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Personal Loan

Debt Consolidation Loans – The All-In-One Guide

By | Personal Loan

As Australians, we have access to many different types of finance for all sorts of purposes. Whether it be a loan to buy your dream home or a credit card for those small purchases, everything is on offer from Aussie lenders. If you need to borrow money for practically any purpose, chances are you’ll find a financing product that fits your needs.

One type of finance that has been trending in recent years is the Debt Consolidation Loan. In this debt consolidation guide, you’ll discover exactly what debt consolidation is, why you would want to consider it and the advantages of streamlining your finances.

While borrowing money can become a liability, there are ways to ease the burden of repaying loans, and a Debt Consolidation Loan is one way of doing just that.

What Exactly Is Debt Consolidation?

The word “consolidate” means to either make something physically stronger and more robust or, to combine a number of things into one. It’s this second part of the definition of consolidating that is relevant to debt consolidation.

f you only have one loan or debt to repay, then debt consolidation won’t be a consideration but, if you have two or more debts, then consolidating those debts into one simple debt might be something you’ll want to consider.

To put it simply, debt consolidation means to consolidate 2 or more debts into one debt.

How Debt Consolidation Works

If you have several debts and wish to consolidate, search for a lender who offers Debt Consolidation Loans, or Personal Loans with reasonable interest rates and terms. You can then apply for enough finance to completely pay out those current debts you wish to consolidate.

Your previous debts will then be cleared, leaving you with just the one easy-to-manage Debt Consolidation Loan to repay.

You can either receive the money for the new loan into your account and payout your other debtors yourself, or in some instances you can arrange with your finance company to use the funds to repay those existing debts for you. Which way you do it is up to you. If you decide to pay those debts out yourself with the new loan, just don’t be tempted to spend the money on something else. Stick with the plan.

The Key Advantages Of Consolidating Debt

Let’s now dig into the main reasons why you would want to consider consolidating several or more debts into one.

One of the most common types of debt people choose to consolidate is that of credit cards. Most credit cards attract high-interest rates – higher than your average Personal Loan – have annual fees attached to the account, and often have rather high monthly repayments that need to be met month after month and year after year.

Some Personal Loans and Car Loans can also attract high-interest and monthly repayments, depending on the deal you accepted at the time of taking out finance.

There are a number of key advantages to getting a Debt Consolidation Loan. The first is that you can save yourself money on interest. For example, if you have 2 credit cards with interest rates of around 18%, but pay these cards out with a loan where the interest rate is lower, you’ll save a considerable amount of money over time, just by reducing your interest rates.

How much you can save is obviously going to vary, depending on your credit card deals and the terms you end up getting on your Debt Consolidation Loan, but so long as the interest rate on the new loan is lower than that of your credit cards, you will instantly be saving money on this one thing alone.

Lower monthly repayments are also a distinct possibility if you shop around for the best deal on a Debt Consolidation Loan. Let’s look at another simple example. You have 2 credit cards with a combined monthly repayment total amount of $500. You arrange a Debt Consolidation Loan where the monthly repayment amount is $300. That’s an extra $200 in your pocket every month.

Of course, these scenarios will vary depending on your lender and your circumstances, but they give you an idea of the potential advantages.

Yet another benefit of Debt Consolidation Loans is simplifying and streamlining your debt situation. In other words, rather than having to remember to repay several or more debts per month, you now only need to focus on repaying the one debt.

If you suffer from disorganisation or often forget to make repayments, at least this way you’ll only have the one repayment to think about. Better still, arrange to have the repayment direct debited from your account so you’re never late. This also helps your credit score.

On that note, will a Debt Consolidation Loan improve your credit rating?

It can, in the sense that you have technically reduced the number of debts you currently have. So long as you make your repayments on time, if your credit score has suffered over the years, this type of loan can help to rebuild your credit health over the long term.

Before Considering a Debt Consolidation Loan

First things first. Take a look at the debts you want to consolidate and work out the interest rates, ongoing fees attached to those debts and how much your monthly repayments for each debt are.

You’ll want to do this initially so you know exactly where you currently stand with your debts, and whether a Debt Consolidation Loan deal you are considering is really going to benefit you or not.

When taking out a loan to consolidate your debt, you want to be smart about it, so do your homework and research before applying for finance.

