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I Need Money Now

The popularity of fast cash loans is growing day after day, thanks to their availability, transparent terms, and convenience. Nowadays, citizens of Australia can get cash advance loans, irrespective of their current credit score and credit history. Let’s have a closer look at this modern financial product and try to single out its strong and weak points.

What Can I Do If I Need Money Now?

Nobody likes to be in the debt pit. Unfortunately, we can’t foresee everything, and the situations when people need to get money now occur more frequently than they want. What are the solutions? The most frequent answers are the following:

  • “If I need money today, I can ask my friend to lend me the needed sum”.
  • “I can sell something. But it doesn’t work if I need money right now”.
  • “If I need cash right now I take a payday loan”.

Now, imagine that you don’t have friends who can lend you money and you have nothing to sell (or have no time to wait until something is sold). Fast cash-today loans are the only possible solution for you. While they tend to be more expansive than bank loans, they definitely have some benefits that are worthy of considering.

What’s the Real Cost of Cash Loans Today?

In Australia, all fast loans are regulated by the state. It means that special regulatory bodies control the maximum fees charged by lenders. Thus, if I need a payday loan today, the fee cap for this loan will be 24% per $100. This figure is made up of two parts: 20% is an establishment fee and 4% is a monthly fee. This rule works when the total loan size doesn’t exceed $2000. If it does, the maximum establishment fee will be $400.

I Need Money Now: What is the Fastest Way to Get It?

Some people believe that once applying for a loan, they will get the funds immediately. However, it is not quite so. Yes, if I need money today, I can apply for a loan online and get an approval in 15-20 minutes. But after that, the funds are directed to your bank account. The bank processes the transaction within 24 hours, after which the money is credited on your account and you can use it.

What Are the Distinctive Features of Fast Loans?

Fast loans are offered under different names: short-term, same-day, payday or cash advance loans. But they have some distinctive features that make them stand out.

  • They are provided for a short term; commonly – 2-4 weeks. That said, in Australia, the term can be increased up to one year.
  • They are provided without a credit check. It makes them available to almost everyone and very easy to get.
  • The applications are processed instantly in an online mode. You get approval in 15 minutes.
  • They have relatively high interest rates – these are a sort of compensation for higher risks.

In other words, if I need money now and have bad credit, fast loans are a useful option to consider. They are provided quickly and with minimum paperwork.

What are the Benefits and Drawbacks of Payday Loans?

People who need money now should realize that payday loans have both pros and cons. They can be a powerful financial tool if you use them correctly. However, if you make common mistakes (for example, take more than you can afford) you are risking to go bankrupt.

Advantages of payday loans:

  • immediate approval;
  • ease of applying;
  • simple terms and conditions;
  • no credit check.

Disadvantages of payday loans:

  • they are expensive;
  • they are relatively small;
  • they are provided for a short term;
  • you can’t take more than one loan at a time.

Are Fast Cash Loans Safe to Use?

Even if I need money now with bad credit, I should always care about security issues. Many people associate online loans with a scam. However, there’s no ground for this, at least, until you deal with reputable licensed companies. All the sensitive data entered by the clients of micro-financial companies is protected with strong encryption. That is why, if you need money now with bad credit, don’t hesitate: payday loans are as safe as bank loans.

I Need Money Now with Bad Credit: How to Apply

You don’t need to have any special skills or experience to apply for a payday loan online. This is very easy: find a large Apply button and follow the instructions. Usually, you are offered a standard online form where you must enter your personal data. Once you’ve completed the form, send it to the lender and wait for the approval.

Frequently Asked Questions

Q: I need money now: bad credit isn’t a problem, is it?

A: You can get a fast loan regardless of your current credit score, as it is not checked by micro-lenders. If you can provide a bank statement for 3 months, your application will be approved.

Q: I need money right now (bad credit). What papers do I need to get a payday loan?

A: In fact, you don’t need anything special. You need to provide a photo ID (a passport or an ID card), a bank statement for the last three months, and any paper that verifies your address.

Q: How can I use payday loans?

A: It’s up to you to decide how you will use the loan funds. You don’t have to specify the purpose when filling in the application form. This is exactly as if you  had cash – you may buy anything you want or pay for any services with this money.

Closing Thoughts

We can encounter temporary financial difficulties at any time. The good news is that if you need money now, bad credit is not a problem anymore. Payday loans are provided within 24 hours with no credit check. Just make a fast online application and enjoy the benefits of this financial product on the  next day.

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