Personal Cash Loans
$50 - $5000

Personal Cash Loans - Online Australia
Sydney -Melbourne - Brisbane - Perth

When it comes to cost-effective personal loans in Australia, there’s a vast number of companies from which to choose. Banks, sub-prime specialists, and credit unions, as well as significant chains that now have a financial division all, offer personal loans.

There are also many peer-to-peer lending specialists that ideally match the would-be borrowers with the different groups that are willing to lend to them. Peer to Peer cuts out the financial institutions, and allow borrowers to benefit from helping people out. There are also online lenders that are willing to work with the high-risk borrowers, essentially offering a lifeline to people in unstable situations.

Simple Online Application

We provide a simple online application form which will take a couple of minutes to complete

We Match you to a Lender

We use your information to help us match you to the right lender for you circumstances

Complete your loan

You'll be transferred to the lender most likely to help, they will let you know what other information they require to finalise your application

How to Find the Best Deal for your Borrowing

When you take out a loan, you are obligated to pay the interest on that loan amount. Some lenders will let you pay back the loans earlier, though it’s highly unlikely that you will save interest by doing this. In most cases, the extra repayments don’t go towards paying the principal amount, and you will be paying the interest as usual. Meaning that even if you settle early, they need you to pay the expected amount (principal interest) back.

As such, you should focus on finding the best interest rates you can see before taking out a loan. The interest charged on unsecured loans can vary, ranging from 6% to 9% for a small loan of a few thousand dollars, which is spread out over a period of 5 years.

Taking control of your finances

For those who are already in debt and you’d like to refinance them to consolidate them and save up some money, or receive a smaller monthly payment, you should aim to find companies that specialize in such kinds of options. Although you’re are most likely not going to receive the lowest interest rates when refinancing, since lenders usually see people who are refinancing or consolidating as being higher risk. However, if you’re disciplined, it can help you in the long run.

If you’re refinancing, you can lower your monthly payments quite significantly. If you had taken a sub-prime loan and you had repaired your credit successfully and managed your account with that lender relatively well in the interim, it’s possible to save some interest by switching to a mainstream lender. Consolidating debts will let you combine many accounts in one monthly payment. As such, you will only have just one payment date and one figure to remember, this could mean a lesser chance of missed payments and therefore a lower possibility of damage to your credit rating.

The most important thing here is to stay disciplined. Consolidating your personal loans and your credit cards where appropriate will allow you to close most of your revolving lines of credit, and you will be in a better position to avoid temptations into running them up again. The main aim of consolidating is making sure that your debts reduce over time, not to free you into borrowing more.

What about those in Difficult Financial Circumstances?

If you’re finding it difficult to borrow from the traditional banks perhaps due to unstable employment, peer to peer lending might be an excellent option for you. Peer-to-peer lending has been quite popular in the USA for a while, and it’s just starting to spread to Australia and other parts of the world. Currently, there are several groups of organizations and individuals working together to provide peer-to-peer lending services in Australia.

Typically, peer-to-peer lenders offer unsecured loans with fixed interest rates. They ideally use a risk-based system in which the borrowers are categorised into different tiers. The lowest risk borrowers usually get competitive interest rates, while the higher risk ones typically pay more interest. Nonetheless, high-risk borrowers are much more likely to get approved for a loan with the peer-to-peer lenders than they are with traditional lenders, including banks and online lenders.

The fees associated with this kind of borrowing are generally lower than what the banks charge, and some lenders offer loans with no application or exit fee. All you have to pay is the interest charges.

Online Loans for Small Amounts

If you only need to borrow small amounts such as a few hundred dollars, you can do this via online lenders. Most of them can process your application and deliver results in a matter of minutes, or even seconds. These types of lenders usually offer short-term loans, and typically charge much higher interest rates compared to the mainstream banks. But their interest rates might seem a bit terrifying at first glance, since you will be paying off the loan very quickly, meaning that they won’t charge you as much as it probably looks like from the 3 or 4 figure percent AER.

Consider What You’re Borrowing For

Some lenders need to take into account the reason you’re borrowing for when determining whether to give you a loan or not and the interest they will charge you. If you’re taking a loan for things that will hold their value over time or things that are long-term investments, such as replacing a major appliance or repairing a home, your application is likely to be looked upon favourably than if you were borrowing for a holiday or party, since you’ll be more likely to want to borrow more in the future. Lenders usually build a complex profile before deciding what they can lend you and might want to verify that you are a responsible borrower.

Before You Apply

Before applying for the loan, ensure that you understand how much you will pay back in total, whether your loan has a compounding interest or not, and what the late penalties are. Be sure to also check your credit report to ensure that it’s accurate. In case you notice any mistakes on it, have them corrected before you apply.

Removing a small mistake from your credit report could make all the difference; perhaps put you in the lowest risk category and get you a much better rate. You should only borrow what you need, and ensure that you can afford to make the repayments. Don’t forget that failure to repay a loan can mess up your financial future.

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Small Print

All Loans are subject to an assessment of suitability and affordability. Disclaimer: We are a Licensed Finance Broker. We do not provide any kind of credit facilities. Your request will be referred to a third party that you can deal directly with. You will be advised of the 3rd party lenders fees and charges before signing your contract. We may receive a small fee (amount unascertainable) from these third parties for the referral. It is recommended that you take independent legal and financial advice before taking up any products that you are referred to.