Quick Cheap Loans

A quick loan is relatively hard to find, and to get it at a good deal isn’t exactly a walk in the park. However, some hidden gems work on just that, giving you quick access to funds without costing an arm and a leg in the long run.

In this guide, we’ll provide you with all the information you need to be aware of to get quick cheap loans, so let’s cut to the chase and see how they work.

What Are Quick Cheap Loans?

quick cheap loan

A quick cheap loan is simply an unsecured personal loan that’s approved quickly and has lower-than-average interest and administrative fees. You can apply for such loans through online lenders.

All you have to do is fill a simple application form with your personal information, the loan’s purpose, and provide any required documents. Then, you just wait for an agent to get in touch with you. You should expect a quick response, and if the fast low interest loan is approved, you’ll get the money on the same day.

However, in most cases, cheap on the spot loans are only available for those with a good credit score. You can still get a quick loan with a lower-than-average credit history, but a cheap one? That’s highly unlikely, unfortunately. On this note, beware of loan sharks who grant everyone the easy to get loans they need without assessing their ability to pay them back.

Quick Cheap Loan Requirements

quick cheap loans australia

Here are the essential requirements imposed by the Australian government when it comes to applying for a quick loan:

  • Being an Australian citizen or a permanent resident of Australia
  • Having a regular income in the past 90 days
  • Being 18 years old or older
  • Having a good credit history

There’s a catch, though. Depending on the lender you choose and your credit history, the requirements may be stricter. For example, some lenders require borrowers to submit a bank statement or Centrelink details before proceeding with the application process.

Not to mention, a poor credit score can hinder the process and increase the likelihood of your loan getting rejected. Nevertheless, not all lenders require a high credit score to grant you a loan, especially if it’s less than $10,000.

Generally speaking, when you need a quick and cheap loan, you’re in a bit of a rush, and you can’t afford a loan with unreasonable hidden fees or interest rates. However, some lenders capitalise on that need and might impose incredibly high interest rates to make them accumulate on the borrower.

So, beware who you’re borrowing from, and make sure to go over all the associated charges. Moreover, compare all the APRs of the available options to make sure you get the lowest deal.

If you feel like a lender is pushing you towards getting a loan with haste and not letting you take your time to understand the terms or decide, then they’re probably a loan shark looking to give out predatory loans.


quick cheap loan australia

If you need quick access to cash without having to apply for a loan and burden yourself with heavy debt, you can consider some of these alternatives:

  • Borrowing from a friend or family member
  • Borrowing from a credit union

If none of the above is an option, consider applying for a payday loan. Payday quick cheap loans allow you to get a percentage of your monthly income before the end of the month. Your employer will deduct the amount you borrowed when you get your salary in the following month.

You can also opt for longer-term, quick, payday loans. The best thing about these loans is that they’re much less risky than applying for a loan on your own. The worst that’ll happen is that your compromised salary may make it harder for you to pay for other necessities, so make sure to plan it out carefully.

Another good option is to use a credit card. There’s no loan out there that’s as fast and convenient as a credit card. Not to mention, credit cards have a grace window that lets you pay the loan’s amount without paying any additional interest fees.

Final Thoughts

Applying for a quick cheap loan is a hassle-free process, but only if you pick a trusted online lender. Keep in mind that you want to opt for the deal with the lowest APR and fees, and you’re good to go.

At PerfectPayDay, we offer you the terms that perfectly suit your financial situation and your preferences. Oh, and there are zero hidden fees; what you see is what you get!

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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