Instant Cash Loans

Applying for an instant cash loan is generally easier because of the fewer requirements. To qualify for a normal bank loan, you need to have a good credit score, show proof of income, and loan collateral. Meanwhile, you only need to prove that you’re over 18 for an instant cash loan. Other money lenders don’t even ask for proof of income. 

It’s worth noting that while instant cash loans online may be more accessible, it doesn’t mean instant approval is guaranteed. Since it’s mostly done online, money lenders may go through your online information easily. The entire processing normally takes around 30 minutes to one hour, while the approval process requires at least three to five hours. If your application is rejected, you’ll know it right away. Otherwise, your money will be transferred to your bank account within a few hours. Quick disbursal is another attractive feature of instant cash loans. 

The money must be disbursed as soon as possible because the majority of people who sign up for cash loans online do so for emergency purposes. Luckily, most online money lenders are available 24/7, which means anyone can apply for a loan without waiting for processing the next business day. Even if you apply during the wee hours of the night, you’ll be able to receive your money within a few hours.

The average amount of same-day loans in Australia usually ranges from $150 to $2,500. Anything more than this will no longer be considered an instant cash loan. If you need a loan larger than this, then you might have to wait for a few more days before knowing the outcome of your application. No money lender will be willing to risk a huge amount of money through quick loans, which explains why this type of loan comes in small amounts. 

Compared to the typical bank loan, the tenure is often very short, so you have to settle the total amount within two weeks or three months. In some cases, money lenders expect to receive the full amount on the day of your next payout. The repayment period will largely depend on the amount of your loan - the smaller the loan, the shorter the tenure. 

Another thing about fast cash loans is that they’re mostly unsecured loans. Other money lenders may ask for collateral before approving your loan, but most don’t. Collateral means an asset that the borrower offers to qualify for the loan. If you fail to repay the loan, the lender will have the right to take your property. Loan collaterals aren’t common in instant cash loans because the amount is small to begin with. In most cases, the biggest consequence that the borrower will have to face is higher interest rates. 

The good thing about instant cash loans is that credit scores aren’t always required, so it’s possible to apply even if you have a bad credit history. There are also money lenders who don’t bother checking an applicant’s credit score. An instant cash loan may even help your credit score if you’re able to repay the full amount successfully. 

While an instant cash loan may seem like the perfect, easy solution to a short-term problem, it doesn’t come without disadvantages. For one, its Annual Percentage Rate tends to be higher than any other type of loan, mainly because it’s a small amount that’s repaid over such a short period. You might think it’s better to settle a loan right away, but you’ll discover that it’s easier said than done, especially if you’re living paycheck to paycheck. 

As with any type of loan, instant cash loans can get a bit risky too. Since they need to be paid back quickly, there’s a chance that you may not have enough money to settle the amount in full, which leaves you with no other option but to take out other loans. You might end up with a large pile of debt that’s difficult to get out of if you’re not careful. 

Lastly, it’s important to find a reliable money lending company to avoid falling victim to predatory practices. There are money lenders out there who impose unfair loan practices on their customers, so make sure that you’re borrowing money from the right place. If you have friends who have applied for instant cash loans in the past, try to talk to them about their experience. 

At Ozzie Loans, we’re open to helping anyone dealing with short-term and long-term money problems. If you’re after a reliable money lending company, we are what you’re looking for! Get in touch with our friendly staff if you want tips on applying for instant cash loans or if you simply need financial advice.