How To Get a Debt Consolidation Loan

Every lender in Australia is a little different, so be sure to study their terms and fine print. If you don’t understand something: Ask the lender.

Not every lender will offer loans that are specific to debt consolidation. With some finance companies, the only option might be applying for a Personal Loan. However, many lenders are happy for borrowers to use Personal Loans to consolidate debt. Just be sure to check with the lender first to determine whether this is allowed under their terms.

Now that you’ve worked out what you’re currently paying monthly, your interest rates and fees attached to your current debts, you can start shopping around for a Debt Consolidation Loan that will offer you a better deal than what you are currently faced with.

The easiest way to find and study the deals of various lenders is to search online. There are numerous loan comparison websites that offer loan deals from Australian lenders. These websites make doing comparisons relatively simple. When you have sourced some lenders that might be right for you, go to their websites and study their terms, what fees are attached to their loans and so on. Also, use their loan calculators to get an idea of how much you’ll need to repay per month depending on the length of the loan terms.

It’s in your best interest to take your time with this phase of debt consolidation, as you want to find the best deal possible to reduce the stress of debt in your particular case. After all, the idea of debt consolidation is to save money and make life easier for you. Otherwise, there’s a little point even thinking about it.

Who Offers Debt Consolidation Loans?

Most lenders in Australia will offer some options for debt consolidation. Not all will tailor loans specifically for this purpose, but the majority of lenders will have Personal Loans as a part of their finance product suite.

Whether it be a bank, building society or a private lender, you’re spoilt for choice when it comes to options in this country.

When people think of borrowing money, their thoughts often turn to the banking sector. While banks are a trusted source of finance, they’re not the only game in town. You can often find better deals if you look outside the box.

The private lending sector has been gaining popularity among Australians. If you’re looking for a Debt Consolidation Loan with competitive interest rates and terms, you’ll want to see what the private lenders have to offer.

There can be a number of advantages to dealing with a private lender. One major advantage is the speed of the application and approval process. Once you’ve made a decision to consolidate your debt, a private lender will often process and approve your application, either on the same day or the next business day. This saves you waiting around for weeks at a time to get a decision.

Consolidate Your Debt With Cashify

Cashify Loans is a private lender that has been helping everyday Australians improve their financial situation with debt consolidation. If you currently have 2 or more debts that you would like to consolidate into one, get in touch and have a chat with one of our friendly staff members.

We are happy to help and can answer any queries you may have. Talk to us today and discover how we can serve you.

Disclaimer: Please note this content is of general nature only and does not take into account your personal objectives, financial situations or needs. For advice tailored to your financial situation, it is advised that you seek guidance from an accountant or financial advisor. The information contained in this article is correct at the date of publication.

6 Ways To Help You Get Your Personal Loan Approved

By | Personal Loan

Personal Loans are one of the most popular forms of finance in Australia. One of the main reasons is that the money can be used for quite a few different purposes, rather than being restricted to a single type of purchase only.

So, you’ve decided you want to apply for a Personal Loan. Well, what are some ways or things you can do to vastly improve your chances of instant loan approval?

Let’s take a look at some top tips for easy online loan approval.

#1 – Can You Meet the Lender’s Criteria For Personal Loans?

Every lender will have a set of criteria a borrower must meet in order for you to be eligible to apply for a Personal Loan. This list can vary slightly from lender to lender, so never assume the criteria is always exactly the same. It’s best to check it first.

Some general points most lenders will require you to meet include:

  • Being an Australian citizen or permanent resident
  • Over the age of 18
  • Have a steady source of income
  • Be able to prove your identity
  • And more…

If you don’t meet all of the criteria, you’ll have to work at it until you do, or you won’t be able to get a personal loan.

#2 – Don’t Apply For More Money Than You Need

Another way to help you get approved is to only apply for the amount of money you need. Let’s say you want to borrow $5,000 to landscape your backyard. Don’t ask for $10K when you really only need half the amount.

The more you want to borrow, the more the lender is going to consider the risks of lending money to you, and question your ability to repay the loan.

#3 – Can You Show You Have the Means To Repay the Loan?

If you don’t have a job and your income is totally reliant on a Centrelink payment, chances are extremely slim that you’ll get approved for a Personal Loan, even a small one.

