When your car breaks down right before a cross country family trip that you had been planning for months on end, or when an unexpected medical condition sends you dozens of bills that you have no idea how you are going to pay, cash loans or money loans might be the only way to get the financial assistance you need to cover a specific economic necessity.
Unfortunately, low interest cash loans are not always easy to find, especially when you need cash in a timely manner. The guidelines outlined below will help you find cash loans that will get you the money you need in a timely manner.
Knowing your credit score is extremely important if you need money loans. All lenders will check your credit score to determine whether to loan you money and to decide on the specific loan terms and conditions. Starting in September of this year, new information will be included in your credit score including the type of credit loans and products you have had during the past two years, the average repayment amount you have held on these loan products and how often you make repayments by the due date. If your credit score is extremely low, making a few timely payments with your credit card is a good strategy to help you boost your credit score before filling out the cash loan application.
There are no shortages of lenders on the market today . Many internet lenders might offer sameday cash loans online while brick and mortar banks are located on almost every corner of major cities. Due to the increased amount of competition offering personal loans, taking the time to search for the best lenders can help you find the most favorable terms.
For online lenders, customer feedback is usually a great way to gauge how easy it is to work with different lending agencies.
If you need cash fast, it is important to do your part to help the loan application proceed quickly. One great way to do this is to have all of your documentation prepared. Besides getting your personal documents together, it might be a good idea to ask for a letter of recommendation or a proof of income from your employer. While many smaller personal loans are unsecured, for secured cash loans in Melbourne and other parts of Australia, you might also want to gather information of the collateral you are placing against the loan amount.
Our society increasingly depends on the internet for our everyday needs, and banking is no different. Most banks and lender today will allow their clients to submit applications for cash loans online. While you might have eventually go into the brick and mortar office to submit further documentation, submitting all of the necessary documents online will save you from having to make multiple trips into the bank and thus expedite the loan approval process.
!WARNING - Do you really need a loan today? *
It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.
Check your options before you borrow:
For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94
The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.
*This statement is an Australian Government requirement
under the National Consumer Credit Protection Act 2009.