Easy cash loans may be the lifeline you need to get out of a tight financial spot. With Monzi’s lender-finder service, you can apply in minutes and may be matched with a potential lender in no time. Moreover, our application is 100% online. Sounds pretty easy, right?
Easy cash loans explained
Easy cash loans exist to help those people with less than perfect circumstances. Whether you’ve got bad credit, are a low-income earner or receive government benefits, these loans may make credit accessible for you.
In short, easy lenders may have qualifying criteria that aren’t quite as strict as traditional lenders. As a result, they are able to take on applications from a range of different circumstances.
With cash loans, you may be able to borrow up to $10,000 with repayment terms ranging from 12 to 24 months. When you’re faced with a cash shortfall, a cash loan may be an option worth considering.
Keen to apply? Monzi can make it easy to find lenders online. All it takes is one simple application and we may be able to pair you with an available lender in just 60 minutes. Apply today!
Where can I borrow money ASAP?
Find a lender offering quick approvals and you can potentially receive an outcome before you know it. In short, once they receive your application, they’ll get to work straight away to try and complete your assessment ASAP.
When you’ve got an urgent expense that just can’t wait, this can feel like a lifesaver. You may be able to get the cash you need in a hurry and then spread the costs evenly over the coming months or years.
However, keep in mind that applications received outside of business hours may encounter delays.
Where can I borrow $300?
Small loans usually range from $300 to $2,000 and are repaid over 12 months. Moreover, they’re unsecured so there’s no need to attach an asset as security.
Ultimately, these loans are a convenient option when you find yourself faced with one of those pesky, minor expenses that tend to crop up from time to time. Get the cash you need now and spread the cost evenly over a manageable period.
Quick cash loans for Centrelink customers
Do you receive Centrelink benefit payments and need a loan? The good news is that there may be a few lenders who can help.
In short, just because you receive benefit payments, doesn’t mean you are ineligible for credit. It will simply be one part of your assessment that lenders will take into account.
However, keep in mind that lenders will view benefit payments differently. While some will consider them to be a legitimate source of income, others will not. Moreover, lenders may view certain payment types differently too.
As a result, approval may depend on the lender you are dealing with and their qualifying criteria.
Finally, please consider all other options available to you before applying for credit. Borrowing money can be expensive, especially if you are on a low income.
Instant approval need cash today
Need cash now? Loans with instant approval probably sounds pretty good.
However, it’s worth understanding exactly what instant approval means. In short, you won’t get your cash the second you apply. This is due to the fact that all loan applications must be assessed in order for lenders to comply with their responsible lending obligations.
As a result, there will always be some processing time involved. Given this, instant approval simply refers to outcomes you receive so swiftly that it feels like no time has passed.
Easy cash loans and responsible lending
As mentioned, all loans are subject to an assessment. This is due to the requirements outlined in the National Consumer Credit Protection Act 2009.
In short, lenders must not enter into a credit contract with a borrower that is unsuitable for the borrower’s needs, objectives or means.
In order to determine this, lenders must take the following steps:
- The lender must make reasonable inquiries into the borrower’s financial situation as well as their loan objectives.
- They must take reasonable steps to verify this information.
- Based on this information, lenders must make a final assessment as to whether the credit is suitable for the borrower.
For more details regarding responsible lending, visit the Australian Government’s MoneySmart website.
Quick cash loans for unemployed
Some lenders may be willing to offer cash loans for unemployed individuals. However, approval is far from certain and there a number of criteria must be met.
Crucially, if you are unemployed, you will need to demonstrate that you are earning some form of regular income. This may not be a wage but could include rent payments received or maybe even benefits.
If you do not have an income source, your application will be denied. After all, you must have the capacity to repay any money that you borrow.
Even if you prove that you have an income source, approval is still not certain. Lenders will assess your financial situation to determine if you are suitable for credit. Moreover, they retain the right to approve or deny applications where they see fit.
Who will give loans with bad credit?
While in the past, bad credit lenders were few and far between, things are a little different now. In fact, there are a host of lenders who may be willing to consider bad credit applicants.
Rather than basing their assessment solely on your credit history, these lenders will investigate your financial situation too. By considering the balance between your income and expense, lenders may be able to determine what repayments could be affordable for you.
