Cash Loan Example costs*: Borrow $500 for 4 weeks. Repay $155 Per Week.
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Emailing us your enquiry is the quickest way to receive a response. If you have already applied, emailing us from the same address in your application will help speed up our reply to you.
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We understand you don't have time to be running around to organise a little loan so we've made it easy to apply from your phone, tablet or computer. The application is straightforward and you'll get a fast response once submitted.
When you're short on cash, let's face it, it's usually a real emergency. We get it. Cash Cloud partners with lenders who offer fast deposit facilities, in most cases you'll have your cash in your account during business hours.
In the past borrow small amounts meant you could face a mountain of hidden fees and charges. CashCloud partners with reputable lenders who always disclose all fees and charges up front. Nobody likes nasty suprises!
Our service is Free and there's no faxes or paperwork needed for us to arrange your small loan. If you're application is accepted you'll be transferred directly to the lender you're matched with to complete the funding process.
Some loan sites make it hard for you to review details on what you're applying for. We're different and so are our lenders. If your application is accepted by a lender on our panel you will have a chance to review all the details.
If you need help applying or have a question, simply use any of the contact buttons to get in touch. In most cases we'll reply within a few hours. If you need to get in touch with a matched lender, we can help with that too!
Sometimes things just don’t go according to plan, and we can all find ourselves short on funds and long on time till the next pay packet arrives. At times like this, a short-term loan can be a real lifesaver. But we do need to exercise caution when choosing between the multitude of options in today’s credit market.
Just as the name implies, a payday loan is a fast, simple injection of funds made directly to your bank account, often within a few hours of applying, and repaid by instalment over a specified period. Personal loans are similar in that they also have fixed periods of repayment, but they are generally for larger amounts of money, attract interest, more stringent borrowing criteria and a lengthier application process.
If you are just after a small amount of money to tide you over from one payslip to the next, for example, less than $2000, there are plenty of online lenders who are only too happy to provide you with the funds, providing you meet certain criteria and can provide documentation to prove your current financial situation.
For small loans of up to $2000, there are fees involved, and they can quickly add up. No matter which credit lender you choose, there is commonly an upfront establishment fee, which can be up to 20% of the amount you wish to borrow, plus a maximum 4% monthly account keeping fee. There are extra charges for late payments, and you are also liable for any expenses incurred by the lender in recovering a defaulted loan. The term of the loan can be anywhere from around two weeks to one year, depending on the lender and your ability to repay, but the minimum loan amount can be as little as $200 or $300.
There is one caveat you should consider when applying for amounts from $2000 to $5000, which is generally the upper limit for this type of loan. High fees apply to loans in this range.
By contrast, applying for a personal loan through one of the major banks or other ‘approved’ lenders, such as a building society or credit union, is a much more controlled and lengthy process. These lenders want to see the same proof of income, 90 days’ worth of statements, 100 points of ID, and utility bills in your name that confirm your address. They may also contact your employer to confirm the details you have provided and check your credit rating. And the approval process can be as long as 72 hours. It also takes more time for them to disburse the funds.
The process of applying for a payday loan online is straightforward. A minimal amount of documentation is required, such as ID, 90 days of bank statements covering the account your income is paid into, and details of the bank account into which the funds will be deposited.
The law requires all credit lenders to lend money responsibly; they must refrain from lending you more than you are capable of reasonably repaying in the allotted time frame. So even though these types of small loans are offered without security (no collateral required), approval is usually obtained within hours of application, and the money deposited to your nominated account on the same day. More recently Payday Loans are called Small Amount Credit Contracts or SACCS.
There are no fixed rules regarding the purpose of a small loan, but they are most commonly used to cover unexpected expenses such as emergencies, holidays, car registration, minor home repairs or small appliance purchases, or groceries.
Personal loans, on the other hand, can be for more significant amounts of money – anywhere from a few thousand dollars to $100,000 in some cases. Larger loan amounts require longer repayment terms, and these can vary between one and five years.
You are more likely to need to apply for this type of loan if you are buying a car, paying for a wedding, taking an overseas trip, or doing major home renovations. Interest rates on personal loans vary widely and can be fixed or variable, from around 7% to 15% depending on the institution, your credit rating, even your banking history with that institution.
A less than perfect credit rating and receipt of a Centrelink benefit payment or pension is not enough to prevent you from successfully applying for either of these types of loans, although it is much easier to obtain a smaller amount of money via a payday loan from an online provider.
Whichever way you choose to go, you should do your due diligence. Firstly, work out how much you can afford to repay and over what period, and how much you really need. Then research several lenders regarding their terms and conditions, the costs involved, and their reputation. Not all of them will have YOUR best interests at heart. Making the wrong decision could land you in a cycle of debt that is difficult to escape.
The short answer is yes. And here is why.
If you have ever applied for a credit card or loan of any kind, then you have a credit report. And it may just be the most important document about you that you have never read.
Credit reports contain all your personal information including your name, previous names (if any) date of birth, gender, driver’s licence number, address history and employment history, as well as all financial information regarding bank accounts you hold, credit and store cards (including balances and payment history), loans and utility accounts held in your name. It even lists the dates of any credit applications or enquiries you have made. Basically, it’s a snapshot of your entire financial history.
Whenever you apply for a credit card or loan, the credit provider will check this report to ascertain your credit worthiness and decide not only whether you are approved for a loan, but also how much you can borrow.
Banks, credit unions, building societies and licensed loan providers in Australia are all regulated by the Federal Government, and strict laws apply to the conditions governing the administration of credit. All approved and licensed lenders are required to be responsible in the disbursement of credit, meaning they must not lend you money that you cannot realistically afford to repay. Your credit report informs these decisions.
Based on the information that is contained in your credit file, you are assigned a credit score. This number, between 0 and 1200, tells lenders how likely you are to repay a loan on time and without issue.
Not only should you be aware of your current credit rating, but you should manage it and protect it by avoiding behaviour that will damage it. The main factors that cause your credit rating to drop include:
Multiple credit enquiries – even if you don’t end up taking out a loan following an application, the enquiry is recorded on your credit report. Having too many enquiries may imply to a prospective lender that you are in financial difficulty. You can avoid this by researching lenders and only applying to the one that suits your situation.
Too much debt – credit cards in your name are considered debts, even if there is a zero balance. The important number is the limit on each card, as this could easily be accessed, placing you in further debt.
Late payments on bills – overdue bills and late payments are all recorded on your report. Serial instances of late payments could impact your ability to borrow further funds, for example, for the purchase of a home.
Errors in your report – it is your responsibility to ensure that all entries in your report, such as defaults or late payments, are corrected, another good reason to know the status of your credit rating.
Having a bad credit rating, or poor credit report, will certainly raise red flags with a prospective lender, but it does not necessarily preclude you from getting a loan. There are lenders who look at more than just the raw numbers, and will take your lifestyle and current situation into account. You should, however, take steps to understand how you got into debt in the first place. There are agencies that offer advice on credit repair who can examine your credit report and help you to fix any issues or errors that may be listed.
At the end of the day, your credit report and credit score are extremely valuable and you should be aware of them both. Taking out yet another loan may not be the best option for you. It may be more appropriate to get some solid financial advice. The Government’s Money Smart website contains a wealth of information on credit-related issues and is a great place to start to manage your credit rating. Check it out at https://www.moneysmart.gov.au/