When it comes to terms like ‘fast cash instant loans’ or ‘same-day Personal Loans’, these can sound like nothing more than a sales gimmick designed to hook people in, just to get their business. While not every form of advertising on the planet is 100% honest and accurate, terms like these are not always gimmicks either.
When it comes to finance that’s labelled fast cash, Australia does offer up some options with a variety of lenders, particularly private money lending companies. But do any Aussie lenders genuinely offer quick money loans or same-day loans?
The truth is, the majority of them don’t. Most loan applications – whether it be for a Personal Loan, credit card, home loan or otherwise – can generally take several weeks to be processed and either approved or denied. It seems to be about the standard length of time with many lenders for most financial products.
Not all lenders are exactly the same, though. Just as lenders will vary when it comes to their product offerings and interest rates, so too can there be variables between lenders when it comes to the processing and approval times of loan applications.
Enter the Private Lending Sector Of the Market
Private lenders are not banks or credit unions, nor are they building societies. As the name implies, they are private lenders that offer similar financial products, but often with more perks. One of the key ways private lenders get a leg up on traditional banking is by offering speed of services.
While not every private lender will promise things like same-day loans or same-day approvals, many private lenders do. It’s best to carefully review the website of each lender first to see what they are offering, and if you’re uncertain about anything, either email them or give them a quick call to confirm their terms.
With particular lenders in the private sector, if you submit your application early in the day and provide everything that’s required, they’ll often get back to you on that same-day with a decision. If they agree to offer you finance, you can have the money in your account by the end of the business day or the very next day.
Again, this can vary, so be sure to check with the lender in question.
Another thing that makes applying for finance with a private lender faster, is they generally ask for the absolute minimum amount of paperwork and supporting documentation. Interest rates are highly-competitive, so it’s not like you’re paying more for faster service, either.
Private lenders also often short to medium term loan providers, meaning you can pay off the borrowed funds on shorter terms and get out of debt sooner.
When Would You Want a Fast Cash Loan?
The answer to this question really depends on what you want to borrow the money for. If you’re in no particular hurry, you could apply for a loan with just about any lender. However, one of the most common reasons someone wishes to apply for a fast cash loan is when they are faced with some form or emergency situation, such as a medical emergency, or any other reason why they may need money fast.
It could even be the case where you’re suddenly faced with some unexpected bills or some other expense that you weren’t counting on. You don’t have the money to cover it and need to find it fast. It may only be a small amount that you need to borrow, which makes the terms of a fast cash loan perfect, as often these can be repaid in as little as just 3 months. After all, you don’t want to be spending years paying off a small Personal Loan.
You don’t even have to have a specific reason to want the money fast. It’s just nice having the option if you don’t feel like waiting weeks for an answer.
There is such a thing as fast cash instant loans and same-day loans. All it takes is a bit of research on your behalf to uncover lenders who offer a very speedy service and turnaround times, from application to approval.