There are times in life when we need money fast. Unfortunately, gaining access to same day loans is not always easy due to the often inflexible lending rules that many banks uphold. Even with the proliferation of online loans and lenders , finding quality personal loans in a timely manner can certainly be difficult. Below, we offer three helpful tips to help you get fast loans that still often fair and competitive terms and conditions.
The Australian Securities and Investments Commission (ASIC) recommends that individuals seeking the fastest personal loans check to discover if those loans allow the borrower to make extra payments without incurring a penalty. In many cases, you might find that you will be able to pay off the amount borrowed quicker than the overall term rate. Many banks and providers of online loans, however, might charge you a stiff penalty if you pay off your loan before the loan term ends.
This is especially true for fixed term loans that have fixed repayment schedules. If there is a possibility that your financial situation might improve and thus allow you to pay off your personal loan more quickly, this will obviously save you money on interest payments that are spread out over the term of the loan. However, a stiff pre-payment penalty or fee can negate the potential benefits that come with paying off your debt in a timelier manner. Researching the different fast loans should help you discover quick loans with no fees for extra repayments.
Many lenders will often highlight a low annual percentage rate (APR) while concealing the other hidden rates and fees in the tiny print. Other lenders might claim that they offer easy loans or the fastest personal loans but will not necessarily make it apparent the high APR they are charging.
When searching for quick loans with sameday payout, make sure that you discover all of the charges associated with the loan. Besides the APR, make sure to find out other fees that the bank might charge. Since 2013, all loans for under $2,000 have a maximum amount of fees that can be charged. You can check thus fees here .
Lastly, low-income workers and people who receive welfare benefits might be able to apply for no-interest loans that are supported by the government. You can find information about low interest or no-interest loans here .
If you have had a hard time finding personal loans from the bank, you might consider turning your attention to the internet. Peer to peer (P2P) lending has taken off in recent years, and there are many ways to find loans online with instant approval. These lending arrangements match people who have money to invest with people who are looking for a loan, and the online platform often allows you to receive multiple loan offers which will allow you to choose the loan that best fits your particular needs and budget.
!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.