Quick Cash Loans

None of us are immune to financial pitfalls. Whether you’re expecting a baby, got hit by a big bill, or need money for a medical emergency, a quick cash loan would be your best bet, and the best thing about these quck cash loans is their hassle-free application process.

In this guide, we shed light on how you can apply for quick cash loans so that you develop a clear idea about what to expect, so stick around.

What Are Quick Cash Loans?

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Our research indicates that, a quick cash loan is a type of unsecured personal loan you apply for to get the money transferred to your bank account on the same day. Usually, you can apply for these loans from online lenders specialising in these quick loan low interest types, saving you the need to visit a bank or other lending entity in person.

Quick Cash Loan Requirements

Here are the basic requirements needed to apply for a quick cash loan in Australia:

  • Being an Australian citizen or a permanent resident of Australia
  • Having regular income in the past 90 days
  • Being at least 18 years old
  • Having a decent credit score
  • Having a working phone number and email address

Based on our observations, however, some lenders may have some special requirements, like providing a bank statement. Also, if you receive Centrelink benefits, at least 50% of your monthly income must come from other sources than Centrelink.

Applying for a Quick Cash Loan

When choosing an online lender to borrow from, take a few moments to consider the below factors before making your decision.


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While, in general, how fast you can get access to funds isn’t the top priority to consider when choosing a loan, it is when you’re looking for a same-day cash loan.

A lot of banks and credit unions can take weeks to process the application and give you approval for your loan, and that’s why private lenders offer much faster access to funds.

Look for lenders who have quick processing and can deposit the cash to your bank account within an hour or two of approval. You might also want to look into lenders that grant faster access to cash when you present high credit scores.

APR (Annual Percentage Rate)

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Our team discovered through using this product that, the annual percentage rate is the interest rate that’ll be applied to the loan. It’s an easy way to compare different quick loans australia as it makes the comparison an apples-to-apples one. So, count on the APRs and choose the one with the lowest APR to minimise the loan’s cost. However, you may not be able to get the best deals if your credit score is lower than average.

Fixed vs. Variable Rate

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If you’re somewhat of a risk-taker, you can opt for variable interest rates, as they leave room for the interest you pay to decrease with the decline in the rate. However, to take that risk, you should make sure that you have enough savings to cover the possible extra expenses.

Alternatively, you can opt for fixed rates, which allow you to create a budget plan for your loan repayments.

Associated Fees

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Lenders will impose some charges on the loan you take, including establishment fees, origination fees, and processing fees. This is to cover the internal loan processes, starting from the application and up to approval.

Some lenders also impose an early fee, which you have to pay if you repay the loan earlier than expected, while all of them impose late fees that must be paid if you miss a deadline when making your repayments.

Loan Term

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The term of the loan refers to how long you extend your repayments. And while longer terms seem appealing as you have more time to gather the money, they accumulate more interest.

It’s highly recommended that you choose the shortest possible loan term for your financial situation.

Quick Cash Loan for Bad Credit

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If you have a bad credit history, applying for a quick cash loan might be a little bit more difficult for you. You might need to submit more documents, like additional proof of income. However, quick cheap loans Australia are usually low in value, meaning that you can get away with a bad credit score.

Just make sure that you make your payments on time and take it as an opportunity to improve your credit score. If you don’t take this loan seriously, you’ll decrease your chances of getting approved for better loan deals in the future.

It’s also worth noting that some lenders promise a 100% approval rate regardless of your credit score. However, you can’t trust these lenders because it’s mandatory for all lenders in Australia to evaluate an individual’s creditworthiness before approving a loan.

Final Thoughts

To recap, a quick, cheap loan is definitely an excellent option for you to get some money as soon as possible without having to pay high interest fees.

PerfectPayDay provides you with several options to choose from so you can pick the loan that perfectly fits your needs without worrying about any hidden fees or conditions. So what are you waiting for? Apply now!

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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