Posted on: 13 February 2015
If you're currently unemployed or need access to quick cash in between paychecks, cash loans may be just the solution you're looking for—you simply need to be over 18 and a resident of Australia to apply. Cash loans are financial products that provide instant money to people who are unemployed or are facing some type of financial difficulty, so that they can take care of their urgent financial situation. When applying for cash loans, make sure you keep the following factors in mind.
Cash Lenders Need to Verify Income
Cash loan lenders usually are more lenient than banks when it comes to credit ratings, so you're more likely to get advance cash loans, but the loan company will check your financial situation before finally approving your application. Cash loans are usually approved and processed on the same day with the funds deposited in your bank account. Usually companies will ask for the following documents.
- Your current bank account transaction history
- A utility bill with your address and name
- A photo ID
- Your insurance card
- Most recent pay slips
- A current income statement if you receive Centrelink payments (Centrelink is part of the Australian Department of Human Services and offers payments to eligible individuals who are going through major changes)
Understand the Terms and Conditions of Cash Loans
Keep in mind that cash loans are different from taking regular loans. Read through the terms and conditions outlined by the lender, so you understand them clearly before making the decision to take the loan. This allows you to avoid unnecessary expenses that you may not have realised existed. Because cash loans are smaller sums, lenders usually charge a higher rate of interest and allow a shorter period for loan repayment. The interest rate and payback time may vary with different cash loan lenders.
Borrowing Amount Differs
Cash loans are usually short-term loans taken for smaller sums of money to meet urgent financial requirements. The amount you are eligible to borrow will depend on your lender, your monthly income and your credit history. Some lenders will limit the amount you can borrow on your first loan and may offer you higher sums after a certain period of borrowing—you must always check the criteria requirements of each lender before you decide on one.
Some cash loan lenders may carry out credit checks, while others may ask for references. It's important to check with different lenders such as Mobile Money Australia if you're taking cash loans to get the best possible deal you can find.Share