If you need access to cash quickly, applying for loans online could be a simple and easy way to access the funds that you need when faced with a financial emergency. While many traditional lenders, such as banks, offer physical locations to apply for loans, many lenders have turned to digital spaces to provide platforms that can be accessed from almost anywhere, helping to make the application process far more accessible. Many lenders can process applications for online loans the same working day and may even provide funds within 60 minutes of approval, if your bank accepts fast transfers.
With many lenders offering their services over the web, finding online loans in Australia that offer a same day cash transfer is a lot easier than in the past. You may find that the application process is slow when applying with traditional lenders in their physical locations, which is not ideal in an emergency. At Viva Payday Loans, we assess every application for affordability and use our panel of 15+ lenders to offer online loans that suit you. While we do not offer the funds directly and have no control over the decision the lender will make upon your application, we are able to introduce you to an extensive panel of lenders to help you find a solution for your financial needs. Apply online today or view our information below to make sure that online loans in Australia 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 to check how the information and ideas presented on this website relate to your unique circumstances.
What Are Online Loans?
Online loans are a type of loan that you simply apply for and complete on the web. They provide applicants with the opportunity to do everything from the comfort of their own home, using just their mobile phone, tablet, or computer to find loans online that suit them. It is a term that can be applied to many types of loans that are available online, such as personal loans or short term loans. As long as you are able to submit your application through the web, they can be determined as online loans.
There are many types of online loans in Australia, thanks to a plethora of lenders moving to digital platforms. Selecting an appropriate online loan can be a daunting task, especially when faced with a financial emergency, but having the ability to search for exactly what you need can be very useful.
What Are The Types Of Online Loans In Australia?
While the term ‘online loans’ can be applied to most loans that are available via the web, there are a few common types that you will see when searching for this particular loan:
- Secured personal loans – this type of loan relies on an applicant pledging an asset as collateral. This means that you may be asked to provide a high-value asset, such as your home or car, to guarantee your repayments. If you are unable to repay your secured personal loan, the asset will be repossessed. You may find that the interest rates are lower than other loan types, although may be considered as high risk to the borrower.
- Unsecured personal loans – this is similar to a secured personal loan, but you will not need to secure it against an asset. These loans typically tend to have higher interest rates than their secured counterpart, but they may fluctuate depending on your credit score. Your borrowing total may also be determined by your credit rating and could alter your repayment period.
- Bad credit loans – as the name may suggest, this type of loan is aimed at those with a poor credit history. These loans may have higher interest rates than others, but they are usually based on affordability, as opposed to credit score, allowing more applicants to be accepted.
- Short term loans – this type of loan offers small amounts of cash with short repayment periods, usually up to 12 months, depending on the size of the loan. Interest rates vary on short term loans, but usually, the longer your repayment term, the cheaper the interest. However, as the cost is spread out over a number of months, you still might end up paying more than if you choose a shorter term.
- No guarantor loans – in many cases, you will need a guarantor to take responsibility for your loan if you are unable to make repayments. However, there are some options which will allow you to apply for no guarantor loans. They typically have higher interest rates but can offer a quick process.
- Payday loans – this type of loan offers smaller amounts of money that are needed immediately. They usually have a fast turnaround time, which means that you may need to commit to paying these loans back within a short period of time. As the name may suggest, the agreement for repayment on these loans is typically in full on your next payday. Payday loans should only be applied when faced with a financial emergency and if you are confident with making repayments.
There is no one-size-fits-all solution to a financial crisis, a large expense, or an unexpected emergency, but there are a variety of loans online designed to help in a range of situations. If you need more help, you may be able to seek financial advice from bodies such as MoneySmart.
What Are The Advantages Of Online Loans?
Online lenders are focused on making borrowing as easy as possible for their prospective applicants. Some may be able to tell you almost straight away whether you are approved, making them ideal for applicants looking for instant loans online.
This is down to automated processes and checks made via computer programmes, which help to speed up the process. Many traditional banks are different, and you may find it difficult to get an instant decision, as applications will need to be physically reviewed.
You may also benefit from better approval chances from loans online. It can be deemed as ‘easier’ to get a loan from both traditional and online lenders if an applicant has a good credit score. If an applicant is still building credit or has a poor credit history, they may face difficulties with borrowing from a traditional lender who may focus specifically on credit checks to approve the application.
Many online lenders offer options for those with lower credit scores and use alternative information to review affordability. While applicants may be credit checked as part of the application process with some lenders, they may also request information such as your monthly income, essential outgoings, and other financial commitments to assess affordability for the loan and make a decision based on this instead.
You may also find that many online loans are unsecured, which means that applicants do not need to pledge collateral for approval. This can help to make instant loans online feel safer for the applicant than borrowing against assets. It is important to note however that failing to you’re your repayments for an online loan can have serious financial consequences.
What Are The Disadvantages Of Online Loans In Australia?
While there are plenty of advantages to seeking online loans in Australia, there are a few disadvantages to be aware of. The first is finding an online lender that you can trust. We are familiar with the names of many banks and building societies because they are advertised and we may see their physical stores. They have managed to build reputations and names that are trusted, so seeking a trusted lender online may seem daunting. However, honest and transparent lenders should be registered, hold relevant accreditation, or offer legitimate customer reviews.
With such a vast amount of loan providers operating online, it can be overwhelming to find loans online that suit your needs. Using loan calculators and researching lenders of instant loans online can help you to make the right decision. At Viva Payday Loans, we utilize cutting-edge technology to help match you to a lender that will best suit your needs, and always put the customer first with an open and fair service at all times.
Are You Eligible For Online Loans?
As we work with a panel of over 15 trusted lenders, many of whom offer online loans with instant approval in Australia, the eligibility criteria will differ from lender to lender. To apply for online loans through Viva Loans, we ask that you are at least 18 years old. Some eligibility criteria required by our panel of lenders may include:
- 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
- Hold an Australian PR or citizenship
- 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 during the application process could delay the decision on the approval of your instant loans online, so it is important that you submit them in the correct format.
Online loans in Australia can be a great option if you need to find a loans solution quickly, especially if you have an emergency or temporary cash flow issue. We do recommend that potential applicants take careful consideration into their online loans and research lenders to find a reputable provider. If you are ready to find the right instant loans online for you, please apply today.