faster than traditional loan providers.
Rapid Loans offers short term loans, fast-cash loans and online car loans. All of these loans can be tailored to suit your lifestyle and your budget.
Types of loans from Rapid Loans
- Online car loan. This loan allows you to borrow from $2,000 up to $25,000 to ensure you get the car you want. You can also get pre-approval for this loan so when you find the right car, you can get it on the spot. The minimum loan term is 18 months and the maximum is 40 months. The interest rate for this loan is 18.75% and the comparison rate is 48%.
- Short term fast cash personal loans. That title might seem a bit long but this is the second type of loan that Rapid Loans offers. You can borrow $2,000 to $10,000 over a 6- to 24-month period. The interest rate for this loan is 9.75% and the comparison rate is 48%.
Why should you consider taking out a Rapid Loans short term loan?
Some of the features of a short term loan from Rapid Loans include:
- Personalised plans. Rapid Loans can take a look at your situation and work out whether or not their loans are for you. It can tailor loans to meet your budget and needs.
- Flexible repayments. Rapid Loans allow your repayments to be scheduled weekly, fortnightly or monthly depending on your pay cycle.
- Completely online. Rapid Loans is an online company which takes the hassle out of going into a lender and waiting for approval. You can apply for their loans in the comfort of your own home.
- Quick turnover. Once you’ve been approved for a loan, you will receive the money in your nominated bank account within two business days.
- Fast and easy online application process. Applying directly on the website only takes 10 minutes to complete.
- Low minimum amount. With a personal loan from Rapid Loans, you can apply for a minimum of $2,000 and a maximum of $10,000.
- Flexible loan terms. The loan terms for a personal loan vary from six months to 40 months.
- Bad credit history. If you’ve got bad credit history or receive Centrelink benefits, you can still apply for a loan as Rapid Loans will consider your most recent payment history over the distant past.
How much will it cost you to borrow from Rapid Loans?
Rapid Loans has an interesting fee structure. Depending on the amount you apply for and the repayment term, this will determine your fees. For example, a loan of $2500 with a 24-month term has a total cost of $1394.38. This works out to be 55% of what you want to borrow.
It is important to read your contract before signing as all of the fees are outlined within it, such as late payment fees and whether or not you will be charged dishonour fees.
Is Rapid Loans loans safe?
Rapid Loans is safe. It has an Australian Credit Licence number provided clearly on its site, is transparent with its fee structure once you have been approved for a loan and has contact information listed on every page of the website.
How to apply for a short term loan from Rapid Loans
Rapid Loans is a secured loan service which means that you require an asset to put against the loan, such as a car or a home. Here’s how to start the application process:
- Click on ‘Go to Site’
- Fill out your contact details, the amount you want to borrow and the terms for repayment
Once you have done that, someone will contact you in regards to your application and you will need to provide the following documents:
- Valid photo ID (such as a driver’s licence)
- Three references. Include their name, contact and your relationship to them
- A current vehicle registration certificate/rates notice, including the VIN number of the vehicle
- Proof of residence in Victoria or Queensland. Your license plate number will suffice
- You will have to sign up for Credit Sense, provide a 90-day bank statement and your Centrelink statement
- Your rent/board cost per week or fortnight
Once you’ve provided all of this information, you are ready to go!
Frequently asked questions
What’s the standard interest rate on a personal loan?
The standard interest rate on a personal loan is 9.75% with a comparison rate of 48%.
How do I apply for a personal loan?
You can apply online, or enter your contact details through the website and one of Rapid Loans’ customer service team will contact you.
Can I apply if I’m on Centrelink?
Rapid Loans allows you to apply for their loans if you’re on Centrelink. However, you must be able to make payments.
How quick is the approval process?
The approval process is fast and you will know whether or not you have been approved in one to two business days.
Can pensioners apply for this loan?
Yes they can, they just have to make sure they apply for an amount they can afford to pay off over the loan term.