Short Term Loans Perth

What are short term loans used for?

Before you take out a loan, it is important for you to determine what you wish to use it for. Some loans are quite specific and will therefore have regulations on what you can use them on. For instance, a car loan can only be used to purchase a car. You cannot repurpose such a loan for things such as home improvement.

Short term loans Perth provided by Ozzie Loans are more flexible, meaning you can use them for a wide range of purposes. The loan provider does not limit you to using the money for a specific reason. In fact, you can use these loans for things such as wedding preparation, buying appliances, going on a vacation or even paying a medical bill.

How can you get a small short term loan in Perth?

There are a few options that are available for you to get short term loans Perth. Having a close look at each can be all it takes for you to determine the most ideal.

Family and friends 

One of the easy finance options for you to get cash loans is by approaching a close family member or friend. Such individuals may be willing to give you some money as long as you promise to pay them back. 

This option requires that your friend or relative should be kindhearted enough to sympathise with your needs. Additionally, the family member or friend must be able to raise the amount you need. The downside is that sometimes even your family and friends do not have the kind of money you need and therefore the plan may not work.

Local business people 

Some local business people may be willing to give out loans as long as the borrower promises to pay back at a higher interest rate. The problem with these people is that they often demand that you make payment even before you are ready. Failure to pay on time can also lead to an even higher interest rate. What’s more, these business people may sometimes demand that you put up something of value as collateral for the amount of money you are to receive in the form of a loan.

Local banks 

You can also access short term loans Perth through local banks. In most cases, such banks require you to have an active account with them. The account should have been operational for at least six months. You are also required to fill in quite a number of forms before the bank gets down to reviewing your loan request. The amount of time it takes to review your application and approve the amount may not be as impressive as you may want it to be.

Cash loans online 

Cash loans online are some of the most reliable ways for you to get the amount of money you need. Ozzie Loans is particularly one of the money lenders that make the whole process of obtaining money a breeze. All you have to do is download the Ozzie Loans app onto your device, register, and submit your application for review. Ozzie Loans has automated most of the processes, and you can therefore expect to receive feedback just a few minutes after submitting a loan application.

Do short term loans affect credit rating?

Short term loans Perth can either affect your credit rating positively or negatively depending on how you treat them. If you adhere to the terms and conditions set by the lender and pay back on time, your credit rating will, without a doubt, improve. However, if you are unable to make payments on time, chances are that your credit score will take a beating.

Ozzie Loans often takes your financial status into consideration before providing a loan. That means you will not receive more money than you can manage to pay back on time. What’s more, the firm schedules your repayments to coincide with that time of the month when you receive your salary or income. This means you won’t have to feel pressured to make payments even before getting your regular income.

To ensure that any loan you take out does not affect your credit rating, try and make payments within the stipulated period of time. If you are unable to make timely payments for one reason or another, be sure to get in touch with your lender and explain why you may need more time to make payment. This will also allow the financial institution to reorganise your loan to work for both the company and the client.