When applying for a Personal Loan, you have a much better chance of your application being approved if you can prove you have a steady income. For wage earners, this will usually entail supplying the lender with 2 or more recent payslips. For sole traders and business owners, financial details regarding your business income, supplied either by your accountant or yourself.

#4 – What’s Your Credit History Like?

A good credit score and a positive credit history will greatly enhance your chances of being approved for a Personal Loan. Your credit score is a reflection of how consistent you are at repaying debts, paying bills, and also lets the lender know how many debts you currently have.

A poor credit score can hurt your chances of getting a loan, although it won’t necessarily make it impossible.

#5 – A Good Record Of Savings Will Help

Can you demonstrate to the lender that you have a good savings record? This doesn’t just mean money in the bank, but being able to show a bank statement with consistent and regular savings being added.

This highlights that you have the ability to manage your money well and that you’re sensible when it comes to your finances. A lender will also be more confident you can repay a loan if you show a positive savings record.

#6 – Shop Around For the Right Lender

Finding a lender that best suits your needs could prove to be the difference between success and failure when it comes to getting a Personal Loan.

Use comparison websites and take full advantage of the internet to find a lender that can help you. Don’t apply with too many lenders at once, as this can potentially have a negative impact on your credit score.

Too many loan application rejections can also impact your ability to land finance, so choose your lender carefully first.

Talk To Cashify About Personal Loans

Cashify offers Personal Loans for many different purposes. You can apply for a standard Personal Loan from $500 or a more premium Personal+Plus Loan up to $50K. Our application process is fast and streamlined. If you want to learn more about our Personal Loans and how we can help you, just get in touch today.

Disclaimer: Please note this content is of general nature only and does not take into account your personal objectives, financial situations or needs. For advice tailored to your financial situation, it is advised that you seek guidance from an accountant or financial advisor. The information contained in this article is correct at the date of publication.

What Is The Eligibility Criteria For An Education Loan In Australia?

By | Personal Loan

An Education Loan, generally speaking, is an investment in your education. While a loan means acquiring a debt, to view it as such is erroneous, as the money is being borrowed to learn new information and skills that could potentially lead to a brighter financial future. Education is an investment in yourself, so no matter what means you use to finance that investment, the outcome will likely be a positive one.

If you’re wondering what the criteria are for a student or lending for educational purposes, you’re in the right place. While there is no absolute set of rules or criteria for borrowing money for education, as lenders can vary and so can Education Loans, there are certain things you’ll want to be aware of before applying for finance. This way you’ll have a far better understanding of education loan eligibility, so your chances of approval are increased exponentially.

Keep in mind that criteria can vary depending on the type of loan you apply for and the institution from which you’re borrowing the money.

You Must Be 18 Or Over

You can’t be approved for finance in Australia unless you are at least 18 years of age. Anyone who is younger than 18 will need to acquire the funds through an adult applicant, such as a parent, sibling or guardian. People under the age of 18 may be able to obtain finance with a guarantor. Check this with your lender.

A type of Education Loan that is exempt from age constraints is one offered by the Australian Government, such as HECS, for example. In this instance, even a 17-year-old student can apply for a student loan without the need for a cosigner. Another great thing about Australian Government student loans is there are generally no age restrictions. You can be 60 and still apply.

Healthy Credit History Helps

No matter what type of finance you may choose to apply for, having a healthy credit score and credit record will always help your cause. The same applies to Student or Education Loans of any description.

If you’re a young student, you probably haven’t even had a chance to establish a good credit rating. However, having no credit history is still generally better than having a history of bad credit. With no credit history to speak of, you may be required to have a cosigner on your loan. It really depends on the loan and the lender offering the education loan.

If you’re uncertain about anything, just contact the bank, building society, private lender or government department and ask questions.

You Will Need To Have a Source Of Income

Unless the Education Loan is a loan provided by the Australian Government (such as HECS), where you can start repaying the borrowed funds after you complete your studies and land paying employment, you’ll need to be able to prove that you have a steady source of income. In other words, demonstrate that you have the capacity to repay the loan.

This proof could be in the form of several recent payslips from your regular job or, if you happen to be self-employed or operate a business, financial details provided either by you or your accountant that show your business brings in regular income.

