Cash in Hand Loans: Quick and Easy Personal Loans

Money woes have a way of popping up out of nowhere when we least expect them, don’t they? No matter how much money you’ve been saving, a single financial emergency can force you to blow away all of that money.

Fortunately, there are numerous reputable lenders across Australia that provide a urgent cash loan today for those who are facing a financial emergency. Continue reading to learn more. 

What Types of Personal Cash in Hand Loans Are Available?

cash in hand loan

Most personal loan providers offer small and medium personal loans. Small personal loans are anywhere from $300 to $2,000, whereas medium personal loans are from $2,001 to $5,000. 

Each of these two types of loans is associated with costs that you must take into consideration before applying for a 20000 loan, from upfront fees to annual interest rates (APR). 

Small Personal Loans

cash in hand loans australia

Small personal loans can offer applicants up to $2,000. The duration of the loan is between 91 days and 12 months. 

Loan providers can charge up to 20% on small personal loans as an upfront establishment fee. You’ll also be required to pay around 4% as a monthly fee. 

Currently, the vast majority of loan providers don’t charge an annual interest on small personal loans. But just so you know, the maximum annual interest rate on small account credit contract (SACC) loans, which range from $300 to $2,000, is 199.43%.

Example

Let’s assume you’re applying for a small personal loan of $1,000 over a duration of six months with weekly repayment. This means you’ll need to make about 25 weekly repayments.

The total amount to be repaid is $1,000 (principal) + $200 (establishment fee) + $240 (monthly fee over 25 weeks). This equates to $1,440. 

By dividing the total amount to be repaid ($1,440) over 25 weeks, you get $57.60, which is the weekly instalment you’ll need to make to repay your Aussie fast finance loans

Medium Personal Loans

cash in hand loan australia

A medium personal fast loan today typically range from $2,001 to $5,000, and their term duration can be anywhere between 12 to 24 months. 

Medium personal 4000 dollar loan repayments require an upfront establishment fee of $400, no matter the amount you’re applying for. Security is mandatory for these loans to be processed.

The maximum annual interest rate applied to medium account credit contract (MAAC) 2000 dollar loan repayments is 65% if we’re speaking in APR terms. 

Example

Assuming you’re applying for a $2,500 cash in 1 hour no credit checks over a term duration of 18 months with weekly repayments. This means you’ll have to make 73 weekly repayments. 

The whole amount that you need to repay is $2,500 (principal) + $400 (establishment fee) + around $45 (weekly repayment at an APR of 65%). This equates to $2,945, approximately. 

Depending on the exact weekly repayment, you simply divide the total amount over 73 weeks to find out the weekly instalment you’ll need to pay. 

Please bear in mind that a medium 200 dollar loan is secured, meaning the lender may ask for some type of collateral in order to approve the 1000 dollar loan Australia.

What Are the Requirements for Cash in Hand Loans?

cash in hand personal loans

Applying for a cash in hand loan is as easy as it can be, but that doesn’t mean that all applications are approved, as there are certain requirements that must be met for approval of fast cash loans bad credit Australia.

Firstly, you need to be over the age of 18. Secondly, you must be an Australian citizen or a permanent resident of Australia. 

Thirdly, you need to have an active email address and mobile number. And lastly, you should be receiving a regular income for at least the last three months, be it through full-time, part-time, or casual employment.

It’s crucial to keep in mind that suitability requirements may vary from one financial institution to another, so be sure to check the requirements of the institution of your choice before applying for a loan so that you don’t run the risk of your application getting disapproved.

Parameters to Consider Before Applying for a Loan

Before applying for a cash in hand loan, be it secured (medium) or unsecured (small), there are a few parameters that you ought to consider, including:

  • The interest rate on the 100 dollar loan
  • Whether the rate is fixed or variable
  • Fees for the loan application
  • Lender’s suitability requirements
  • Possibility of extra repayments
  • Penalty for missed repayments

Do Cash in Hand Loans Require Credit Checks?

personal loans in hand

If you’re hesitant about applying for a 100000 dollar loan repayments due to poor credit, don’t be. Yes, there are lenders that require credit checks, but your score isn’t necessarily a deciding factor. 

Lenders assess applications based on the bank statements you provide, as they enable them to get an understanding of your spending habits as well as your general relationship with money. 

Can Centrelink Users Apply for Cash in Hand Loans?

apply for cash in hand personal loans

Accessing options for financial assessment can be challenging when you’re receiving benefits from Centrelink, but that doesn’t mean it’s impossible to apply for cash in hand loans. 

Unlike banks and credit unions who decline cash til payday loan Australia upon seeing Centrelink benefits in an application, there are lenders who specialise in processing cash loans for Centrelink users.

It’s critical to understand that it may take some time for your application to be processed if you’re receiving Centrelink benefits, but rest assured that the fact that you’re receiving benefits isn’t going to affect your eligibility whatsoever. 

How to Apply for a Cash in Hand Loan?

apply for cash in hand loan

Best cash loan Australia applications are online-based and are pretty easy to fill out. The first step is to pinpoint the financial institution that you’re looking to apply for. 

The next step is to use a loan calculator to select the amount you’re looking to borrow and the repayment period that best suits you. 

You’ll then need to fill out an online application form, which shouldn’t take you more than five minutes. You’ll need to input personal info, bank account details, and MyGov info. 

When filling out your application form, be sure to be as detailed as possible. Additionally, the information you provide must be 100% accurate to ensure eligibility. 

Once you submit your application, the financial institute you’re dealing with will begin to search for potential lenders that are suitable for your specific financial situation. 

Once the company pinpoints an ideal lender, they’ll send you all of the details you need to know to continue with the process. Thereafter, the lender will get in contact with you. 

The lender will assess your application and then send you an 2500 dollar loan repayments contract to review and sign. It’s strongly recommended that you read all of the terms in the contract before signing. 

Once you’re reviewed and signed the contract, the lender will send the money shortly after. This can happen on the same application day or the day after, depending on when you applied.

Final Thoughts

Debts and financial emergencies are very stressful, but knowing that you can receive a lump sum of cash with 4000 dollar loan repayments whenever your circumstance calls for it should alleviate some of that stress and help you overcome financial difficulties, should they occur.

About the Author

Lucy has over a decade of experience in finance. She is currently the content curator here at Perfect Payday.

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