What Are Easy Loans to Get in Australia?

Lack of money is a problem everyone has faced sometimes, either due to unplanned expenses or bad budgeting. In any case, the situation isn’t hopeless, as many lenders offer a variety of loans for everyone’s needs and possibilities.

If you need easy loans that get approved and paid fast, here’s our recommendations.

What this article covers:

What Are the Easiest Loans to Get?

Every loan can be easy to get if you have an excellent credit score and impeccable credit history. But, in general, those with simpler procedures, fewer requirements, and faster approval are payday loans and personal loans with no credit check. 

Payday Loans

These are easy loans to get whenever you need financial support until payday. They allow you to borrow anywhere from $50 to $2,000 to solve minor cash problems and expenses. The repayment period can be as short as two weeks, or you might prefer repaying in instalments over the next couple of months (up to 12 or 24, depending on the lender).

easy loans to get

This quick fix comes in handy when you need money fast, for example, for a minor dental intervention or grocery shopping. Here’s how you can benefit from these loans:

  • These are loans with easy approval, as they have only a few general requirements, which usually don’t include your credit score. 
  • You can apply for payday loans even if your credit history has some bad marks.
  • They have flexible lending terms, as you can repay them fast and thus save on interest, or you can stretch the payments out if you want to lower them.
  • Funds are available in just a few hours or even sooner.

Despite all the benefits, payday loans aren’t cheap. They carry no interest (following government regulation for all small loans), but you’ll be charged an establishment and monthly fees, 20% and 4%, respectively.

No-Credit-Check Loans

Although lenders often advertise loans that require no credit check, such arrangements don’t exist. Every institution that lends you money has to check your credibility, one way or another. But, sometimes, these checks are more about your current finances and personal information than your credit score.

That means no-credit-check loans are available to borrowers who aren’t considered ideal by lenders. Bad score candidates can apply and receive money, provided they accept a higher interest rate, a shorter repayment term, or find a way to insure the loan and thus reduce the risk for lenders.

These are the advantages of no-credit-check personal loans:

  • You can borrow more money than with payday loans.
  • You can use this money any way you want.
  • Repayment periods range from one to several years.
  • You can speed up approval or negotiate more favourable deals by adding a co-signer or collateral.

Interest rates for personal loans are lower than payday loans, and they usually depend on your current financial situation and the lender’s assessment of your borrowing capability.

easiest loans to get

How to Apply for an Easy-to-Get Loan

Once you find a few suitable loan deals, you can compare their lending terms and see which one suits you best. Pay attention to the overall loan cost and how it fits your budget. Apply for a loan that’s almost surely easy to get and avoid unnecessary hard inquiries.

The next step is visiting the lender’s website and filling out the application. You have to provide some basic details about yourself, your income, and your overall financial situation, submit the required document, and wait for the loan approval.

Frequently Asked Questions

Can I Get a Loan With No Income?

Yes, you can qualify for no-income loans if you have no stable job and regular earnings. You can apply with lenders willing to accept other sources of income, like benefits, alimony, or earnings from property rentals. If you have no income at all, you can pledge an asset as loan security.

How Fast Can I Get the Money?

Upon approval, it often takes a couple of hours to get the money you’ve asked for. But, in some cases, this procedure can take days. So not all of these loans are easy-pay loans, as the speed of fund transfer doesn’t depend on the lender solely.

easy to get loan

To Sum Up

When you need a way out of your financial trouble, easy-to-get loans can be a solution. You can apply for a payday or personal loan, depending on your needs and credit capability. Each one comes with its pros and cons, so you just have to see which one works for you best.

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