Cash Loans in AustraliaUpdated April 2019

Cash loans can be difficult to choose, luckily here at Mammoth Investor we’ve compiled all the information you need on one page.

Website Loan Amount Loan Duration Interest Cash Deposited In Visit Site

www.credit24.com.au
$500 - $2000 6 - 12 months 20% of loan amount + 4% of loan amount each month Same day – conditions apply Visit SiteView Larger Loans

www.nimble.com.au
$300 - $2000 62 days - 2 years 20% of loan amount + 4% of loan amount each month 1 hour - conditions apply Visit Site
View Larger Loans

www.ferratum.com.au
$500 - $1900 3 - 6 months 20% of loan amount + 4% of loan amount each month Same day - conditions apply Visit Site

www.walletwizard.com.au
$500 - $2000 Up to 2 years 47.8% Annually 3 hours - conditions apply Visit SiteView Larger Loans

sunshineloans.com.au
Up to $2000 9 - 15 weeks 20% of loan amount + 4% of loan amount each month 30 minutes - conditions apply Visit Site

www.fairgofinance.com.au
$500 - $2000 3 - 12 months 10% of loan amount + 2% of loan amount each month 1 Business day Visit SiteView Larger Loans

www.capfindirect.com.au
$500 - $2000 6 - 12 months 20% of loan amount + 4% of loan amount each month Overnight Visit SiteView Larger Loans

www.360cashloans.com.au
$150 - $5000 2 months - 2 years 47.83% Annual Repayment Rate (varies - check your specific loan amount) Same day upon approval Visit SiteView Larger Loans

We hope this detailed list of Cash Loans providers in Australia helped you, find out more about each provider on their website. We’d recommend doing as much research as you can before making a decision. Seeking help from a financial advisor might be the best course of action as loans can often get you in a more complex situation.


Melissa

Mammoth Investor
Founder

Choose Wisely

Make sure to research each provider and what they are offering. If you can't find any solid information and they aren't upfront about their charges and interest structure then they are likely much higher than competitors.

It's important to get a lay of the land and make sure you are choosing a loan amount that is reasonable and realistic to pay back on time. In our table, we've displayed the basic information about each provider but we urge you to do more research on their website, contact their support team and come to a final decision.

About Cash Loans

Ever found yourself in a sticky situation financially? Something that a bit of quick cash would sort out? Consider applying for a cash loan – a quick solution delivered directly to your account today!

Life is unpredictable. Who knows when unforeseen expenses may arise? If you find yourself in a situation without the support of any traditional lenders, it can be comforting to know there are other options available.

Within hours, a cash loan could be entering your account. These are an immediate solution to your financial burdens, each with a clear repayment schedule adapted to you as an individual.

What Are Cash Loans?

Cash loans are aimed at individuals wishing to fulfil small financial burdens. Similar to payday loans or cash advances, these must be applied for.

The application process involves selecting the amount you require, followed by submission of the documentation required by the cash loan company. This documentation may include supporting evidence, such as three months recent bank statements.

Once your application has been reviewed a decision will be made, usually within a very short space of time.

Worried about your credit score? There are in fact lenders that specialise in bad credit cash loans, and still give out money to those who need it the most. Although these may come with a stricter repayment plan, they can really help someone out of a tight spot.

What Are The Benefits Of A Cash Loan?

Cash for different situations

Whatever your career, background or financial circumstances, cash loans offer incredible lender diversity. They are open to all income levels and credit types.

There is a rapid turnaround

From the moment of initial application to the time it is paid into your account, the process is considerably quicker than conventional loans. This is because cash loans typically require less documentation, therefore, they can offer a shorter processing time.

The government has put a cap on fees

This protects borrowers from hidden costs and scams that would leave them worse off than beforehand. These strong government regulations place a cap on certain fees and charges. Furthermore, they establish a solid repayment schedule for each individual to follow when paying back the cash loan.

How Do Cash Loans Work?

Thinking of applying? Here are three easy steps to take and bear in mind when choosing the right lender for you.

  1. Always compare
    • There are many online cash loan companies each with their own fees, charges, and fine print. Be sure to look at the loan term length, the interest rate, repayment schedule and turnaround time. Finally, it might be worth keeping an eye out for late fees you may incur if you don’t stick to the repayment schedule. If you meet the minimum requirements, read on.
  2. Collect your relevant supporting documentation
    • Most cash loan providers will ask you to provide proof of identity, income, home address, as well as assets and other things. Make sure you have these on hand when submitting your application online.
  3. Send off the application
    • Now that you have compared and gathered your documentation, your application should be ready to send off. Lastly, the golden rule to bear in mind is to be completely truthful. This is essentially a legally binding contract that has been formed over the credit, regardless of how small the cash loan may be.

