Everything moves at a dizzying pace in the modern world, and sometimes that fast pace can lead to you finding yourself in a financial bind before you even realise things are reaching a critical tipping point.
Often it might be a case of something unplanned and unexpected cropping up at the least convenient time, such as a medical emergency or your car breaks down on the way to the office.
If you have no spare cash put aside for a rainy day, then your only options are to either try and borrow some money off someone you know or approach a finance company in a bid to get a loan to tide you over and get you out of trouble.
A Fast Cash Loan Could Be the Answer
In Australia, there are many lenders who offer fast cash loans. Sunshine Loans are one company offering fast loans.
Generally, fast loans and instant cash loans are small loans designed to tide people over until their current financial situation improves and to help get people out of trouble when something unexpected crops up.
Depending on the lender’s loan criteria for this style of finance, you may be able to borrow up to $5k, but more commonly the ceiling is around the $2k mark.
You might find you only need a couple of hundred extra bucks to sort out your situation. You could never borrow such a small amount from one of the big banks, yet a fast loan can provide you with amounts as small as $150 or so.
These loans are meant to help you out without digging you into a deeper financial pit. That’s why the loan amounts are considerably smaller than what you can get with personal loans. If you just need some extra cash to get you by, you won’t want to be committing to a huge loan amount anyway.
Application Is Easy Too
You can do it all online from the comfort of your own home, usually at any time, 24 hours a day, 7 days a week.
Fast loans are both affordable and accessible.
The application process is simple as there are not a lot of questions to answer. As an example, you’ll need to provide:
- Details of your regular income
- Proof of identity
- Details of your bank account and financial situation
Along with this will be your personal details (name, address and so on) and the amount you wish to borrow.
That’s about all there is to apply for a fast loan from a specialised lender.
Approval Times Are Sped Up To
It couldn’t really be called a “fast loan” if approval takes weeks.
The whole idea of these small, short term loans is to gain access to the needed funds as fast as possible, so often approval will be same day, so long as everything ticks off on your application form, and that you’re submitting the form during standard business hours and not a weekend or public holiday.
Make Sure There Are No Hidden Charges
There’s nothing more off-putting than committing to a loan contract, only to discover there are a bunch of fees that you hadn’t anticipated and were not informed about. This article offers good advice on what to look out for – https://www.citizensadvice.org.uk/debt-and-money/borrowing-money/top-tips-for-borrowing/.
Only go with a lender that’s transparent about all fees and charges (including interest payable). That way you’ll know exactly how much you are truly responsible for when you agree to the loan.
Likely your situation is already stressful. You don’t want to be adding to the stress by discovering your lender hid fees and extra charges from you.
You also want to know that there are no penalties if you pay the loan out early.
Is Poor Credit a Fast Loan Killer?
Fast loans are small amounts of money with very short repayment schedules. Therefore, not having a perfect credit score is not nearly as vital as when you apply for a much bigger loan from a bank.
Your credit history will likely be looked into, but your chances of loan approval are still quite high even if your past history doesn’t offer a glowing report. So long as you can prove that you have the means to repay the loan amount in the allotted time, generally you’ll get approved for a fast loan.
For more advice on responsible borrowing, see this article.