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Best Small Cash Loans In Australia
Undoubtedly, whenever you set out to buy something, whether it’s your insurance, finance, a new car, or television, you expect to have the solvency to choose the top company. As there are countless options in this market for small cash loans, it could be daunting to compare and pick that one company with quality products and services irrespective of the loan amount.
Small Cash Loan – What is that?
A small loan can be defined as an unsecured loan for personal use under $2000. It is also called a short-term instant loan or cash loan. It is the same as a personal loan and unsecured. However, considering the small amount of loans, there are plenty of takers. It is also used for payment instead of a credit card.
Small cash loans have plenty of benefits compared to a regular credit card, such as:
- Interest rate and repayments are known upfront and fixed
- The interest rate may be the same
- It cannot be considered as a revolving line of credit that can cause ongoing unnecessary credit use
- It is more flexible concerning lending guidelines than credit cards issued by leading banks. However, non-banks issue small loans. Payday Lender is a non-bank and more open to an array of risks, which makes it easier to approve a short-term loan
How To Use Small Loans?
In Australia, you can use a small loan like this for various reasons, which is worthwhile, such as:
- To purchase an engagement ring
- For wedding
- For a holiday
- Emergency medical expenses
- Debt consolidation
- Cheap car
It’s an endless list. So, it is important to understand that this loan amount could be utilized for various purposes.
How do Small Cash Loans Work?
If you never applied for a small loan before, Payday Lender shall help you. We have eligibility criteria as follows:
- Minimum 18 years of age
- Australian citizen
- Regular income
If you meet these requirements, apply online with all the necessary documents like:
- ID proof
- Address proof
- Employment proof with payslips
- Utility bills and rent bills
With these accurate documents, you can establish your repayment ability before the lender and get a small personal loan.
Generally, concerning small cash loans, you would receive the same funds on the same day it is approved. It depends on the lender, but should not take any longer than 24 hours.
Choose the Best Lender
In Australia, you would be spoilt for choice. It is predicted that over a million Australians took small loans in the past year. Owing to the large demand for the service, more and more lenders mushroomed.
So, how can you choose the best lender?
Regulators place some strict protection for consumers through the Consumer Credit Legislation Amendment Act 2012 for small lenders. Following are the provisions:
- Lending services are capped and permitted only to charge a fixed amount determined by the regulation for a loan amount of up to $2000. There is an establishment fee of up to 20% maximum and a monthly charge of 4% of the loan amount
- Loan amount up to $2000 previously to be repaid within 15 days is now banned
- If you are a defaulter, you would not be charged over and above the amount of the loan
With all these legislations, you should choose a lender depending on pricing, credit policy, and after-sales support. Payday Lender promises all.