How to Get Approval for a Cash Loan
A payday loan is a credit product designed to be taken over a short period of time, in order to help consumers deal with urgent financial situations by helping them access fast cash. You may have heard the payday loan also referred to as cash advances, deferred deposit loans, or fast cash loans.
In an economy where getting credit is proving tough even for those with only minor credit issues, these loans are becoming more and more popular. One of the reasons for the rising popularity of these loans is that approval rates are very high. If you’ve tried and failed to get credit elsewhere then a payday loan could be the answer.
Easy Application
As a general rule of thumb there are only 4 criteria you have to meet in order to be granted a payday loan. They are:
- You must be over the age of 18 years old
- You must be a permanent Australian citizen
- You must have a bank account that’s been open at least 90 days
- You must be in full time employment (this normally has to be verified)
As long as you fill the above criteria you are able to apply to any of the payday loan companies (and there are tons) around.
Proof of Earnings
With a payday loan credit checks are not usually carried out, meaning those with bad credit histories will still have a chance of getting the cash they need. In place of a credit check lenders will require full verifiable proof that you’re in full time employment.
This proof will normally come in the form of payslips. Depending on the lender you’ll need to provide them with at least two months of pay slips to show you’re employment is ongoing and that your salary is regular.
The other important aspect of payday loan approval is an active bank account. You’ll need to prove you’ve held an account for at least 3 months, and that the account is in good standing. The main reason for this is that lenders will want you to write them a post dated check, written to coincide with your next pay packet.
This way if you fail to pay the debt back on it’s due date they can simply cash the postdated check you have given them. It’s the lenders form of security. Of course if you write a check which subsequently bounces you will be charged, and in some cases could also face legal issues.
Things to Compare
Whilst you may be desperate for cash and in need of immediate credit this doesn’t mean you should accept the first payday loan you’re offered. There are still a few things you should consider and compare before you take any deal.
Interest/Fee- What is the interest on the loan, or do they charge a flat one off fee. If so how much is the said fee?
How fast can you get the cash?- Whilst many payday loan companies run a same day service there are some that will take 24 hours before depositing the cash into your account. If you need the money instantly be sure you find a lender that will give you the money the same day you apply.
Payment terms- Look for any hidden charges. Does the lender charge you a fee if you extend the loan or change the payment date? Also make sure there are no admin fees that haven’t been discussed. All these things can increase the amount you have to repay.
Whilst applying for, and being approved for a payday loan is very straight forward, you still need to do your homework to ensure you get a deal that’s right for you.
Featured Personal Loans
| Personal Loan | Details | Min Interest Rate | Min Comparison Rate | Min Loan Amount | Min Loan Terms | Apply Fee | |
|---|---|---|---|---|---|---|---|
 ME Bank Personal Loan | A low rate personal loan from ME Bank with no application fee for a limited time. | 13.59% | 13.81% | $5000 | 1 year | $0 |   |
 Aussie Personal Loan | A smart way to consolidate your bills to save time and money so you can pay for your holiday, a wedding or renovate the house. | 13.90% | 14.84% | $3000 | 1 year | $199 | |
 Sugar Money Personal Loan | Fixed rate personal loan with flexible options to get you funds when you need it. | 13.99% | 15.00% | $3000 | 2 years | $250 | |
 bankmecu Personal Loan | A convenient and fast way to purchase a car or debt consolidation with affordable rates and fees. | 13.49% | 14.55% | $1000 | 1 year | $150 | |
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