Quick Loans, Low Interest
A loan can be your lifesaver in challenging situations. Your car won’t tell you that it’ll need a new set of tires at the end of the month, and you’ll never know when a medical emergency will knock on your door.
The problem is that traditional loans usually take time to be approved, and the application process can be time-consuming. Luckily, dozens of lenders out there offer quick loans at low interest rates that you can apply for and get the money transferred to your account in no more than a few hours.
In this guide, we’ll help you understand how quick loans, low interest work and how you can apply for one while also knowing all the risks and alternative routes, so stick around.
What Is a Quick Loan, Low Interest?
As its name implies, a quick loan is a loan that you can acquire in a short period. There are many reasons why you could need the cash transferred to your bank account as quickly as possible – it could be for an unexpected bill, medical emergency, car maintenance costs, or urgent flight tickets.
Most lending entities that offer quick low interest fast loans are web-based, which means that you can apply for these loans from the comfort of your home anytime you want.
However, due to their nature, quick loans are sometimes associated with higher-than-average interest rates. It’s also worth mentioning that the maximum amount of money you can borrow with a quick loan is less than what you could borrow with a traditional loan.
Lenders know that borrowers who opt for quick quick cheap loans Australia need the money as fast as possible, so they raise the interest rates dramatically. But don’t worry; you can still get a quick loan from a trusted lender at low interest rates if you research your options carefully and avoid loan sharks without having to sign up for high interest rates.
Quick Loan Requirements
Before you apply for a quick loan in Australia, you need to make sure that you meet the following criteria:
- Being at least 18 years old
- Being an Australian citizen or a permanent resident of Australia
- Having a stable job in the past 90 days with regular income
- Having a decent credit history
However, even if your credit history isn’t that impressive, you can still get away with it and apply for a quick loan, which brings us to how you can acquire a quick loan with bad credit.
Applying for a Quick Loan with Bad Credit
Having a bad credit history doesn’t necessarily have to be an obstacle in your way of getting a quick loan. Depending on the amount of money you need to borrow, you can still apply for a quick loan with a low credit score.
Many online lenders that offer the best quick loans don’t even check your credit score, as long as you provide enough proof that you’re capable of paying back the loan on time. You’ll just have to prepare some documents, like a bank statement and proof of income.
Another option is to provide any of your properties as collateral so that the lender can claim it if you failed to repay the loan on time. Unlike quick unsecured loans, secured ones are easier to get, and the interest rate will likely be lower. However, such an option isn’t prevalent for small, quick fast cash loans Sydney.
In all cases, make sure that the lender is registered with the Australian Securities and Investments Commission (ASIC) to avoid falling for loan sharks.
Quick Loans From Direct Lenders
When applying for a quick loan, make sure you pick a direct lender instead of a lead provider or loan broker. Why, you may ask? Simply, getting a loan from a direct lender will always be faster than getting it through a loan broker or lead provider. Usually, you should expect the funds to show up in your bank account on the same day when you deal with direct lenders.
Not to mention, you’ll have more options when it comes to choosing a suitable lending entity for your current circumstances.
It might be tempting to get a quick loan because of how easy the application process is. However, if you’re not 100% sure that you can repay the loan in full, it’s a good idea to look for an alternative to getting the cash you need. Here’s what you can do:
- Borrow the money from a friend or family member
- Check local charities and not-for-profit organizations
- Borrow the money from a credit union
- Get a pawnshop loan
- Consider using a paycheck advance app
Other than that, you can apply for a credit card, but credit cards usually take a while to get approved. It’d still be a good idea to apply for one for future use in emergencies and when applying for a loan isn’t worth it.
In most cases, getting a quick loan with low interest should be smooth, with an application that takes a few minutes to complete and fast approval. Bear in mind, however, that easy-to-get loans aren’t meant to be large. For instance, you can’t borrow a quick loan to buy something expensive, like a real estate property.
Also, make sure that you don’t borrow more than you need, as debt can put you in huge trouble down the line if you fail to repay it. Not to mention, it’ll hurt your credit score, which will lower your chance of getting nice loan deals in the future.