Life can be unpredictable and leave you in a situation where you need quick access to cash. There could be an unexpected emergency, such as necessary car repairs or a broken down boiler, or a temporary cash flow issue. When a situation like this strikes, fast cash loans could be the answer to help ease the pressure. Although every lender has a different loan processing time, providers of fast loans may be sent within 60 minutes of approval. However, it can take longer for the loan to reach the borrower’s bank account, as banking channels could potentially delay the transfer due to procedural limitations or may simply not accept fast transfers.
With many lenders offering their services over the web, finding fast loans online that offer same day cash transfer is a lot easier than in the past. When applying with traditional lenders from their physical location, you may find that the application is process is slow and drawn out, which may not be feasible when faced with an emergency situation. With the use of artificial intelligence to quickly assess applications, fast cash loans from online providers can be a much quicker option. Many of our 15+ lenders offer fast easy loans, so apply online today or view our information below to make sure they are the right choice for you.
Note: Viva Payday Loans is a lender-finder service in Australia, we do not offer financial advice. Please consider seeking independent legal and financial advice from sources such as MoneySmart to check how the information and ideas presented on this website relate to your unique circumstances.
What Are Fast Loans?
Fast cash loans provide instant financial relief to cash-crunched individuals and families looking for a quick source of funding to meet their immediate expenses. People usually require fast loans because they need access to funds to quickly cover an emergency or unplanned cost. Many people may also not have enough savings of their own or any other sources of quick funding, hence fast easy loans may be the only option available to them in times of financial need.
Fast cash loans are a type of short term loan, offering a relatively small loan amount which you will repay within a short space of time, dependent on the lender. There are a number of lenders in Australia that provide fast easy loans, with many of them offering loan amounts between $300 to $10,000. Since a key feature of fast loans is their quick process, most lenders require borrowers to use their online application forms to apply. Simple, quick and easy, apply for a fast loan online today.
When Should You Look for Fast Loan Approval?
If you are looking for a fast loan approval, this option should only be considered at times when you have exhausted all other readily-available funding option, as this may not be the most suitable option for all applicants. Some of the most common instances when borrowers seek fast loans online include:
- Repairs of their vehicles
- Covering costs arising from medical needs
- Paying for travel expenses
- Covering for utility bills
- Funding a rental bond
- Affording new furniture
- Paying for expenses incurred when moving house
This list is non-exhaustive and there is no one-size-fits-all scenario. While Viva Payday Loans are able to connect you with a payday loan lender from our panel, we do not lend money directly and therefore have no control over the decisions made by the lender on your application.
Accessibility Of Fast Loans Online
At Viva Payday Loans, we will consider all applications, even those with bad credit, to determine whether you will be able to make monthly repayments on your requested loan. While you may be subject to a credit check, this is not the only factor our panel of lenders look at as part of the decision-making process, instead focusing more on affordability. This assists with making financial assistance more accessible to those who may need it most when faced with a financial emergency.
To apply for fast loans online, lenders require borrowers to submit their ID details, information about their active bank account, and any other evidence deemed necessary by the lender. If possible, having these documents prepared beforehand could help to speed up the process of submitting your application.
Are You Eligible For Fast Loans?
As we work with a panel of over 15 trusted lenders who offer fast cash loans online, the eligibility criteria will differ from lender to lender. However, since fast loans typically carry a small value, the risk for lenders is low, so they will usually prefer hard data to assess an applicant’s affordability. To apply through Viva Loans for fast loans online, we only ask that you are at least 18 years old. However, some common criteria you might see include:
- Holding an Australian PR or citizenship.
- Have three to six months’ worth of bank statements available, so that lenders are able to offer a loan that fits in with your current financial position.
- Be able to provide proof of your income, whether from employment, Centrelink, or other government benefits.
- Own an active mobile number and email address.
Submitting the incorrect documents in your application can delay the decision on your fast loan approval, so it is important that you submit them in the correct format.
How Much Do Fast Loans Cost?
The rates and charges applicable vary by amount and between lenders. For loans between:
1. $300 – $2,000
The available loan term is up to 12 months. Lenders may charge as much as 20% in establishment fees and 4% as a monthly fee. For example, for a loan amount of $1,000 to be repaid over a 6 month period, borrowers can expect to repay as much as $1,440 in 25 instalments, paid every week. The weekly instalment amount would be $57.60 in this example.
2. $2,001 – $4,600
The loan term can be anywhere between 13 months to 24 months. Lenders may charge a fixed APR of around 48% with a comparison rate of around 67.4% per year. This means that a loan of $3,000 borrowed for a period of 18 months with 78 weekly instalments would cost $1,779 to the borrower, with each weekly instalment amounting to $61.27.
3. $5,000 – $10,000
Loans within this range are likely to be offered for a 13 to 24 month term, with a 21.24% APR and 48% per year comparison rate. For someone borrowing $10,000 with a loan term of 24 months, total repayments would amount to $15,577.12 split across 104 instalments of $149.78 each.
*Warning. The comparison rates above are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different rate.
Understanding all the costs associated with fast easy loans is necessary to making an informed decision. Make sure you have considered all alternatives before applying for fast cash loans or seek financial support and advice.
Fast easy loans can be a suitable option if you need to cover the costs of a financial emergency, if you have a temporary cash flow issue, or if you have incurred costs unexpectedly. Potential applicants should take careful consideration into fast loans and research lenders to find a reputable provider. If you are ready to find the right fast loans online lender for you, please apply today.