Cash loans are the easiest, most convenient and at times, the only source from where you can receive a small sum of cash that can go a long way in taking care of your requirements.
If you are an adult Australian citizen with a regular job, you are more than likely to be eligible for an quick cash loan.
Cash Loans Are Different!
Cash loans are much different than traditional bank loans or personal loans. Some of these differences are:
- Cash loans are quick and efficient. If approved, depending on the lender, you may receive your funds within the same business day.
- Applicants with bad credit scores may still apply and be approved.
- Cash loans referred by Viva Payday Loans are provided under Small Amount Credit Contracts so they are always for: amounts of $2,000 or less; and terms of between 16 days and 1 year.
Why the need for cash loans?
Urgent and unexpected need for money is not a rare occurrence for many of us. Every now and then, we are all faced with situations that demand us to arrange for some quick cash.
It goes without saying that it’s not always easy to do this. At times, especially when you have just spent all of your payday balance on essentials and the next payday isn’t due for weeks, arranging for as little as $200 can appear like an uphill task.
If you approach banks or private lenders when you have such cash requirements, you will invariably find that,
- They do not generally tend to service small loans as they cannot afford to engage their resources for such loans.
- Even if they approve your loan application, it will not be before the application has to move through the ranks and various checks. So, in essence, days (weeks, in some cases) will go by before you actually see the money.
As if to make things even more difficult, people with bad credit score stand a very slim chance of getting a loan from financial institutions like credit card companies or banks. What, then, needs to be done in such situations?
If you find yourself in such a situation where you know you need cash but you just don’t know how to get it or whom to approach, you need to stay calm and stay put. Not panicking is the first thingyou should remind yourself of. The next, probably, will be to apply for a cash loan.
If you meet these requirements, it won’t take you more than a few minutes to fill the application form in and get it submitted.
At Viva Payday Loans, we offer you the best and most compatible choices of cash loan lenders that you can choose from.
Validity and Legal Status of quick Cash Loans
Cash loans are regulated by the National Consumer Credit Protection Act 2009 (Cth). All credit providers and credit assisters (brokers such as Viva Payday Loans) must hold an Australian Credit Licence and be subject to supervision by the Australian Securities and Investment Commission (ASIC).
The law provides many protections to consumers who enter into small amount credit contracts for cash loans including that any holders of an Australian Credit Licence must comply with their responsible lending obligations.
Cash Loan Credit Charges
The credit charges applied to small amount credit contract cash loans are allowed to be much higher than the interest charges for personal loans from banks and other finance companies.
The credit charges for these cash loans are capped with an establishment fee of no more than 20% of the amount financed and a monthly fee of no more than 4% of the amount finance.
This is when a cash loan can matter!
Cash loans are suitable in an event when even a small loan that is available quickly can make a difference. Typical reasons that people get cash loans for are:
- Medical emergencies
- Paying bills
- Paying down payment for expensive consumer products (electronics, cars etc.)
- Paying for groceries
- Paying for food
- Tours and travels
Important Features of Cash Loans
There are many distinctive features of cash loans that make them popular among borrowers. These include:
- Cash loans are very easy to apply for and receive. The procedure is fully electronic and you don’t have to step a foot outside of your home to receive the money.
- Many lenders allow for various Centrelink benefits to be counted as regular income. This makes it possible for people who receive benefits to get a cash loan. It’s important, especially because banks do not approve loans against benefits.
- There are no hidden fees or charges. All the relevant fees are made clear in the agreement.
- If you pay the loan back before the term expires, you will not be charged any extra fees or fines, unlike other loans.
- You can apply for a cash loan absolutely for free – irrespective of the subsequent approval or rejection of your application!
To conclude, it can be said that cash loans are useful when it’s difficult to get bank or personal loans. They can meet your urgency, all the while making sure that you don’t get tangled up in documentation and collateral management.
At Viva Payday Loans, we offer an extensive and thorough comparison of various cash lenders. We advise all the applicants to read the agreement clauses scrupulously before submitting an application.