What Is Considered A Small Cash Loan In Australia?
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Same day funds up to $5,000
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Sudden expenses can pop up at any time, from car repairs to impromptu vacations, and when you don't have the funds to cover these surprises, you might turn to your local bank for small cash loans. However, getting a loan approved through their manual processes can sometimes take weeks or even months. That's not much help when you need financial support right away.
If you need a loan fast, consider online loans from Fundo instead. With Fundo, you can conveniently apply for a loan online and receive approval quickly if you’re eligible. Thanks to our technology-driven application and approval process, our team can review and make decisions on loan applications faster than most traditional lenders. No need to leave home – you can apply at any time from anywhere.
Now that you have a better understanding of what makes Fundo a great option when you need a loan, learn more about small cash loans by reading the common questions we’ve answered below.
In Australia, small cash loans are typically considered to be a loan of $2,000 or less. These loans are often used to cover unexpected expenses or to help with short-term financial needs. The exact terms for small money loans will vary depending on the lender and the borrower's financial situation. Because everyone’s needs are different, it’s ideal to get loans with flexible repayment terms, such as those from Fundo.
We offer flexible repayment terms that can be tailored to fit your specific loan scenario. Our team of experienced loan specialists will work with you to create a repayment plan that works for you, taking into account your budget, income, and other financial obligations. This individualised approach allows us to provide the financial support you need in a way that is sustainable and manageable for you.
Additionally, Fundo borrowers get a self-service dashboard where they can manage their loans more efficiently, as they can track their repayments, view important loan information, and reschedule their repayments as needed.
Most, if not all, small cash loans – such as travel loan, home renovation loan, and personal cash loan – are associated with fees. These fees can vary depending on the lender and the specific loan terms, so it’s important to know what fees you may have to pay under a loan before you commit to one. Make sure to work with a transparent lender who will clearly disclose all fees associated with your loan.
At Fundo, we believe that our customers deserve clear and straightforward information about the cost of their loans. We are committed to complete transparency when it comes to our loans and services, which means you will always know exactly what you are paying for and how to make your payments. There are no hidden fees or surprise charges with Fundo.
As responsible lenders, we adhere to all relevant legislation in Australia. This means that the costs associated with our loans are transparent and clearly stated in our terms and conditions. We’ll happily answer any questions you may have about the costs associated with our small cash loans to help you make an informed decision.
If you have a less-than-stellar credit score, you may find it challenging to secure a loan from traditional banks and lenders. These institutions often have strict requirements for loan approval and may be hesitant to lend to borrowers with poor credit. However, online lenders like Fundo have less stringent requirements for loan approval, making it easier for you to get approved for small cash loans.
Even if you don’t have perfect credit, you’re still welcome to apply for small cash loans at Fundo. We consider a range of factors when evaluating loan applications, not just credit history. This means that even if you have bad credit, you may still qualify for a small loan if you have other positive financial indicators, such as a steady income or a strong track record of paying your bills on time.
If you are wondering if you are eligible for a loan with Fundo, you will be happy to know that our minimum requirements simply need applicants to:
To help us expedite your loan experience with Fundo, please also be prepared to provide us with details of your regular income and any government benefits you receive, as well as documents of your personal identification – such as an Australian driver's licence, proof of age card, or passport – and your bank account details, so we know where you deposit your funds if you get approved for a loan.
Fundo also gives its borrowers the opportunity to improve their chances of getting approved for future loans at Fundo through the Fundo Credit Score. By improving your Fundo Credit Score through referring friends and family to our services, making timely repayments on your loans, leaving reviews for Fundo, and limiting your borrowing from other lenders, you may get discounts and other benefits from us.
Now that you know that Fundo makes it super easy to get a small loan online, what are you waiting for?
Apply for small loans at Fundo today!
Unfortunately, no. Due to regulation and good business practices, it’s impractical to lend out amounts less than $500 to consumers. Simply put, it doesn’t really help anyone out to any significant extent, and the fees and charges to cover the cost of the loan from a lender’s perspective would be too high for most people to cover. That’s why Fundo offers loans from $500 to $5,000. For smaller amounts, you may want to try to arrange a loan through Centrelink.
In some ways, yes. However, in other ways, they are quite different. A personal loan from a bank or lender is typically for higher amounts (more than $5,000) to purchase something. In many circumstances, personal loans are secured against an asset, such as a car loan. A small cash loan, unlike other personal loans, does not require collateral and can be used to purchase items you cannot keep, such as emergency air travel tickets, medical costs, or necessary car repairs. Personal loans are also paid off over many years - typically five years - for amounts over $10,000. For most personal loans, you will need to consent to a non-negotiable credit check; at Fundo, we can help you get an emergency loan without a credit check, where feasible.
We get it - the last thing you want is another potentially adverse credit check on a tarnished credit history. That’s why Fundo is your friend - we work hard to assess your suitability for an urgent loan without a formal credit check. We ask you questions - which you answer truthfully and to the best of your ability - to determine whether you will be left better off with a small cash loan and can pay it back without going into any potential financial hardship. We ask you about your current income level and source (e.g., employment, self-employment, government benefits), the reason for the loan (in a general sense), and your basic identification and banking information. In fact, we use our own method to assess your application and ongoing applications; the Fundo credit score. Read more about the Fundo credit score in the below answer.
