If you need money quickly for a car repair, a high utility bill, or a bank overdraft fee, you can now apply for an instant loan, also called a cash advance, payday loan, or short term loan. These loans are small, short-term cash advances ranging from $100 to $500. Depending on when your next paycheck comes, the loan would last for a week, two weeks, or a month. Payday loans and cash advances are other names for instant loans.
You could get an instant loan if you are at least 18 years old, have been working at your current job for at least 3 months, have your check deposited directly into your bank account, and make at least $400 per week. Most lenders of instant loans have a limit on how much they will lend to first-time borrowers.
Some Australian loan companies won't let you borrow more than $200 for your first payday advance if you get paid once a week, $300 if you get paid twice a month, or the lesser of $400 or 20% of your pay check if you get paid once a month. After you pay off your first loan in full, you could borrow up to 30% of your take-home pay.
There are a few reasons why lenders might offer instant loans. Since personal computers have become so common, you can now apply for cash advances online. Most of the time, it only takes a few minutes to fill out the application, which is then sent to the lender via a secure server. Once the loan lender gets your application, they will send you an email telling you to talk to your payroll officer and tell them that a representative from instant loans will be calling them to verify the information on your application.
Once your information has been checked and your loan has been approved, the money is usually put right into your bank account. Most of the time, you'll get your money within 24 hours of filling out the application.
Even if a client has bad credit, they can still get an instant loan. This may have made it hard for a client to get a loan from a traditional lender in the past. People who want to borrow money often have their credit reports checked to make sure they haven't filed for bankruptcy or plan to do so soon. Most lenders want to make sure that they can get back the amount of the instant loans plus their fees and interest if the loan goes bad.
Instant loans, also called payday loans, can be given to people with bad credit because the loan is for a small amount and is paid back quickly. They can be gotten quickly because the information on the borrower's application is often checked by the borrower's place of employment. This is faster than having to send in bank statements or pay stubs.
If you need cash right away but have bad credit, you might be able to get an instant loan to get you through until your next paycheck.
