Quick loans or payday loans are expensive. But if you are in a real need for some urgent cash and finding no other way round – these loans can save the day for you. As a matter of fact, borrowing is a habit that goes worse with time and if you don’t manage your finance properly – you are going to land in trouble someday or others. But still in our life we face situations when borrowing money against high interest rate also seems to be a good enough idea.
Small loans for short time
By its nature, quick online loans involve small amount of money, say not more than $1500 for a loan period that I almost always less than a month. The Maximum amount one can borrow may vary from one Quick Loans Australia company to another. The borrower provides the lender with a post-dated check dated after his next payday and the loan amount is deducted automatically for their bank accounts.
Quick money, no paper work
Instant approval is a major USP for quick loan services. You can apply for the loan online with your social security number and a couple of other documents. They will approve your loan and transfer the money to your bank account within 24 hours. You don’t need to visit them personally for once and get your money problem solved.
Applying for Small Loans Online is easy, convenient and minimum time consuming. The entire loan process is completed in three easy steps –
- Application: Your application for a quick loan online needs to include your personal details including your employment information as well as the required financial information. Documents to prove your identity and source of income will also be required.
- Review: once you have submitted your application with all required document, the lending service will review it for assessment and normally the process doesn’t take more than hour.
- Fund transfer: After approval you will receive the loan contract mailed to you which you should review properly and then signature. Once the loan agreement is signed money will be transferred to your bank account within next 24 hours.
Things to consider
Online small loans are easy to get and even if you have a bad credit rating that makes traditional loans unavailable for you, you can get a payday loan with no sweat at all. But there are a few things you must also consider
- Easy availability can make taking payday loans a habit or sometimes you may even get trapped in debt cycle from which your escape can be really difficult.
- You pay up a lot of money as interest and also a part of the borrowed amount as transaction fee
- You are not getting a traditional loan for having a poor credit score, but these quick loans can further ruin your score making the chance of getting a traditional loan later next to nothing.
Payday loans can really save a day or two for you, but they can’t save everyday and ultimately are capable of putting you in a very tight spot financially.