Getting Quick Cash from MyCashOnline

If you need cash quickly to solve a short-term financial problem, we could help you find a solution.

Even if you have bad credit or have made mistakes with managing your finances in the past, you may still be a good fit to take out a loan product through MyCashOnline.

1. When will I receive the money?

Speed is central to short-term and payday loans, so if your application is approved, then the money could be sent in minutes. If your bank account accepts faster payments, then you could even receive it the same day too.

It is worth noting that lenders have cut off times, so if you apply late at night then it may be that the money will not be sent until the following day, so if you need the cash asap it may be a good idea to apply as early in the day as possible

2. Will applying for a payday loan negatively affect my credit score?

The simple fact that you are applying for a short-term or payday loan, as opposed to a more mainstream loan with a lower APR, will not negatively impact your credit rating.

You should be aware that when you apply for a loan from MyCashOnline, we will need to complete a “hard” credit check before the loan can be approved and the cash can be sent to your account. This check can be seen on your credit file by other prospective credit providers and making multiple loan applications over a short period is likely to negatively impact your credit score.

But just the fact that your most recent application, whether approved or rejected, may have been to a payday lender shouldn’t count against you.

If you are in need of quick cash for personal expenses, apply for quick cash with My Cash Online 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.