The Fundo Credit Score is a unique set of benefits we give to our most loyal and valued customers to thank them for being responsible with their borrowing. Fundo Credit Score users can interact with it by writing reviews, telling their friends about us, and repaying same-day loans on time, or even early! It’s our way of giving back to our customers that have done right by us.
Your Fundo Credit Score can go up as well, as long as you don't have too many loans from other lenders. In general, a higher Fundo Credit Score means you have a better chance of getting a loan now and in the future.
On the other hand, you are less likely to be approved for same-day loans if your Fundo Credit number is low. It's possible that your general credit score (the one kept by credit reporting bodies) will go down if you don't make your Fundo payments on time. This is our own company's credit score, which we don’t share with anyone else. We'll let you know if it changes your "official" credit score.
You may check your Fundo credit score at any time using your Fundo dashboard.
An authorised lender asks a credit reporting bureau to look at an applicant's credit background or credit score. This is called a credit check. Anyone who wants to apply must agree to the check and show at least 100 points of Australian government ID to prove who they are before a lender or entity can conduct a credit check. Most of the time, if you are getting credit checks left, right, and centre in a short period of time, this can look like you are trying to take on too much debt and reject your application - even if it was just your way of looking for a competitive rate. We only recommend consenting to credit checks if you are committed to taking on a loan and fully agree to a loan agreement’s terms.
You can also read more about how credit inquiries work on our blog.
A small cash loan is designed to tide you over in the event of an unavoidable but urgent expense. We’ve all been there - but coming up with the cash can take time that you don’t have. You may have your cash tied up in assets, investments, crypto, or as outstanding invoices - and you simply cannot wait until you liquidate (sell off) these assets or are paid from elsewhere. Small cash loans are like cash advances which can cover emergency flights, medical or dental bills, repair bills, appliance replacement, emergency accommodation, rental bonds, relocation fees, insurance excesses, and much more.
Yes - if your fingers are fast enough! Your Fundo dashboard is streamlined and simple enough that it takes the average user about three minutes to complete. If your application is approved, you can get the funds within 60 seconds. If you already have an account with us and you have a high Fundo credit score, you can complete new applications in under that time!
Yes - we will never directly offer you “free money” or “no interest” loans - this is definitely a scam. Do not click any links in the email and send it straight to the bin, or report it to Scamwatch or us so we can investigate.
Disclaimer: Please note that this article is for informational and entertainment purposes only and should not be interpreted as financial advice. The views and opinions expressed in this article are subject to change at any time without notice.
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and Secure. 5 min
application²
Kim S.
Ellie P.
Robert D.
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application²
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application²
Loan amount from $500 to $2,000
Minimum 91+ days to maximum 6
months
20% establishment fee and a flat
4% monthly fee4
Loan amount from $2,001 to $5,000
Minimum 91+ days to maximum 2 years
$400 establishment fee, interest at
47.80% p.a. (comparison rate 66.58% p.a.)5
4 Fees are based on loan principal advanced.
5 Comparison rate is based on an unsecured loan of $2,500 over a term of 2 years.
WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
6 The example assumes timely repayment as per the loan agreement, or additional fees and charges may apply.
Safe
and Secure. 5 min
application²Terms and conditions and fees and charges apply. Approval and loan amount are subject to our credit assessment criteria.
¹As soon as you sign your contract, we instantly send the funds to your nominated bank account. If your bank works with the New Payments Platform (NPP), most customers see funds in their account within 60 seconds. If your bank is not NPP enabled, or its a public holiday, the funds are usually received by the next business day
²Applying for a loan with Fundo usually takes about 5 minutes. However, this time can change based on a few things, such as your typing speed, the device you're using, and whether you have all the necessary information ready to go.
³As the approval process is influenced by various external factors, we can't guarantee that you'll receive a decision on the same day. However, most of our customers do receive a same-day response to their application with Fundo, if they submit their loan application and all the requested supporting information by 4pm Sydney time during a regular business day.
Fundo is an Australian direct lender that offers short-term, small loans without any legal jargon or red tape. Our online loans are designed to provide access to a broad range of qualified applicants, including those with less-than-perfect credit.
Finding small loans with flexible repayment terms is now a reality with Fundo - no need to keep searching for 'Debt Consolidation Loans Bad Credit', 'Personal Loan With Fast Approval', or '24 Hours Cash Loans'. Applying for Fundo loans in the future gets more engaging when you pay off your loans in advance penalty-free while also increasing your chances for approval.
Fundo believes that eligible applicants should be able to get closer to the loans they need. If you've been looking for small cash loans through search terms like 'Instant Approval Loans Need Cash Today', 'Payday Loans No Credit Check', or 'Savvy Loans', then you can stop looking now - let us show you how easy it is to apply for a loan with Fundo.
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I'd like to borrow ($500 - $5000)