As a result, if you are in a secure financial position, you may be approved for a loan in spite of a poor credit record. In other words, your credit history won’t be the be-all and end-all of your application.
However, approval is not certain. While some lenders may consider bad credit applicants, they retain the right to approve or reject applications where they see fit.
Quick easy cash loans with no credit check
Some lenders may be willing to offer no credit check loans. If you’ve got bad credit, this can feel like your only option.
Typically, lenders use credit checks to get an idea of your history and reliability as a borrower. However, they may not always be necessary.
Some lenders may bypass a credit check entirely and instead focus on your budget. As a result, they can determine what repayments could fit comfortably with your current income and expenses.
However, few lenders will offer no credit check loans. As a result, their availability will be determined by the assessment policy of the lender you are dealing with.
In any case, even if you have bad credit, a credit check may not be the end of the world. As we’ve already discussed, these days there are a number of lenders willing to consider bad credit applicants. As a result, you may still be approved for a loan despite your poor credit history.
Before applying for easy cash loans
While cash loans may seem like the answer to immediate cash needs, they aren’t perfect. Managing your debt poorly or borrowing more than you can afford to repay can result in debt spirals and serious damage to your credit score.
As a result, before you apply, there are a number of questions you must ask yourself to ensure you a cash loan is the right choice. See below:
- What’s my income?
- What are my current expenses?
- Do I have any major upcoming expenses or outstanding debts?
- How much do I need to borrow and what repayments could I afford?
- Could I cut costs to reduce the amount I need to borrow?
What is the cheapest way to borrow money?
When it comes to personal loans, the interest rate will go a long way to determining the total cost of your loan. As a result, it may be worth shopping around to find the lowest interest rate possible. That way, you may reduce your interest payments.
As a guide, there are typically two ways to access more competitive rates.
Firstly, if you are a reliable borrower with a good credit history, then lenders may be willing to offer you a better rate. After all, you’ve proven over time that you are not a default risk. Lenders will be comfortable in the knowledge that you will repay any money that you borrow.
On the other hand, if your credit’s not the best, securing the loan with an asset may be the right option for you. Lenders prefer to offer secured loans given that they are guaranteed. As a result, you may be able to access a more competitive rate.
However, your lender will determine your interest rate. These are simply two possible considerations that may help you access lower interest rates.
Finally, check the advertised comparison rate for your loan. Comparison rates are often a truer reflection of the total cost of your loan.
Can anyone apply for quick and easy cash loans?
While we would love to help every Aussie match with a potential lender, we simply cannot. Don’t stress though, there are only four simple criteria you need to meet.
- Australian Citizen or Permanent Resident
- 18 years of age or older
- Have a current email address and contact phone number
- Hold an online bank account with at least three months of transaction history
However, keep in mind that checking these boxes does not ensure that your application will be approved. It simply means that you are eligible to apply. From there, your lender will assess your financial situation and credit history to determine if you are suitable for credit.
How do I repay easy cash loans?
Making repayments is easy. When you apply, you’ll get to choose your repayment term and frequency.
Depending on the amount you borrow, you may be able to repay your loan over periods ranging from 12 to 24 months. Moreover, you’ll get to select either weekly, fortnightly or monthly repayments. So, select the combination that works best for you.
From there, in order to make your repayments, simply establish a direct-debit from your account. That way, your repayments will be automatic and all you need to do is ensure that you have enough cash in your account on the relevant dates.
Monzi’s lender-finder service
All you need to do is submit one easy application. From there, we will aim to pair you with an available lender who may be willing to offer cash loans up to $10,000. Best of all, you can repay your loan over a manageable period ranging from 12 to 24 months.
The below tables breaks down the loans potentially available through Monzi’s panel of lenders.
|Small loan||$300 to $2,000||Unsecured||12 month term|
|Medium loan||$2,100 to $4,600||Secured||13 to 24 month term|
|Large loan||$5,000 to $10,000||Secured||13 to 24 month term|
Keen to begin? Scroll up and use Monzi’s loans slider at the top of the page. Fast and easy cash might be at in the palm of your hand. Apply today.