You can use a quick loan now when faced with an emergency or want to make a necessary purchase. The point of this loan is to provide the money you need in just a few hours.
In Australia, there are several lenders who can help you, but finding the right one for you might pose a challenge. Of course, you can always rely on loan finders if that’s the case.
In this article, we’ll talk about quick loans and how you can get one in Australia.
What this article covers:
Quick Loan and Its Types
A quick loan, as the name suggests, is a loan that you get to solve your short-term financial difficulty. It is an easy-to-get-loan with various loan types:
Payday Loan
A payday loan is a short-term loan you get when you need fast money and don’t have time to wait for your next paycheck. Getting one can be beneficial when you’re in a bind, but it’s also expensive.
Payday loans are often used by people who don’t have access to other forms of credit, such as credit cards or personal loans. However, be wary of applying for one online since many try to trick their borrowers by imposing ridiculously high interest rates.
Pawn Shop Loan
Pawn shop loans are collateral loans wherein you use an object or property you own as security for the loan. The pawn shop will hold the item until you pay back the loan; if you don’t, they get to keep it.
Pawn shop loans are popular with people needing loans ASAP with the little assets they have. Pawn shops can accept small valuable items, such as jewellery, gadgets, etc.
You can usually get your loan in 5 minutes, but the actual waiting time still depends on the process of your nearest pawn shop.
Cash Advance
A cash advance is a loan you get from a bank, credit union, or employer. It’s a small loan that you can pay back over time.
You can use it to cover emergency expenses, like car repairs or medical bills, or to make a large purchase, like a new computer or TV. It’s popular among employees since these are easy to get from their employers and usually have low interest rates.
Credit Advance
A credit advance is a short-term loan you get from your credit card provider. You can use it to pay for a purchase you make on your credit card or pay off a balance you owe.
You can only get a credit advance if you have an account with a bank or credit card provider and are in good standing with them.
If you’re eligible for a credit advance, the bank will send you a letter detailing how much money they’ll loan you and what the agreement terms are.
Can I Get a Quick Loan Without Collateral?
Yes. Lenders offer a quick finance loan without having to attach collateral through unsecured loans.
A fast quick loan is usually unsecured, and you can get your loan within 24 hours of your approval.
However, the lender will require you to repay the loan with high-interest rates by making payments over a set period.
It’s also important to note that if you fail to make these payments, the lender may take legal action against you and sue for damages on behalf of their loss.
What if I Want to Use a Collateral?
You can apply for a secured loan instead. In a secured loan, you pledge an asset as collateral for the repayment of the loan. If you can’t repay anymore, the lender has the right to seize the asset and sell it to recoup some or all of their investment.
Can I Get a Quick Loan Now?
Yes. Just look for the right lender who can cater to your financial needs. Or, if you need it, Orange Loans can help you search for the right lender.
So how can you get a quick loan now? You must be eligible and have all the necessary requirements or documents.
Eligibility
The eligibility criteria for fast loans vary, depending on who your lender is. But generally, they’ll most likely look for the following:
- An 18-year-old or older Australian with a permanent address
- Holds a personal bank account
Requirements
Just like with the eligibility criteria, the requirements may also vary. If you apply through Orange Loans, we usually ask for the following:
- Contact details
- Employment details
- 100 points of identification
- myGov Account (if applicable)
- Internet banking details
- Collateral attachment (car, motorbikes, boats, or caravans)
We may not require collateral if you’re looking for an unsecured loan.
Conclusion
Getting a quick loan fast in Australia is easy and can be done with little to no hassle. You can apply for a payday loan, pawn shop loan, cash advance, or credit advance to fix your current financial situation.
To get a quick loan, you can find a lender willing to work with you and your needs or rely on Orange Loans to do it for you.
Was the guide helpful? Check out these extra resources to delve deeper:
- How to Get My Pay Now in Australia
- Can You Get a Loan Within Minutes?
- Urgent Loans: The Need-to-Know
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- Your Guide to Same-Day Bad Credit Cash Loans