Proving Your Identity Is a Must

In order to apply for or get approved for an Education Loan (or any type of finance), you must be able to prove that you are you. ID is a prerequisite to obtaining finance from all lenders. Valid ID can include things like:

  • Drivers license
  • Passport
  • Full birth certificate
  • Citizenship certificate
  • Medicare card
  • Proof of age card

If you can’t prove your identity, you won’t be able to apply for finance.

You Must Be An Australian Citizen Or Permanent Resident

The reason you need to be able to prove your citizenship or residency status is lenders want to know you’re not a flight risk, for one. If you’re a tourist or visiting student, there’s a chance you could simply leave the country with your student debt unpaid.

Talk To Cashify About Financing Your Education

If you need finance to help fund your education, then speak with the experts at Cashify. We have loans that we can tailor to your educational needs, with very competitive interest rates and fast approvals. Apply online now for an Education Loan with Cashify.

Disclaimer: Please note this content is of general nature only and does not take into account your personal objectives, financial situations or needs. For advice tailored to your financial situation, it is advised that you seek guidance from an accountant or financial advisor. The information contained in this article is correct at the date of publication.

5 Tips To Consider Before Buying Your First Car

By | Personal Loan

Buying your first car can be a very exciting phase of your life, for sure, but you’ll also want to consider what’s involved so you don’t make any costly mistakes. In this brief first car buyers guide, you’ll discover some handy tips to consider before making a purchase.

#1 – Should You Buy a New Or Used Car?

Chances are high that you might decide to buy a used car as your very first car. This decision will likely depend on your budget. There are obvious advantages to buying a brand new car, as you get a warranty. You also get to experience the pleasure of being the first person to own and drive that new car. On the downside, a new car is going to cost more, and as soon as you take possession of it, the value of the car will drop.

Used cars can certainly save you a ton of money, but the main negative to used cars is you never quite know what you’re going to get. Unless the previous owner or owners have diligently kept detailed logbooks, the history of the car is completely unknown. What you don’t want to do is end up buying a lemon that just keeps sucking up money in car repairs.

#2 – Private Sale Or Buy Through a Dealer?

The main distinction between purchasing a used car privately as compared to going through a dealer is the price tag. For a particular model of car, generally, the price from a private sale will be cheaper than what a dealer sells it for.

The advantage of paying a little more through a dealer is they’ll often offer some form of warranty on a used car. You won’t get this with a private sale. Dealers can also help you secure finance for the purchase if you require it.

If you want to buy a new car, then a car dealership will likely be your only option.

#3 – Do a PPSR Check On a Used Car

This won’t be necessary if you’re purchasing a brand new car from a dealer, but if you’re going to buy a secondhand car, you’ll want to perform a PPSR check (previously known as a REVS check). What a PPSR check does is determine if any money is still owing on that car. If there is, steer clear of doing a deal and find a used car that’s free and clear from finance, or you could end up acquiring that debt along with the price you paid to buy the car.

Always be wise when car hunting, especially with used cars from private sellers.

#4 – Have Someone With Experience Go Shopping With You

Whether you’re lining up appointments to view cars through private sales, or you want to roam around the local dealerships and see what’s available, as a first-time buyer, take someone with car buying and negotiating experience with you. If you have a friend who happens to be a motor mechanic, even better.

The reason you won’t want to go it alone is you could either end up spending too much on a car or buy a car that’s going to give you problems. Don’t be too proud to accept some help and advice from someone with more knowledge and experience than yourself.

#5 – Car Loans

Buying a car, especially when it’s your first car, is a major life purchase. Even if the plan is to buy a good quality used car, chances are you’ll need to borrow at least some of the money to do the deal.

Your first Car Loan shouldn’t be a scary experience. So long as the car you’re buying is a good one and you shop around for an excellent deal from a lender for a first-time Car Buyer Loan, you’ll have nothing to worry about. Just make sure you can cover the monthly repayments, have insurance, and you’ll be good to go.

If you want to learn more about Car Loans with very fair interest rates and terms, get in touch with the team at Cashify. Ask us anything you want to know. We’re always happy to answer all of your questions.

Disclaimer: Please note this content is of general nature only and does not take into account your personal objectives, financial situations or needs. For advice tailored to your financial situation, it is advised that you seek guidance from an accountant or financial advisor. The information contained in this article is correct at the date of publication.

