Being a penny pincher is good sometimes to manage the unwelcomed expenditure. But we have to look for some quick cash when situations are out of control. Not everyone is so lucky to get approved immediately. There are a number of lenders in Australia with different terms & conditions and eligibility criteria. Another side of the coin is, the personal loans further have different categories. According to the National Consumer Credit Protection Act 2009, there are two major categories of quick online personal loans:
1. SACC Loans ( $300 - $2,000) Tenure: 16 days to 365 days Collateral: Not Required Costs: 20% Establishment Fee + 4% Monthly Fee
2. MACC Loans ($2,001 - $5,000) Tenure: 16 days to 2 years Collateral: Required Costs: $400 one off fee + Maximum 48% annual APR
3. Personal Loans above $5,000: According to ASIC and the NCCP Act 2009, there are no legal rates and tenures for Personal Loans. The lending companies are offering these loans at their own rates and terms and conditions. They are following the financial law and regulations, but the interest rates are competitive.
If you are grasping at straws to get money from somewhere, the following tips could help you:
1. Check Eligibility:
We advise you to read eligibility criteria very carefully. You can't go beyond that. For these loans, here is a basic legal checklist to match with: a). You are 18+ by age. b). You are an Australian Citizen or Permanent Resident of Australia c). Holding a valid bank account d). Have an active Australian contact number and email id.
2. Don't apply if you already have two or more than two ongoing personal loans:
In the last 90 days, if you have applied for two or more than two personal loans, you are not legally eligible to apply for another one. No lender will accept your application, and in case if anyone accepts, you have to wait until finishing at least one loan of two. It is a good move by the government to keep the people out of a vicious cycle. It won't put an extra burden on your pockets. Moreover, it will help you to maintain your credit score.
(Note: Here we are stating personal loans only. These loans do not include home loans, car loans, business loans or any other loans. )
3. Conditions For Centrelink Beneficiaries Are Different:
The NCCP Act 2009, has some different guidelines for Aussies who receive Centrelink. If you are getting half of your income from Centrelink, the repayment amount should not cross 20% of your total income. Don't get confused here is the explanation.
"James is earning $800 per week, and from that, he is getting $400 (50%) from Centrelink. He wants to apply for a quick small personal loan. The lender has told him that his repayment amount should not exceed $160 (20% of total income). Additionally, this 20% will cover the repayments of his all ongoing loans."
If you are fulfilling the above conditions, then you can go for it.
4. Conditions for Bad Credit Applicants:
There is nothing special for applicants with bad credit. The lenders very well know that there could be various reasons behind payment disbursals. They are interested in your current financial status. If you have a good constant income source and do not foresee any reason for future hardship, you can give it a burl.
5. Do not borrow beyond your limits:
We recommend you to borrow the amount which you could easily manage to repay. The lender will review your bank statement and will calculate your weekly expenses as well. If you will apply more than your repaying capacity, you might face rejection. Please calculate your regular expenses first, then choose the amount and loan term for easy approval.
6. Do not apply with an overdrawn negative bank statement:
In most of the cases, the lenders usually reject applications with overdrawn bank statements. You might be lucky if get approved but try your best to apply with a positive account balance.
If you are fulfilling all these conditions, we can help you to get a Quick Personal Loan. Let's start an application right now!
Small Personal Loans are flexible options in which helps to borrow money from $300 to $2000 within hours on approval. You can avail instant cash for dealing with your emergency requirements without any obstacles. Apply online and get cash loans on same day approval! https://www.breezyloans.com.au
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