Our brokers work hard at understanding our client’s unique circumstances and helping them overcome common home loan challenges. Whether you’re a first home buyer or an experienced investor, we’ll help you find the best home loan for your situation. Whether you’re self-employed and have trouble proving your income or you’re a contractor or casual worker, we offer solutions for all types of clients’ income sources.
Fast cash loans in Melbourne are a great way to get the money you need in a hurry. There are many different companies that offer these types of loans and it is important to shop around and compare rates before you decide on one. If you need a quick cash loan, we can help you compare your options before you apply for fast cash Melbourne finance. Contact us today to find the right lender and loan product for you and begin your application straight away.
What Are Quick Cash Loans?
How It Works
Quick loans are also a form of short term finance that gives you the flexibility to begin repaying your loan repayments faster. Banks and accredited lenders of quick easy loans will often let you work off a fixed repayment schedule of small repayments that last no longer than a year and can be repaid early without penalty. This allows you to prevent accruing excessive interest and get out of debt sooner.
How Much Is Possible To Borrow
The minimum amount for a quick loan is $300. Most of these arrangements are repaid within 16 days to six weeks. However, lenders of small quick cash loan options will allow borrowers a maximum loan period of three months.
Personal borrowers can get up to $2,000 of cash for loan. This amount is usually designed to cover most short term emergencies or support you until the next payday.
In some limited exceptions, cash loans Melbourne lenders may offer higher borrowing amounts. For larger loans, you will have to repay the loan amount within one year.
Requirements For Cash Loan
To evaluate your loan, lenders look at a variety of eligibility requirements. When considering whether to approve your application, affordability of repayments is at the top of their list. Other elements, such as past credit history and existing financial obligations, will play a role in whether or not you get financed. As a responsible lending practice, our focus is to get you only affordable, fair finance you can afford to repay. Generally you need to:
- Be an Australian citizen or resident: Non-residents will not be approved.
- Have a good credit rating: Lenders will assess your credit report. They’ll look for defaults, bankruptcy, court judgments, and other indicators of financial distress on your credit report in order to determine whether you qualify.
- Have an income of over $500 per week: Borrowers should satisfy this minimum income requirement without heavy reliance on cash loans or receiving Centrelink benefit payments as a major source of income.
- Not be a multiple cash loan borrower: Lenders will not approve borrowers who apply for multiple cash loans in a short period of time. This indicates repayments will be unmanageable and you have a tendency to spend a majority of your payday salary and be unable to meet your expenses unless you apply for finance.
- Not be linked to debt or bankruptcy agreements: You should not have a history of bankruptcy. Lenders will always investigate any findings of defaults, bankruptcy, magistrates court judgments, and the number of credit inquiries you have had on debt.
- Payslips: Lenders will calculate your income to verify evidence of consistent earnings of $500 or more per week without relying on other cash loans or major Centrelink benefits.
- Bank statements: Lenders may ask for your previous five years of bank statements to check whether you can afford to meet their loan payments.
- Proof of identity, such as your driver’s licence or passport: They’ll need to confirm your identity and your residency status. You will be able to do this as an Australian passport holder or if you meet other residency eligibility conditions.
Lenders will look at your credit history to determine your financial health. In order to offer short term finance, they need to see borrowers who are skilled in budgeting and managing credit responsibly. They will take bankruptcy and magistrate court judgments seriously and won’t provide credit to people with negative financial records. If you have an error on your credit report or have had or currently have a magistrates court dispute, it’s important to get these sorted or look for other alternatives.
What You Need To Know About This Loan Type
Fees are capped for quick cash loans at 20% of the amount being borrowed. A loan of $600 for example can only charge a maximum of $120 in establishment fees. However, there may be extra fees if you fail to pay back your loan such as failed repayment fees for every dishonoured or rescheduled pay and a collection fee if your loan has to be sent to an external debt collection agency.
Monthly interest charges are also capped at 4% per annum. This means the same loan of $600 paid back over six months can only incur a maximum monthly interest of $24. A six month loan paid back on time will cost the borrower no more than $264.
Fast cash loans offer flexible repayments. Lenders can set your repayment schedule to match your salary dates using a debit system. You are given the option to set the amount you’d like to pay. Furthermore, fixed repayments and fees are capped based off of a percentage of your loan to make budgeting easier.
You can choose weekly, fortnightly or monthly repayment terms to suit your personal cash flow and income cycle. Most short term cash loans need to be repaid over three months with a maximum loan term of one year. The length of the loan term changes according to the size of the loan you’re applying for.
Once your eligibility is appraised, lenders can offer loan amounts ranging from $300 to $2,000 for a maximum loan term of one year.
From flexible repayment options to regulated lending guidelines, you can be sure to find a loan with simple fee structures, a transparent loan process and convenient, fair terms. Specialist credit providers also process loan applications 24/7 so you can get your cash loans quickly. If you’ve got urgent expenses that need to be covered, quick cash loans can be an ideal option to support you until the next payday.
Types Of Quick Cash Loans
Cash For Loan
How To Apply For Quick Loans In Melbourne?
Need A Consultation?
Frequently Asked Questions
What Is A Quick Cash Loan?
They are good short term borrowing options because borrowers are protected by the national consumers protection act. With faster approval and generally easy terms to qualify for, establishment fees and monthly fees are also capped at 20% and 4% respectively. This way, borrowers can get the cash they need quickly without worrying about the typically high costs and interest rates associated with borrowing.
How Can I Get Fast Cash Loans In Melbourne?
- Being an Australian citizen or permanent resident
- Being over 18 years of age
- Having a good credit profile — you must not have any debt or bankruptcy agreements in your credit history or any past or current magistrate disputes.
- Having a regular source of income — specifically, you must earn a consistent income of more than $500 per week.
How Long Do Cash Loans Take To Get Approved?
You can apply for a loan online or at a physical branch by completing an application form. The application process is usually quick and easy, and you will often get a decision on your loan within minutes or within the same day.