4 Factors To Consider When Planning A Home Renovation

By | Personal Loan

Home renovating is part of the great Australian dream. It’s not just about home ownership, but transforming a house into the kind of home you’re proud to live in. In addition, many Aussies choose to renovate their homes before putting them on the market, to attract a higher price on the sale.

If you’re planning to renovate, there are some things you’ll want to consider so the process runs smoothly, and so you have enough capital to successfully complete the project as seamlessly as possible. Read this home improvement guide to find out how.

#1 – Step One Is To Formulate a Plan

You shouldn’t even consider getting started on your home renovations until you’ve mapped out what you want to accomplish and some time frames for completion of each phase.

As you work on your plan, everything will become much clearer. The picture of what you want to achieve will be clarified and you’ll no doubt dream up some new ideas as the plan starts to take shape.

A good plan will include things like:

  • Which rooms you want to renovate
  • Materials required
  • Where to source materials
  • Hiring tradespeople
  • Approval from local authorities
  • Your budget

Your plan will likely always be evolving as you undertake your renovations, but strive to make your plan as complete as possible before commencing work.

#2 – Work Out a Budget For Your Renovation Project

This part of your renovation plan is just as important as any other aspect. Obviously, your home renovation is going to cost money every step of the way, so it’s a good idea to determine how much you’re likely going to have to spend before you even think about breaking out the tools.

You may not be able to come up with accurate figures for everything involved. Some parts of the budget will likely be guesstimates. However, put a solid price tag on as much as possible.

Your budget may also evolve over time as your renovation project comes into clearer focus. Add up the total cost, then add at least 10% to that total to cover any unexpected expenses, or in case you’ve underestimated some parts of the project.

If the final total is much higher than you anticipated, look for areas where you can trim back on expenses.

#3 – Organise Your Tradies In Advance

First, seek out tradespeople that have a reputation for being reliable and fair with pricing. Personal recommendations from people you know is one of the most effective ways of finding reliable workers.

You’ll want to book these tradies in advance to ensure they are available to do the work when you require them on-site. While DIY renovators can certainly accomplish some tasks themselves, there are certain tasks that you won’t be allowed to do; such as electrical and plumbing work. Not unless you’re licensed in these fields yourself.

To ensure you have the help when you need it, source tradies and book them in as part of your initial plan.

#4 – Finding the Money To Cover Costs

There are always ways to come up with cash if you don’t have all the money you need right from the start. The time-consuming method would be to save up for each stage of the renovation. Alternatively, if you have equity built up in your home, you could borrow against it.

A more popular option is a Home Renovation Loan. This is one of the fastest ways to get your hands on the money you need for completing home improvements. They are a type of unsecured Personal Loan, which means you don’t need to offer any type of security on your loan. You don’t even have to view the loan as a debt, as any improvements you make to your home will generally be adding value to it should you decide to sell.

Most Australian lenders will offer loans designed for home improvements, so shop around for a deal that suits you. If you’re unsure of which way to go when it comes to raising the money, talk to your accountant or financial advisor and get some advice first.

In Conclusion

The more you plan your home renovations, the easier (and cheaper) the entire process will prove to be.

If you’re seeking a loan to perform home improvements, have a chat with the specialists at Cashify. Just send us a message and we’ll answer any questions you may have.

Disclaimer: Please note this content is of general nature only and does not take into account your personal objectives, financial situations or needs. For advice tailored to your financial situation, it is advised that you seek guidance from an accountant or financial advisor. The information contained in this article is correct at the date of publication.

Your Step-by-Step Guide To A Medical Loan Online

By | Personal Loan

Borrowing money for medical expenses is quite common in Australia. Often, hospital and medical care is due to an emergency situation, so patients may not always have the money on hand or the health insurance to cover the costs. Medicare only covers a portion of medical care in many instances, so there will still be a shortfall in funds that needs to be made up somehow.

Medical Loans are one way that patients in Australia can find the cash they need to get themselves out of a tight spot and on the road to recovery. The first step of medical care is making sure you get the help you need.

In this guide for Medical Loans, you’ll uncover the process for applying for Medical Loans online. With the power of the internet at your fingertips, the process is actually quite simple and very convenient. In fact, with many lenders, you can accomplish the entire process from the comfort of your home.

