This blog shows you four easy ways through which you can avail instant cash loans.
1. Credit Card Cash Loan
Though by using your existing credit card at an ATM you get instant cash from your issuer, you get it at a very high cost. The APR (annual percentage rate) for a cash advance is much greater than what you did actually pay for your purchases. Typically, the minimum cash advance APR at the majority of the banks is greater than 20%. Furthermore, most of the banks levy cash advance fee that can start from 2% and goes up to 5% of the borrowed amount. Additionally, the interest begins to accumulate instantly without any grace period – that means you have to pay back the loan as quickly as possible in order to halt the fees from spinning beyond control.
Your credit card will have a specific credit limit and cash advances are typically capped at a few hundred dollars beyond which you can’t withdraw cash - that means you can’t withdraw your entire credit limit.
2. Pawnbroker Loan
Pawnbroker or pawn shop can give you instant cash loan the same day. For getting cash loan from a pawnbroker, you will need a valuable item to place as collateral against which you can borrow cash money for a short-term. This collateral can be anything like - a car, motorcycle, van, truck, boat or any vehicle that is in good running condition. Along with your vehicle that you want to place with the pawnbroker as a guarantee for the loan amount, you will also require bringing ownership papers of your vehicle and your identification proof. The entire process is hassle free and even if you have a bad credit history, you’re eligible for a short-term cash loan as pawnbroker doesn’t conduct any credit checks or background checks.
Benefits of pawnbroker/pawn shop loan:
3. Online Personal Loan
There is a new breed of lenders these days, and these are online lenders - they typically approve a loan in an hour or one business day. Rates are based on your credit history and on average capped at 36%. Some lenders also look at other factors like your profession or business. Some lenders provide particularly to those having good credit or those having bad credit.
4. Payday Loan
Payday loans are loans that are given without checking the credit standing of the individual; however, you require a bank account and a regular pay check to qualify for the loan. Typically, these payday lenders advertise as “quick cash loans” or “fast cash loans” etc.
Be very careful while taking a payday loan because their interest rates are very high. When you could not manage money for your emergency expenses, it’s highly doubtful you’ll be able to pay the loan amount including interest in 2 weeks’ time frame. This is how payday loans deceive people in a series of debt.
Payday loans are very much similar to bad/no-credit-check loans, which have high-interest rates but are scattered over a longer tenure.
Final Words:
To conclude, among all the four easy ways to acquire instant cash loan - it is clear that the safest method to avail quick cash loan in Australia is pawnbroker’s loan.
1. Credit Card Cash Loan
Though by using your existing credit card at an ATM you get instant cash from your issuer, you get it at a very high cost. The APR (annual percentage rate) for a cash advance is much greater than what you did actually pay for your purchases. Typically, the minimum cash advance APR at the majority of the banks is greater than 20%. Furthermore, most of the banks levy cash advance fee that can start from 2% and goes up to 5% of the borrowed amount. Additionally, the interest begins to accumulate instantly without any grace period – that means you have to pay back the loan as quickly as possible in order to halt the fees from spinning beyond control.
Your credit card will have a specific credit limit and cash advances are typically capped at a few hundred dollars beyond which you can’t withdraw cash - that means you can’t withdraw your entire credit limit.
2. Pawnbroker Loan
Pawnbroker or pawn shop can give you instant cash loan the same day. For getting cash loan from a pawnbroker, you will need a valuable item to place as collateral against which you can borrow cash money for a short-term. This collateral can be anything like - a car, motorcycle, van, truck, boat or any vehicle that is in good running condition. Along with your vehicle that you want to place with the pawnbroker as a guarantee for the loan amount, you will also require bringing ownership papers of your vehicle and your identification proof. The entire process is hassle free and even if you have a bad credit history, you’re eligible for a short-term cash loan as pawnbroker doesn’t conduct any credit checks or background checks.
Benefits of pawnbroker/pawn shop loan:
- Quick short-term cash loans
- Instant loans for unemployed individuals
- Fast cash loans with no credit check whatsoever
- Small quick cash loans for unemployed individuals
- Same day cash loans with no credit checks
3. Online Personal Loan
There is a new breed of lenders these days, and these are online lenders - they typically approve a loan in an hour or one business day. Rates are based on your credit history and on average capped at 36%. Some lenders also look at other factors like your profession or business. Some lenders provide particularly to those having good credit or those having bad credit.
4. Payday Loan
Payday loans are loans that are given without checking the credit standing of the individual; however, you require a bank account and a regular pay check to qualify for the loan. Typically, these payday lenders advertise as “quick cash loans” or “fast cash loans” etc.
Be very careful while taking a payday loan because their interest rates are very high. When you could not manage money for your emergency expenses, it’s highly doubtful you’ll be able to pay the loan amount including interest in 2 weeks’ time frame. This is how payday loans deceive people in a series of debt.
Payday loans are very much similar to bad/no-credit-check loans, which have high-interest rates but are scattered over a longer tenure.
Final Words:
To conclude, among all the four easy ways to acquire instant cash loan - it is clear that the safest method to avail quick cash loan in Australia is pawnbroker’s loan.