Cash loans are financial advances that are given and settled in cash. They can be given to both individuals and businesses in Brisbane, and they work best as short-term funds that can be used to settle emergencies - not necessarily long-term financial commitments.
Thanks to the advent of technology, it is now possible for you to apply for a quick online cash loan in Brisbane and get approval for it. However, quite a lot goes into this process - and we'll explain all you need to know in this post.
Eligibility Criteria For Cash Loans in Brisbane
Like every other type of loan, you will need to qualify for a cash loan in Brisbane before you can actually get it. To that end, keep the following eligibility criteria in mind:
- Citizenship: You will need to be an Australian citizen or permanent resident.
- Age: Cash loans in Brisbane are only available to people who are at least 18 years of age.
- Contact: You will need a valid phone number and email address, which will be used to contact you during and after the application process.
- Banking: You will also need an active bank account and internet banking facilities. This way, you can easily receive the funds requested and pay back conveniently as and when due.
- Employment: Lenders will require you to have a regular source of income. This way, they can assess your ability to repay the loan based on how much you earn.
- Benefits: It is worth noting that Brisbane cash loans are also available to people who are on government benefits or getting financial assistance from the Centrelink.
How to Apply for a Cash Loan in Brisbane?
If you'd like to easily get a cash loan in Brisbane, WeLoans is the perfect platform for you. WeLoans has made a name for itself in the lending industry, connecting borrowers to lenders and allowing them to easily do business.
Anyone can get a cash loan from WeLoans. All you have to do is:
- Fill the Application: Fill the application form on the WeLoans website. Remember to carefully enter all of your details.
- Get Offers: Once your form is submitted, WeLoans will send it to its network of lenders. Each lender will review and some of them will send a loan offer to you.
- Complete the Terms: Compare different loan offers and choose the best one. Then, sign a contract with the lender.
- Get Your Money: Once your loan has been approved, you can expect to get the funds in your bank account in 24 hours.
Common Uses of Cash Loans in Brisbane
Cash loans have grown to be one of the most popular forms of financial advances in the Brisbane area. Individuals and businesses use these loans for a myriad of reasons, including but not limited to the following:
- Medical Emergencies: No one likes to have a medical emergency to solve. However, if you're ever in need of funds to pay a medical bill, knowing that you can get a cash loan is definitely a great comfort that you can spare.
- Vehicle Maintenance: Today, vehicles are a necessity and not a luxury. However, vehicles can also be a significant chore - especially when they need to be maintained. If your car develops an unexpected fault and you need to get it fixed quickly, you can easily find a cash loan to help you out.
- Travel & Holiday: Sometimes, we all need a bit of a getaway to pretty much escape the hustle and bustle of our societies and refresh our batteries. If you need to finance a quick holiday, a cash loan to that effect is just a few buttons away.
- Business Development: Companies can also access cash loans if they need funds to pursue an expansion or take care of specific important bills.
Can You Take Out Same Day Approval Loans in Brisbane?
If you ever need to get approved for a loan within the same day in Brisbane, WeLoans is your best bet. We're one of the most prominent in the lending industry, boasting a network of industry-leading lenders. Our lenders will assess your application and send you a loan offer immediately if they believe you'll be able to pay it back on time.
This way, you'll get to compare multiple offers and select the one with the most favourable terms. Thus, there's no need to worry about high costs, though same day approval loans tend to be expensive, especially when you don't have an excellent credit score. Once you finalise the deal with the lender, you'll be funded in a few hours.
Are Bad Credit Loans Possible in Brisbane?
If you'd like to get access to a loan in Brisbane but are also worried about your low credit score (300–550), then you might want to check out a bad credit cash loan.
Bad credit loans are available on the WeLoans platform, where you can easily access funds and connect with lenders. Our lenders care more about your income and ability to repay the loan than your credit score.
It is worth noting that our lenders will also have to check your credit to ascertain it. However, this will only be a soft check, which will have no effect on your credit score.
What Are Other Types of Loans You Can Get in Brisbane?
Besides cash loans, you can also access different types of financial advances in Brisbane. Some of the most notable types include:
Centrelink Loans
Centrelink loans are given to beneficiaries of the Centrelink Master Programme, a welfare programme instituted by the Australian government. These loans accept the Centrelink benefits as proof of income. Anyone getting financial benefits from Centrelink can access these loans, which can go up to $10,000.
Payday Loans
Payday loans are structured in such a way that you can pay them back on your next payday. The maximum amount you can get with a payday loan is $2,000. Payday lenders in Australia can't charge you more than 20% of the principal amount as the establishment fee, and the monthly fee can't exceed 4%.
Short Term Loans
As its name suggests, a short-term loan is a type of loan that is designed to be paid back in a relatively short period of time. Loan amounts are usually capped at $2,000 by law, with repayment terms ranging between 16 days and 12 months.
While they are convenient, it is important for you to understand the costs. You can expect to deal with fees such as establishment fees (20% of the loan amount), account-keeping fees (4%), government fees, default fees, enforcement expenses, and more.