Online Short Term Loans

Many direct lenders offer short-term loans in Australia. Designed to provide an amount of money as fast as possible, these loans are helpful for when you suddenly find yourself needing extra funds. Ideal for emergencies like a car or home repairs, short-term loans allow you to quickly borrow the money you need. Because such loans are often needed suddenly and quickly, many direct lenders now offer short-term loans online. These loans enable you to use your smartphone, tablet or laptop to apply. They are available almost anywhere and anytime.

1. Explained

Instant online loans are similar to traditional methods of getting loans in asking for the same information. Likewise, your application will also involve a credit check to gauge the affordability of the loan. However, unlike traditional applications, everything is done online. Meaning there is minimal form filling and your application will be processed much quicker. You can often get the money you need the same day; often within minutes of you applying.

A short-term loan is what it says, with the money you borrow is usually required to be paid back quickly. This repayment period is often around three months. However, because these loans are specifically designed to be repaid over a much shorter period, they often feature a higher APR. As such, we recommend that you only use a short-term loan to fix short-term financial problems and not to solve longer-term issues.

Short term loans also do not require a guarantor.

2. Short term loans with no credit check – How do they work?

The short answer is they do not work. Because of concerns regarding credit scores and the growing demand for short term loans, many lenders claim to offer short term loans with no credit checks and no fees. However, there is one problem with this. A short term loan cannot be issued with no credit check. The law stipulates that all direct lenders carry out a credit check on all loan applications. Therefore, if a direct lender claims to offer short term loans with no credit check, they are not telling you the truth.

3. What are instalment loans?

An instalment loan is simply a type of loan in which you repay the money you borrow over a set number of repayments. These repayments are agreed upon before the loan is taken out and can be paid both weekly and monthly depending on the type of instalment loans you are looking for.

These loans have traditionally been for larger amounts of money, such as mortgages or car loans. However, they are now becoming increasingly popular with people who need Short term loans quickly yet require lower and longer monthly repayments than those offered by traditional weekly payday loans. As such, many direct lenders now offer instalment loans for small amounts and which can be repaid over periods longer than the traditional one month.

If you are really in need of a short term loan for personal expenses, apply 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.