Online Loans in AustraliaUpdated December 2019

Online 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 spent quite some time rounding up the most popular online loans information, it’s best to check out each provider before making a final 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 Online Loans

In need of some fast cash? Perhaps you’re in a bind and could do with a little extra bulk in your wallet this month – taking out an online loan could be your answer.

We’re talking smaller amounts of cash on a short-term basis that is as easy as filling in an online form and uploading your information.

Of course, there are a lot of lenders out there, and there are pros and cons to what’s being offered, so it’s best to have a good understanding before you begin applying. Here’s a breakdown on the fundamentals of online loans to help you decide whether this is the best option for you.

What Is An Online Loan?

Online banking has taken preference over traditional banking in the last few years and as expected, has gained popularity and credibility. So what exactly is an online loan? Well, traditionally when you needed to borrow money you would visit your bank to check if you were eligible. Your bank would tell you whether they could lend you money and if so, exactly how much you were qualified to borrow.

With that came all the fine print, if you had a bad credit score this was bound to affect your chances of the bank approving your application. The interest rate was also something you had to look out for and of course, the loan duration – how many months you were given to pay it back.

Nowadays you have the option of streamlining this process and applying for a personal loan on the internet. A lot of the hassle is avoided and you have the advantage of comparing options from different lenders online.

The funds are applied for directly and entirely online, it is approved usually within minutes and the money is deposited into your bank account.

Why Do You Need An Online Loan?

You may be thinking to yourself, “But do I actually need a loan?” Well, that’s the perfect question to ask. People apply for Online Loans for a variety of different reasons. Bear in mind that the lending amounts are usually smaller than most – most online lenders have a limit of about $2000. Some lenders extend up to $5000 or even $10000.

In the case of an emergency when you need easily accessible and readily available cash, an online loan could be your answer. You might prefer to consult a third party rather than contacting a friend or family member for financial help.

Perhaps you’ve got a poor credit score that disallows you from qualifying to borrow directly from the bank. Your credit score reflects information to the bank such as, “Will you pay them back on time?”, and “How often is your credit card maxed out?” It’s calculated using the information linked to your bank account such as payment history, account information and public records.

In many cases, a poor credit score can keep you from applying to borrow funds directly from your bank and hence is the reason online loans have gained popularity.

There are many online lenders that authorise money lending despite a poor credit score, thus making online loans a preferred method of attaining extra credit. Some lenders even use other information to determine your “suitability” for a loan thus making it easier to attain one should you still be in the process of building up your credit score.

Whether it’s a bill that needs urgent settling or an unexpected hospital fee – whatever life throws at you, prepare for it by knowing what your options are. Borrowing money online is quick and hassle-free.

How Do You Get An Online Loan?

  1. Find a suitable lender – There are a number of online lenders available but not all of them will have rates and terms that are suitable for you. The best way to go about this is to compare the terms of reputable lenders.
    • How quickly will you receive the money?
    • Is the website secure? Look for a website starting with “https”, not “http”. Most reputable lenders will have a lock icon next to the web address (or a badge/icon).
    • What is the cost of applying for the credit? The Annual Percentage Rate – The higher it is, the more it will cost you. The APR usually depends on your credit rating.
    • Does the lender check your credit? A reputable (and safe) lender will check your credit (and sometimes additionally check your education, personal history, occupation etc.).
    • What is the loan amount? Is it in line with what you require?
  2. Apply for the funds – The application is done on the lender’s website instead of visiting a bank and standing in a queue. Provide your personal information as well as information pertaining to your job.
  3. Receive your approval, within minutes – Most online loans are attractive to the borrower as they have a fast approval decision policy. It usually takes about 10-15 minutes depending on the lender to have your online application approved.
  4. Receive the funds – The lender will deposit the money directly into your bank account for your use.

What are the advantages of an online loan?

  • Convenience – The convenience of applying for and attaining extra credit online is undoubtedly the most redeeming factor. The entire application is done online thus allowing you to avoid queues at the bank and the extensive documentation usually required. The application is quick, often taking between 10-15 minutes and a decision is made timeously as to whether your application has been approved or disapproved.
  • Fast Cash – Once your online application has been approved, the funds are deposited directly into your bank account. This is usually done on the next working day.
  • Repeat Borrowing – If you’ve borrowed from the same lender previously you’re likely to be able to get another. Most lenders have a membership option that allows you to apply repeatedly.
  • Comparing Lenders – Applying online gives you the ability to compare lenders and their relevant terms and fees easily. This helps you choose the best lender to suit your needs and prevents you from paying too much or waiting too long to receive the funds.
  • Transparency – Lenders who offer online loans are required to be completely transparent regarding their fees, terms and APR%. All relevant information is published on the lender’s website allowing you to make an informed decision when it comes to what you borrow.
  • Unsecured Loans – Most online loans are unsecured, therefore in order to qualify you won’t need to attach any of your assets as collateral. This is safer as it allows you to protect your assets whilst still applying for extra money. If at all you are unable to repay your unsecured loan the result will be a drop in credit score rather than the loss of an asset.

What are the disadvantages of an online loan?

Bear in mind that as an informed borrower you should be able to avoid being hoodwinked by the points below.

  • Disreputable Lenders – Alongside the many reputable lenders are an equal amount of dishonest lenders. Stick to secure websites such as those belonging to “https”, not “http” as well those with a lock symbol next to the web address. Reputable lenders will ask to check your credit score. If the lender advertises to lend money despite bad credit scores it may mean that the lender makes up for the cost with a higher APR%.
  • Higher Fees – securing credit online often comes with higher fees. It’s important to compare lenders before applying to borrow money online to differentiate between those offering loans with higher fees and those with affordable fees. Determine whether you have the ability to pay the funds back in a short space of time as online loans are essentially short-term orientated.
  • Vicious Borrowing Cycle – Obtaining an online loan can be such a simple and efficient process that it can become an easy option for you. Using funds received from this credit extension to service unwarranted wants and needs can lead to a vicious cycle of borrowing. Be honest with yourself before applying for these types of money advances and be sure that you can pay it back on time to avoid getting caught in a debt-trap.

In order to secure a safe and suitable loan online, you need to do your research. Spend some time browsing through your options, review the rates being offered and pay attention to offers that look too good to be true.

Online loans are the perfect option for the individual who needs cash fast and is able to pay it back sooner rather than later. Use a reputable lender and you’ll be on your way to securing the extra money you need in no time.


Mammoth Investor
Sydney,
New South Wales 2000