What are fast loans?

Quick loans are the ideal financial tool to get out of certain difficult economic situations. In this article, we will go a little deeper into this type of financial product and we will specify when you can be of great help.

This type of loans are financial products designed to replace the lack of liquidity that a person may have at any given time. The most outstanding of these products is the simplicity at the time of requesting them and when receiving the money, as well as the speed in the procedures. Certainly, as it is a financial product originated in the Internet, its approach is very aligned with the values ​​of ease and immediacy of the digital environment.

Main characteristics

In addition to the immediacy and speed in both the application and the acceptance and income of money, there are other characteristics that define this financial product and that you should know to know if it suits your needs.

1. Quantities not too high

The reality is that, depending on each entity, the limit amount for these products can vary significantly.

Depending on the entity the figures vary, however, most companies offer these amounts at most.

2. Short return period

Depending on the amount that they give you they will give you a term or another to return the money plus the interest. The most common is that this term does not exceed the year. However, you can always find a company that offers you a longer term.

Similarly, if you ask for a specific need, you can return it the following month, thus avoiding the increase in the cost of the loan.

3. Fairly lax requirements

As a rule, to access this type of financing companies do not require you to comply with too many requirements. They know who their clients are and they know that, in many occasions, they go to them because the traditional banks impose too strict conditions, difficult to fulfill.

If you are in need of quick cash for personal expenses, apply for a fast personal loan with My CashOnline today.

*Disclaimer & Example: For our Small Loans of $2,000 or less, an APR (Annual Percentage Rate) doesn't apply. These loans are fee-based only with a term between 62 and 180 days, and so the APR is 0%. The establishment fee is 20% of the amount borrowed and the monthly fee is 4% of the amount borrowed. Representative example: a loan of $1,000 repaid over 3 months equates to a total amount payable of $1,320 comprised of $1,000 principal (amount borrowed), $200 establishment fee and $120 in monthly fees. The maximum comparison rate on loans between $300 and $2000 is 199.43%.
For our Medium Loans between $2,100 and $5,000, with a term between 2 months and 12 months, the maximum Annual Percentage Rate (APR) is 48% (Comparison rate 65.6597% p.a.) and there is a $400 Establishment Fee. A Medium Loan of $3,000 borrowed over 1 year would equate to a total amount payable of $4,289 (including a $400 establishment fee).

Under the current legislation, most small personal loan providers don’t charge an annual interest rate (you’ll know this as an APR %). The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The maximum comparison rate on loans between $300 and $2000 is 199.43%. This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

© 2023 Owned by Australian Synergy Finance Pty Ltd, ABN 54 613 655 646. Australian Credit Licence 490422. The information on this webpage is general information only and does not take into account your objectives, financial situation or needs.