What to Know About Instant Cash Loans?
Instant cash loans are small personal loans with a fast approval process, which means you can get the cash quickly.
These loans are usually unsecured so they do not require collateral, and your credit rating is not important. The main point that lenders look for is your ability to repay the loan on time and still cover your regular household expenses.
Instant cash loans are ideal for emergency situations such as car repairs or household appliance replacement. They can also be used for family events like weddings or for holiday costs.
Who Are Eligible for an Instant Cash Loan?
It is easy to qualify for an instant cash loan. To be eligible you just need to meet the following criteria:
- You have to be at least 18 years old.
- You must be an Australian resident.
- You have two official forms of ID such as a driver’s license and passport.
- You receive a regular income over the last 3 months; If you have Centrelink benefits, they must be a maximum of 50% of your income.
- You have a current bank account, with statements from the last 90 days.
You must also provide details of any other debts or liabilities, such as credit cards or other loans.
Can I Apply for an Instant Cash Loan While on Centrelink?
As mentioned earlier, if part of your income (less than 50%) is from Centrelink social security benefits you can certainly apply for an instant cash loan. The important point that lenders look for is a stable income, and there are a number of benefits that are recognized as stable income, including:
- Aged Pension
- Disability Support
- Veterans Pension
- Family Tax Benefit
- Child Care Subsidy
- Jobseeker Allowance Supplementing Family Tax Benefits
Unfortunately, not all benefits are eligible for Centrelink loans, including:
- Usual Jobseeker Payments
- Youth and Study Allowances
Can I Get Instant Cash Loans Online 24/7 in Australia?
You can get an online loan if you live anywhere in Australia from the convenience of your own home. You can search the internet for lenders although this can be time-consuming and even then your loan application might be rejected by some lenders.
The easy way to find the right lender is to use an online broker such as WeLoans. We have lenders in our network who specialize in all sorts of loans, and they can get you loan offers that will be just right for your situation. Therefore, you stand a high chance of getting the loan whenever you need it.
When you apply online 24/7 for an instant cash loan, the funds will often be available in your bank account within 24 hours if the loan is approved.
Three Steps to Get Fast & Easy Cash Loans With WeLoans
Getting a loan through WeLoans is fast and easy, with just three simple steps:
- First, fill out the online loan request form on our website with your personal details like name, age, address, phone contact, etc, along with information about your financial situation.
- Submit the form with one click, and you will be connected to lenders in the WeLoans network. They will quickly send you various quotes which you can look at to see which one best fits your situation.
- Once you have decided, you can sign the loan contract digitally online, and the money will be on its way to your bank account soon.
How Can I Use an Instant Cash Loan?
There are no real restrictions on how you can use an instant cash loan.
You’re free to use the money any way you like, maybe for emergency car repairs, when a household appliance breaks down and needs maintenance, or to buy new furniture. You can even use a loan to pay off your credit card bills that you’re struggling to manage.
However, you should not use a cash loan to directly pay off another cash loan.
Is It Possible to Get Instant Cash Loans With No Credit Checks?
Some lenders and financial institutions will want to check your credit history, but there are also many lenders who will only be interested in your current financial situation, to see if you can afford to repay the loan and still meet your normal household commitments.
This is where an online broker like WeLoans can help to find the right lenders to offer you a quick cash loan without a credit check.