Urgent cash loans

cashSometimes life throws a curveball and people don’t have the financial capacity to cope. It could be an illness or injury, expensive car repairs or just a short-term cash flow problem when several unexpected bills drop into your inbox at the same time. Whatever the reason, sometimes an urgent cash loan is necessary to keep things in motion.

How does an urgent cash loan work?

An urgent cash loan is a short-term loan, designed to provide the funds people might need in an emergency. The money can be used for just about any purpose, from urgent car repairs to paying essential bills, and usually must be repaid during a term ranging from 16 days up to one year. Although a good credit history can make it easier to gain loan approval, some lenders are also willing to offer urgent loans to borrowers with bad credit.

There are three types of urgent loans available to Australian borrowers:

• Short term loans. Also known as ‘payday loans' are loans between $100 and $2,000. They are usually paid back in line with when someone receives their regular income. These loans come with fixed fees that are regulated by the ASIC (Australian Securities and Investments Commission) and consist of an establishment fee of no more than 20% of the loan amount and a monthly fee worth 4% of the loan amount.
• Unsecured short-term loans. These types of personal loans do not require loan applicants to offer any asset as collateral for the loan. Usually available with a minimum loan term of one year, unsecured loans with shorter terms require customers to meet strict lending criteria. They also may come with higher interest rates and fees than secured loans.
• Secured short-term loans. Secured personal loans allow customers to borrow up to $10,000 when they offer an asset, for example their car or home equity, as security. Because there is less risk for the lender, secured loan applicants can typically access lower interest rates and fees.

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Sunshine Short Term Loans

This is a short-term loan offer with a fast and easy online application for good or bad credit borrowers. You can apply today to get approved for up to $2,000. Get your loan funded in 30 minutes - conditions apply.

• 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

• Bad credit applicants considered
• Fast approval service
• Borrow up to $2,000

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Loans to compare today

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Name	Product	Maximum loan amount	Term of Loan	Turnaround time	Arrears Fee	Costs	Fortnightly Repayment (for $1500 Loan)
Sunshine Short Term Loans		$2,000	9-14 weeks	30 minutes - conditions apply	$35	20% of loan amount + 4% of loan amount each month	$396	A small loan up to $2,000 that you repay over 9-14 weeks. Loans approved and funded in as little as 30 minutes.	Go to site More Info	Compare	loading Fetching your data...
Nimble Short Term Loan		$2,000	62 days to 9 months	1 hour - conditions apply	$15	20% of loan amount + 4% of loan amount each month	$372	A loan up to $2,000 with terms up to 62 days to 9 months. Centrelink cannot be your primary source of income.	Go to site More Info	Compare	loading Fetching your data...
Fair Go Finance Small Loan		$2,000	3-12 months	24 to 48 hours	$35	0% Establishment Fee + monthly fee 4%	$354	A small loan between $500 and $2,000 that can be funded in 24 hours. Note: Save up to $400 when you apply for a small loan from $500 to $2,000 and are approved for a 0% establishment fee. T&Cs apply.	Go to site More Info	Compare	loading Fetching your data...

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Pros and cons of urgent cash loans

Before deciding whether an urgent loan is the right solution for someone's financial problems, they should consider the benefits and drawbacks of this finance option carefully.

Things to avoid about urgent cash loans

In the case of financial emergencies, urgent loans can be of use to people. However, prospective loan applicants should be aware that some short term loans can in some cases do more financial harm than good. So, for those considering a short-term loan it is always a good idea to compare options and alternatives thoroughly before submitting an application.

Risks attached to urgent loans include:

• Taking on too much debt. If someone is already in debt, borrowing even more money may not be the best solution to their financial problems. Applicants should make sure that they are aware of all the risks associated with taking on additional debt and that they can afford to repay whatever it is that they borrow.
• Applying for too many credit products. Applying for multiple credit products in a short space of time can have an adverse affect on a person's credit file. Keep applications to a minimum and only apply for loans that offer a good chance of approval.
• Short repayment terms. Customers will typically have between 16 days and 1 or 2 years to pay back the money that they borrow. Before applying for a loan, customers need to be certain that they will be able to repay the full loan amount plus any interest and fees within the specified time frame.
• Missed repayment penalties. One final risk that loan applicant's should be aware of with urgent loans is that lenders usually impose strict penalties if someone misses a repayment. Missed repayment fees can be substantial and could lead people further into debt.

How to apply for an urgent cash loan

Many urgent cash loan lenders offer online applications to make it as quick and easy as possible to apply for a loan. Loan applicants will need to check that they meet a number of personal loan eligibility criteria before applying, such as:

• At least 18 years of age
• A permanent Australian resident
• In paid employment or Centrelink payments and earn a minimum income

For people who meet this criteria, they can apply online by supplying:

• Their name, date of birth and contact details
• Proof of ID
• Recent payslips and bank account statements or internet banking details
• Information about their income, employment, assets and liabilities

Loan applications are typically assessed quickly, with some lenders transferring the loan funds into someone's nominated bank account within 24 hours.

Frequently asked questions about urgent cash loans

• Will I need to provide an asset as security to qualify for an urgent loan?

  Not necessarily. There are many short-term lenders in Australia offering unsecured urgent loans, but you can increase your chances of loan approval if you’re willing to offer an asset as security.

• Would I be better off using a cash advance on my credit card instead of a payday loan?

  There are benefits and drawbacks to using a credit card cash advance instead of an urgent loan. Find out what they are in our comprehensive guide.

• How long do I have to pay back an urgent loan?

  Most loans are available for terms ranging from 16 days to 1 year, but some lenders offer terms as long as 2 years.

• Are there short-term loans available for businesses?

  Yes, short-term business loans allow you to borrow between $5,000 and $500,000 for terms ranging from 3 to 12 months. Find out more in our guide to short-term business loans.

There are several viable options to choose from for people who need money in an emergency. However, prospective applicants should make sure that they closely consider each potential urgent loan option to ensure that the loan you choose is a good fit for their financial situation.