Australia is one of the world’s most thriving economies in the world and due to this fact, many people infer that earning a living down under is easy. Although there is a small chunk of hyper-successful and wealthy people, many Australians still need to borrow money for personal or business expenses. For example, imagine your salary is due in a week, and you need cash urgently for a medical emergency or car repairs. What do you do?
Well, one of the most trending solutions in recent times of need is a fast cash loan. This personal loan type has revolutionized the industry by using technology to minimize unnecessary overheads and paperwork, bringing down the loan application process to hours. With just a few clicks, you can borrow the amount you need and choose your repayment terms.
In this post, we’ll share what a fast cash loan is, how it works, and the different ways you can benefit from it.
What is a Fast Cash Loan?
A fast cash loan or cash loan is a short-term personal loan a borrower can use to cover an emergency or unexpected business or personal expense. Compared to conventional loans, they have smaller tenure periods, anywhere from a few months to a couple of years, depending on the lender and your requirements. You will receive the loan amount in one lump sum and then pay it back according to the pre-determined length with a fixed interest rate.
Cash loans typically range from as little as $500 to $5,000. However, some lenders, such as Jacaranda Finance, offer loans up to $15,000. These instant loans can be used to cover any expense, such as medical bills, debt consolidation, the down payment on a car, home restorations, or a wedding, etc. Thanks to the internet and evolving consumer behaviour, many financial institutions have transformed their online presence and now offer online loan applications with minimal paperwork and quicker approval/rejection decisions. In many cases, you can receive the approved loan amount through wire transfer or check within the same day.
5 Benefits of Cash Loans You Should Know About
Easy Application Process
Perhaps, the most important benefit of a fast cash loan is availability. Since the application process is online, you can apply for a loan anywhere, anytime, as long as you have an internet connection. All you have to provide is your personal information (ID, contact, email), proof of income, credit report, and 90-day bank statement. The lender will get back to you following the assessment, which can take anywhere between a few minutes to a few hours.
Lump-Sum Payment Within 24 Hours
Another benefit of a fast cash loan is that lenders offer flexible loan amounts with fewer restrictions, so you can fill out the application within a few minutes and have the lump sum amount transferred to you within 24 hours following approval. It’s that easy.
Great Option for People with Bad Credit
While having a good credit score and history will improve your approval chances, a bad credit report won’t necessarily write you off. Depending on the amount you intend to borrow, you can still apply for quick cash as long as you have a regular income since this often trumps your credit score. However, a poor credit history usually translates into higher interest rates, so you make sure you only apply for a loan when you’re in an urgent punch.
One of the most notable benefits these loans offer is flexible repayments which typically fall between a few months to a few years. However, you should note that a quicker repayment tenure could reduce your overall cost and even reduce your interest rate. For example, you don’t need to pay off a thousand dollars in six months when you can make the payment in half the time or less.
Higher Loan Limits Over Time
While this might not be the case for every lender offering their services in Australia, some lenders offer higher limits to customers with a good track record. Suppose if your lender offers you a maximum loan of $3,000 the first time. If you pay this back within the pre-determined period or earlier, they can increase your limit to $5,000 or more depending on your need. This way, you’ll have more cash at your disposal, especially for more expensive purchases.
As you may have learned, fast cash loans offer some great benefits. You might have never taken this type of loan before or feel you lack sufficient knowledge to go for it. In this case, you should spend some time carefully researching different lenders in the market so you can compare their value offerings. Don’t forget to check out their reviews on social media to learn about their processing speed and customer satisfaction rate. This way, you can ensure that your loan will be fast, convenient, and secure.