FAQ

How much can I borrow?

My Cash Online, we offer loans from $200 to $10,000 to help with all kinds of expenses including car repairs, medical bills, bond, dental work, travel and vet fee etc…

Applying is simple and we help you work out how much you can afford to borrow. Repayments can be scheduled to suit you and generally occur weekly, fortnightly or monthly.

Who qualifies?

18 years of age

Have online access to a bank account showing a minimum of 90days income

Be an Australian Citizen or Permanent Resident

Have a mobile number & email address

Have Stable income

What documents are required to apply?

As a responsible lender, we need to verify your identity and be confident that you can comfortably meet the loan repayments and that the loan is ‘not unsuitable’.

With your approval, we will obtain your 90days bank statements from our authorised provider and carry out a credit check. We may request further documentation such as your photo ID, Centrelink statement to be part of our assessment process.

How do I apply ?

Click on Apply now.

For Small Cash Loans , our process is fast. You

1. Choose your amount from $200 to $2000, our smart tech will work out a loan payment structure and loan term for you to select.

2. We verify the details you have provided and quickly get back to you.

3. When approved and we accept your offer, we transfer the money to you.

Fees and charges

Small Amount Loans

Establishment fee is 20% of loan amount.

Monthly fee is 4% of loan amount.

A dishonor fee of $12 will be charged each time you fail to make your scheduled payment. We will reattempt the repayment twice each payment cycle.

Late penalty Fee: $15 each payment when payment dishonour.

There are no penalties for paying your loan out early.

 

Medium Amount Loans

Establishment fee 400$.

Monthly fee is 4% of loan amount.

A dishonor fee of $12 will be charged each time you fail to make your scheduled payment. We will reattempt the repayment twice each payment cycle.

Late penalty Fee: $15 each payment when payment dishonour.

There are no penalties for paying your loan out early.

How it works ?

Once you have submitted your application, we will verify the information you have provided and we may need to collect additional documents. As a responsible lender, we conduct various inquiries including a credit check as part of our assessment process.

We use an authorised third party company – Credit Sense to obtain your latest bank statements. This enables us to assess your application quicker. Be assured that we do not have any control of your bank account and your banking details are not storeed by us or Credit Sense. We take your security seriously and all your information on this site is well protected.

Once all our checks have been done, we get back to you and arrange for the funds to be transferred to your bank account.

Making your repayments is also easy. We will set up direct debit payments on a nominated date and send you a reminder a few days before.

There is no cost to you whatsoever if you are unsuccessful in getting a loan from us. You are welcome to come back when your circumstances change.

Can I apply if I’m having unpaid default?

No! If you are current having unpaid default or discharged Bankrupt or Part 9 Agreement we will automatically decline the application.

How long does it take?

Depends on how tech savvy you are but most people get the application done within 5 minutes or less! And after that, we can take up to 1 hour to complete the assessment process. Please Note: If we require any additional support during the application process, the time frame may be extended.

Have more questions? Contact Us Now

If you have any further questions, contact us through:

Email: admin@mycashonline.com.au

Phone: 1300 998 868

Mail: PO Box 163, Forest Hill Vic 3131

Need more help?

Feel free to ask us about it!
Call Us

anytime during business hours.
1300 998 868

Email Us

Email us any time to  admin@mycashonline.com.au

See Our FAQs

See answers to questions on how to use our services



*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.

© 2022 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.