How to get a short-term cash loan - fast
People often consider getting a short-term cash loan out of necessity for immediate financial assistance. Your car breaks down, the water pipe has sprung a leak, a family member suddenly becomes sick, or in just about any situation where you face an urgent need for some quick cash. Short-term loans serve as an emergency lifeline that give you a bit of breathing space to cover expenses and then pay it back over time.
A short-term cash loan is a bit like a financial Swiss army knife – it’s the answer to your financial needs when you need it most. It has one and only one purpose, and that’s to provide you with the cash you need – fast.
Here are some things to consider when you need to get a short-term cash loan in a hurry.
Don’t rush
OK it might seem odd if you need cash fast that our first piece of advice is not to rush, but it’s important to think things through before diving in. If your water heater suddenly stops working and your shower is running cold, naturally, your initial reaction will be to get it fixed as soon as possible. But if you don’t have the money to pay for the repair, you might dive into a personal loan, head first, without thinking about the possible consequences.
The key here is not to rush, but rather take your time in considering if a short-term loan is indeed the right option for your situation. Jumping in without the right preparation could have consequences such as:
- Your application might get rejected, which may hurt your credit score.
- You might not be able to pay the loan back within the agreed timeframe, which may cost you additional fees or penalties
- You might apply for an amount that isn’t enough to cover what you need
Conduct a quick health check of your finances
Assuming a short-term loan is the best option for your current situation, the next thing you need to do is to conduct a quick health check of your financial situation. The question you need to ask yourself is: "can I pay back the loan within the agreed timeframe?" Short-term loans are built for speed and you can usually get one fast, so it is an ideal solution in an emergency situation. However, it’s important to do your homework first as fees, charges, interest and penalties differ from lender to lender.
Check your eligibility
The next thing you need to do is check if you’re eligible to apply for a short-term cash loan. There really aren’t many documents to prepare, but it’s worth checking if you have them available to avoid delays in the online application process. Generally, these are the requirements:
- You must be at least 18 years old
- You're a permanent Australian resident
- You have a bank account in your name
- You have a regular source of income
- You have a mobile phone registered in your name
- You have your driver's licence or medicare card details on hand (to confirm ID)
- You’re not in the process of bankruptcy
Begin your search
Now that you’re ready to apply for a short-term cash loan, it’s time to begin your search for the financial services company that best suits your needs. Here are the important things to check:
- Fees, charges and interest – these vary from one lender to another, so it’s an important comparison. Here at Safe Financial, we don’t apply any interest for loan amounts up to $2,000 – instead, we charge an establishment fee and a set monthly fee
- Repayment amount – your loan should come with a clear repayment plan. Check if it’s affordable enough for you, so you don’t miss any payments. Safe Financial has a simple loan calculator you can use to get an idea of the repayments you’ll need to budget for (includes any applicable fees or interest)
- Credit rating requirements – some lenders will only approve your loan request if you have a solid credit rating. At Safe Financial we understand your financial journey can get a bit rocky from time to time, so you don’t need to have a gold class credit score to get your loan approved. You are welcome to apply even if you have some bad credit - so, make sure you check that the lender you’re considering does the same
Apply only for the amount you need
When the opportunity to have more money presents itself, the tendency is for us to grab it. But short-term cash loans are meant to help you out of debt in the shortest time possible. So, to avoid getting into debt longer than you should, apply only for the amount you need. On the flip side, make sure the loan amount you apply for will cover all of the expenses you need it to.
Get your short-term cash loan now!
There you have it. These pro-tips will help you think and prepare everything you need in advance to apply for your short-term cash loan - fast. And, if you need one right now, we’re here to help. Just take a look at our cash loans from $1K - $5K to find out how quick and easy it is to get your hands on some extra funds. Once a loan is approved, the cash is usually in your bank account within a few hours. It’s that fast!