If you’ve ever been in an urgent financial problem with little to no cash on hand, then you know how stressful this experience can be. Having easy access to fast cash can lift the weight off your shoulders in such trying situations. Good thing there are instant loans readily available for your short-term financial needs.
What Are Instant Loans?
Cash loans that are instant can be a real lifesaver when you feel the pinch and payday is still a few days away. These loans are a kind of small personal loan that you can readily apply for online, with loan amounts ranging from $300 to as much as $5,000. Payment terms are also very flexible, from 3 to 6 months for smaller amounts to 12 to 24 months for bigger loans.
The online application is fast and easy, and once your application is approved, the money will be credited to your account without delay.
How Instant Are They?
While funds from instant loans are made available right away once your application is approved, approval is not instant. However, you’ll know right away if you have a good chance of being granted the loan since the loan company will immediately give you a conditional instant approval after you submit your application—that is, if you meet the initial requirements and if the company can offer what you need.
After the initial approval, the company will still have to check all the information you provided in your application to see if you qualify for the instant loan. There will be a little waiting time involved which usually takes only an hour for the company to complete its assessment of your application, and they can give you a final reply immediately after.
Are Instant Loans Better than Long-Term Loans?
While long-term loans such as those you can take out from the bank are your best option for major financial needs like buying a new home or for home improvements, instant loans are ideal if you need quick cash for short-term financial emergencies.
Taking out a long-term personal loan from your bank can be time-consuming and confusing. Bank loans require a lot of paperwork and a long waiting time. Your options are also quite limited. On the other hand, an instant loan is convenient, and you can get a loan within an hour.
What Are the Requirements?
Applying for an instant loan is quick and hassle-free. All you have to do is fill out an online application form, submit it to the company, and wait for their reply. The requirements are also simple and straightforward.
Among the basic requirements are an existing bank account, bank statements, and Internet banking established with your bank. You can conveniently get your bank statements through your Internet banking. The loan company will ask for these requirements since they are mandated to assess if you have the financial capacity to repay your loan.
You will also be asked to provide an e-mail address and an active contact number where the company can reach you in case they need to do further verification or to provide you an update of your loan application.
Finally, to be eligible for the loan, you need to meet the following requirements:
• The borrower must not be below 18 years old.
• The borrower must be an Australian citizen or a permanent resident.
• The borrower must have a regular source of income for 90 days before the application.
What Happens During the Application Process?
If you think you qualify for an instant loan, you can use the online application form available on the loan company’s website. Provide all the details required and submit the form. You may also be asked to send supporting documents. The most common document is a copy of your bank statements for the past 3 months before your application.
After submitting the required details and documents, the loan company will make an initial assessment of your eligibility and if the company can offer the loan you want. If you pass this initial stage, your application will get conditional approval. Thereafter, the company will make a final assessment of your current situation. This is to make sure you can comfortably repay your loan amount. This also serves to protect you from further financial difficulties. If the company determines that you do not have the resources to fully pay your loan, your application might be disapproved.
If you pass the final assessment, all you have to do is wait for funds to be electronically transferred to the account you provided. Funds can be credited immediately if it’s within banking hours.
How About Centrelink Loans?
If you need a quick loan and are receiving payments from Centrelink, we encourage you to apply for a loan with us. We offer centrelink loans for people who are on Centrelink payments.
Where Can You Get Instant Loans in Australia?
Wherever you are in Australia, you can easily take out an instant loan since the application is done online. You don’t even have to leave your house. Simply go to the loan company’s website and complete the application form. However, while the loan company may give you a conditional approval for your loan, it still has to verify your submitted information and your current financial situation, so there is a possibility your loan application may not be granted.
How Can You Repay Your Loan?
Loan repayment is as easy as your loan application. Everything is done online and is automatic. The loan company will assist you in setting up a direct debit from your account, and every time your payment is due, the amount will automatically be deducted from your account. The company will schedule the date and frequency of the debits, which will depend on your loan payment term. When your loan is fully paid, debits will automatically stop.
The process is easy to follow, but if you are confused about a certain part of the application or if you have questions about your existing loan, loan companies have very reliable customer support staff that you can call during office hours.
While having a high credit score will greatly help in getting a payday loan, some instant loan providers still cater to borrowers with low credit scores, although the loan amount is smaller and the interest rate much higher. Also, aside from your credit score, most creditors consider other aspects of your financial history, like your source of income and spending habits, to have a more accurate idea of how you handle your assets and especially your financial liabilities.
If you’re worried that your bad credit history might affect your loan application, you can contact the loan company and ask if they have loan options that will fit your profile and your needs.
Financial emergencies can be a very stressful experience, especially if you don’t have money to spare. But there are various options where you can safely have access to quick cash for short-term needs, such as instant loans. The important thing is that you’re aware of the responsibilities involved in taking out a loan to avoid turning your current situation into something worse.