Things before a Loan Applicaiton

Whether you need access to quick cash to cover an unexpected expense, or are borrowing many thousands to help pay for a house extension, applying for a loan is a surprisingly similar process. Providing you have opted to borrow through a responsible lender, you will be asked to provide some personal information, which will allow your lender to check your credit, employment and income status. They will also look at your existing financial responsibilities and regular outgoings.

The amount you can borrow, the length of time you have to repay the loan, and the rates you are offered will largely be based on the results of these checks. They will, therefore, vary from borrower to borrower and provider to provider.

Online or at the bank?

Generally speaking, consumers apply for loans with online providers or high street banks. Many banks offer personal loans with decent interest rates to their existing customers who can apply online or in person, at a branch, if they prefer.

Applying for a personal loan at your bank

This option is obviously only available to those banking with traditional high street banks with a brick and mortar presence. Most alternative banks, offering current accounts and other financial services, do so online.

If you prefer to apply for a loan in person, you will be able to do this by making an appointment at the local branch of your bank. Be prepared to be at the bank for at least 30 minutes. There will be plenty of paperwork to get through and a credit spiel to listen to.

You will need to take the following with you:

Proof of address

You may need two or more of the following:

  • Utility bills
  • Driving license
  • Council tax bill
  • Recent bank or building society statement
  • Credit card statement
  • Government letter

Proof of Identity

You may need to supply one or more of the following:

  • Driving license
  • Passport
  • Armed Forces ID Card
  • Proof of Age Card
  • Other Official Photo ID

Proof of income

You may need to supply one or more of the following:

  • Payslips
  • Centrelink
  • Bank statements showing regular income
  • Recent years’ tax returns (for the self-employed)

If you are really in need of quick cash for personal expenses, make an online application 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.