If you need money right now to pay bills or other expenses but you don’t have enough funds, you can apply for a cash loan. Cash loans are small, short-term personal loans with minimal paperwork. You can even get one fast, sometimes without leaving your home. Generally, to be eligible for a cash loan, you need to be over 18 years old, be a permanent Australian resident, and have a regular income.
The following looks at how you can apply for a cash loan:
Choosing the right loan provider
When looking for a loan provider, ask your family or friends if they know a reputable lender who offers cash loans to people in a similar situation as you. On the other hand, you can simply search the internet for an appropriate lender. Make sure to compare different lenders and their offers before picking one that best suits your needs and personal circumstances.
If you’re looking to get a mortgage, but you have a bad credit rating and your loan application has been rejected by traditional lenders, the good news is that you can still obtain a home loan. Some specialist or non-conforming lenders will grant a mortgage to customers with a bad credit history.
Bad credit home loans are like regular home loans except that they have short-medium repayment periods and higher interest rates because of the higher risk of lending money to someone who has a bad credit history.
Here’s how you can get a mortgage with bad credit:
Getting a car loan may be difficult if you have a bad credit history due to credit card debt, late/missed repayments or bankruptcy. Generally, subprime borrowers who have a credit score under 620 can’t get the best car loans available in the market. But there are bad credit car loans, or second chance finance, available for people with bad credit.
A bad credit car loan is a flexible secured loan, offering people another chance without breaking their budget. However, it’s a high-risk loan that generally comes with high interest rates and large down payments. Lenders will still need to carefully assess borrowers with bad credit before taking the risk to lend them money because they have a higher chance of not repaying the debt.
If you have a bad credit score, major banks and lenders may see you as high risk and reject your loan application. But you can still get a bad credit loan from smaller lenders, as a personal loan of up to $5000. It can be given to people with a bad credit history due to missed/late payments or bankruptcy.
Generally, to be eligible to apply for a bad credit loan, you need to be 18 years or older, be a permanent Australian resident, and have a regular income. Repayment terms are flexible to suit your personal circumstances (3-12 months) and it’s also the first step in rebuilding your credit score.
Canberra Times’ business columnist Elizabeth Knight recently spoke to David Jones boss, Paul Zahra, about the effect of online shopping on Australian retailers.
Zahra said that he believed Australian shoppers hadn’t yet fully realised they were paying more for their online overseas purchases and probably wouldn’t until they checked their monthly credit card statements.
Liberal MLA Giulia Jones has called for the ACT government’s small business loan scheme to be expanded to include stay-at-home fathers who wish to start a business.
The scheme provides micro loans of up to $3,000 for low income earners who want to start a business from home. It currently offers funding to a range of groups including women, young people, Aboriginal and Torres Strait Islanders, migrants and gay, lesbian, bisexual, transgender and intersex applicants.
According to the president of the Real Estate Institute of Australia (REIA), many small businesses are being held back by an inability to obtain adequate finance from lending institutions.
Peter Bushby said that research by the ABS showed around 20% of small businesses lack sufficient access to additional funds to grow their businesses.
Venture capital investors are now looking long and hard at the opportunities offered by new online lending platforms, which are springing up in opposition to the banks and traditional lenders.
One such US platform, Lending Club, has recorded more than US$2 billion in loans made to date, with others in the UK and Australia jostling for a position in this lucrative new marketplace.
A recent survey has revealed that over 50% of British SMEs (Small to Medium Enterprises) expect to grow in the next year, indicating that optimism about an economic recovery is starting to spread.
The survey was conducted by BDRC Continental and commissioned by a business finance taskforce, set up by the UK’s six largest banks.
Recently-released figures from the Australian Prudential Regulation Authority (APRA) show the number of new home loans being approved has risen sharply (up 28% in the June quarter). This indicates that the residential property market is beginning to recover.
Loans to property investors are up 35% to $27.8 billion in the quarter, making property investment the fastest growing category, while owner-occupier loan approvals also rose sharply, up 25% to $51.2 billion.