Sometimes, life throws you an expensive curveball, which might have you looking to take out a cash loan right away.
Whether you’ve woken up and realised ‘oh no, my car has broken down’ or receive news that a family member has had a medical emergency to take care of, having access to easy cash loans often saves the day. However, it’s essential to know everything about it to make sure your loan gets approved right away, allowing you to use the money for its intended purpose instead of waiting weeks for it.
Short term personal loans are unsecured loans that many lenders offer private citizens. They’re usually contingent on your credit score and your ability to repay it based on your current personal income and expenses. Different lenders also have different types of personal loans, which may also have different fees and repayment terms.
Here are things to consider before you apply for a personal loan!
Do I meet the Eligibility Requirements?
The first hurdle you’ll need to pass is the lender’s eligibility requirements. Simply put, if you don’t meet them, they won’t consider your application at all, so you’ll want to study their criteria carefully and make sure you meet them. Many applicants forget to evaluate themselves against the requirements, which is a common reason for a loan application to be rejected.
Criteria for easy cash loans often differs per institution, so be sure to double-check when you apply. Generally speaking, you must be at least 18 years old to apply for a cash loan. Be sure to fulfil the other eligibility aspects as well, like supplying the documents required for the application.
Do I have a good Credit Score or a good credit history rating?
Personal loans can often rely on a borrower having a good credit score, so if you have a high credit score, it can significantly help with the approval of your application – but that is not always going to get you over the line. Lenders must consider your overall financial situation, so even if you have a clear credit history, if there are other concerns with your application, you may not be approved. Your credit score is calculated differently by different reporting bodies so your score would differ slightly between credit reporting agencies like Equifax and Illion – some credit reporting bodies might calculate it partially based on your debt-to-credit ratio and how quickly you pay it off. So while in a lot of cases, the better your credit score, the faster you’ll be approved, you will still need to demonstrate that you can meet the repayments and your existing obligations. If you don’t have a good credit score, there are lenders that offer flexible credit options to suit your unique situation, like FUNDO. If you have a not-so-great or bad credit history you might be eligible to apply for a bad credit loan or a no check loan with FUNDO!
Do I have any other short-term loans?
An excellent tip to keep in mind is to ensure your existing loans are paid off before applying for a new loan. Having a loan that is not yet repaid doesn’t always mean your application will be rejected, it may mean that the amount of money that can be loaned to you might be less, to ensure that the repayments are affordable for you. Your loan application will be assessed to ensure that you can afford a new loan repayment on top of your existing expenses. As short-term loans can be expensive, if you have multiple short term loans, you might not be able to afford to repay another one.
How much do I need to borrow?
Determine the full amount that you’ll need to borrow to achieve your goal, and remember that you’ll be repaying the amount requested for your easy cash loan, along with the fees and charges.
Lenders will assess your ability to repay based on your current income and expenses, so if you ask for a high loan amount, but have a low incomer compared to your expenses, your application might be declined or a lower offer may be made to you.
If you are succesful with your loan application, determine if you can repay the amount within the timeframe given by the institution and if you can’t, speak to them before you accept.
Send One Loan Application at a Time
Although many people think that applying to multiple lenders increases their chances of getting a loan approved, this isn’t exactly true. When performing a check on your credit history, a lender would see the other requests you’ve made to different lenders, which does not always look favourable. For best results, apply at one institution at a time. FUNDO rewards customers that make FUNDO their primary lender. Making FUNDO your primary lender will improve your Fundo Score, which improves your chances of success.
Summary
Getting a personal loan is an exciting process since it equips you with the financial backing to make financial decisions, whether it’s paying for a wedding, an exciting vacation, an unexpected bill for car trouble, or even a smaller expense. However, things may not go as planned if you don’t prepare. By keeping these five considerations in mind, your approval chances should increase, and you will be up for approval in no time!
In need of quick and easy cash loans? All you’ve got to do is Fundo it! We offer small loans between $300 to $2000. With our system, you’ll enjoy same-day decisions, fast funding, and flexible repayments. Contact us today to get started!
FAQ
What is the eligibility requirements to apply for a Fundo Loan?
We want to help as many Australians as possible!
Fundo is a responsible lender – as such, you must meet certain qualifications in order to be eligible for one of our great products!
– Be over 18
– Earn at least $300/week in regular income, excluding government benefits
– Demonstrate an ability to meet repayment deadlines
– Not place undue financial pressure on yourself by borrowing from Fundo.
We look forward to assessing your application!
What fees do you charge?
Fundo charges fees on all of its loans.
The costs associated with your loan are governed by responsible lending legislation.
In most cases we will charge a 20% establishment fee – calculated on your principal.
There is also a monthly account fee of 4%.
All our fees are in line with industry standards.
How do I apply?
Our application process is all online and incredibly quick.
Fill out all your details on the application form and one of your friendly Fundo team members will assess your application.
Best of all, applications submitted during business hours will be processed on the same day.
Don’t hesitate, apply now, and get your decision within seconds.
Fundo is a responsible lender – as such, you must meet certain qualifications in order to be eligible for one of our great products!
You will have to complete a new application for each loan so we can assess your current circumstances.
The opinions expressed in the Blog are for general informational and entertainment purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific investment product. It is only intended to provide education about the financial industry. The views reflected in the commentary are subject to change at any time without notice.