Am I Eligible?

Lenders for cash loans cater to a range of clients. For instance, some may lend to individuals who have claimed bankruptcy, whilst others may draw the line at just a bad credit score.

Those who lend to people with poor credit vary equally within themselves, some are hugely flexible whilst others are much stricter on lending guidelines.

It is key to consider the criteria and whether you fulfil it before putting in your application. This is because each appeal for credit is listed down under your name. Too many applications in just a small space of time could be incredibly detrimental on your ability to secure loans that you may need in the future.

What Is The Turnaround Time?

Technological growth has seen the application process for cash loans move online. This cuts out the middleman and the bank, and as a result, saves a great deal of time.

You no longer need to be physically present in order to provide the relevant documentation since these can be scanned and uploaded online. In merely hours, your loan could be available in your bank account. This is one of the quickest forms of money borrowing.

What Would I Spend My Cash Loan On?

Essentially whatever you wish. However, it is crucial to keep in mind that these loans are typically smaller amounts used in case of emergencies or unforeseen expenses.

For example, in the case of a cash flow issue, you may have a car awaiting repairs or long overdue bills that you need to settle. If a payment plan with your utility provider cannot first be established then you might need to look for a cash loan.

Alternatively, you may have a birthday, date night, or trip away before payday comes around. A cash loan makes your budget stretch that little further so you can treat yourself, and ensures you can pay it all back when your wage comes through.

Online cash loans can be expensive so be sure to fully evaluate your options before choosing this one.

For example, there are certain things you probably won’t be able to use a cash loan for. This includes luxury items such as a new car. Cash loans are typically borrowed for quantities of two thousand dollars and under – so you woud be looking at a second-hand one instead. Anything running into five figures is a definite no go.

What If I Cannot Repay My Cash Loan?

Sometimes, despite precautions, people can find themselves in the unfortunate position where they cannot meet their repayments. Repayments are normally made on specific dates so it is advisable for you to contact your lender as soon as you realise you may not meet the payment due date.

From here, they will work with you to sort the issue and likely plan a new schedule of repayment. This may incur further interest fees, hence the importance of comparing other financial options before applying for a cash loan online.

What Fees Are Associated With Cash Loans?

As mentioned, most governments have placed some sort of overall cap on the fees and charges associated with cash loans.

A typical example would be, those borrowing less than $2000 at a time cannot be charged more than 24% interest during repayment. This is a combined figure based on an establishment fee (20%) and a monthly fee (4%). Any more than $2000 and the lender is free to charge up to 48%.

This emphasises the need to only borrow in emergencies, or at least in moderation. Cash loans remain slightly more expensive than other traditional lending options but have the added benefits of being quick and easy to obtain.

Because of their short-term repayment nature, the allowable fees are subsequently higher than traditional loans.

What Should I Avoid?

Borrowing unnecessarily

It is crucial to remember that this is not “free money”, as much as fast processing and lower scrutinization may give that impression. Although the loan can be spent on whatever you wish, it would not be wise to spend it on superfluous items. Are gadgets and holidays worth the inevitable repayments?

Borrowing more than you need

Remember that all extra charges are a percentage of the total borrowed rather than a set sum, and will increase the more you borrow. This could potentially be more difficult to manage if your higher loan amount creates a higher ongoing repayment. Be sure to fully evaluate the amount you are looking to borrow, and how you are going to spend it.

Failing to communicate with the lender

Failing to communicate with the lender should your method of repayment fall through is one of the biggest mistakes to avoid.

If you are struggling to meet the repayment deadlines, it is vital that you inform the lender of your inability to direct debit before the payment is due. Otherwise, there is the threat of multiple additional fees. For example, late payment fees, direct debit dishonour fees, and default fees.

Are Cash Loans Safe?

In recent years each nation’s governing body has been monitoring cash loans and other forms of lending very closely.

Lenders must follow an outlined set of rules and regulations in order to protect you as the borrower. However, it is always worth checking out the legitimacy of your lender. Look at reviews, or certificates of authenticity to ensure your safety when looking for a cash loan.

Cash Loans are a useful tool that can aid you in a financial emergency, but they must be borrowed with an air of caution. Be sure to explore your options fully before applying, so that you can use them both wisely and effectively.