Work Out How Much You Need To Borrow

Before you can consider borrowing money to cover the cost of your medical care, you’ll need to have at least a rough idea of how much money you’ll require. If Medicare or your health insurance will be covering a portion of the costs, determine how much of a deficit there will be and then seek out a loan for that amount.

It might be wise to borrow a little more than what you think you’ll need, just in case an unexpected expense pops up.

Shop Online For the Best Deal On Medical Loans

The easiest, fastest and most convenient way of looking into various lenders for a good deal on a Medical Loan is to search on the internet. You could use comparison sites to view lenders and what they’re offering side by side, or simply go to the websites of banks, building societies and private lenders and see what’s on offer and what your available options are.

Not every lender will have specific Medical Loans tailor-made for help with medical expenses. With some lenders, this will be covered by their Personal Loans. Check with the lender if you’re unsure of anything.

Once you have compiled a shortlist of possible lenders, dig deep into their terms and fine print, so you don’t end up with any unexpected surprises.

Fill Out An Online Application Form

The great news is, in this modern and high-tech world, the majority of lenders allow you to apply for a Medical Loan or Personal Loan entirely online. To make the process simpler and the approval time faster, first check what’s required and make certain you have all necessary documents and information ready to include with your application. If your lender has to get in touch because they require something more, this will slow down the entire process. If you need to cover medical costs, you don’t want to be waiting longer than you have to.

Private lenders tend to have streamlined application processes, so if you’re applying for a Medical Loan through a private lender, you may find the process of filling out the application only takes about 10 minutes or so to complete. Upload any documents that are required to accompany the application and then sit back and wait for a decision.

Every lender’s timeframe is going to be different. Some banks, for example, may take a week or two to get back to you with their verdict on your application for funding. It really depends on the lender.

Once again, you may be better served to approach a private lender for a Medical Loan or Personal Loan, as many private lenders focus heavily on speedy processing and approval times.

If you’re suffering from an illness or medical emergency, you’ll want the money you need in quick time. The faster you can get the cash to cover costs, the less stress you’ll go through as well.

Talk To Us About Medical Loans

Take the stress out of your medical care. Get in touch with the experts at Cashify and discover how we can help you out with finance to cover the cost of your medical expenses up to $50K. You can do the process online and receive a decision on your application in very quick time.

Disclaimer: Please note this content is of general nature only and does not take into account your personal objectives, financial situations or needs. For advice tailored to your financial situation, it is advised that you seek guidance from an accountant or financial advisor. The information contained in this article is correct at the date of publication.

Same-Day Loans: A Solution to Your Urgent Financial Needs

By | Personal Loan

Many of us often find ourselves in instances when we are stuck in a dire unforeseen financial situation where the money is tight and unavailable, but we still need it straight away. This could be during an unexpected medical emergency, if your car needs to be repaired or if you have lost your job. Thankfully, there is help available during such situations.

Whatever your urgent cash needs might be, if you have good credit, there may be some lenders who could help you. These lenders offer emergency loans that transfer the funds to you as quickly as the same day you apply.

If you have been tempted by same-day loans, there are a few things you should know about it before signing on the dotted line. This guide will provide you with all the facts about these quick loans, how they can help solve your immediate financial needs, and when to consider applying for a same-day loan.

What Are Same-Day Loans?

Same-day loans, also known as Emergency Loans, are a type of unsecured Personal Loan that you can receive immediately to cover unexpected expenses. The amount of loan depends on the lender, but typically this type of loan is small starting from $500. Since they are unsecured, you will also not have to put up any assets as collateral.

For the most part, the nature and requirements of same-day loans are typically dependent on the lenders. Some even take up to three business days before your funds are transferred to you. Thus it would be better to review each lender thoroughly before applying for a same-day loan with a particular lender.

An important thing to note about same-day loans is that they are not available to everyone. Only individuals who have a steady source of income and have at least an average credit score are more likely to get approved for an Emergency Loan. Lenders review your bank statements, payment history, and other financial details before deciding whether to approve your request for an Emergency Loan.

When Should I Apply for Same-Day Loans?

Most people apply for same-day loans only when they need immediate access to their urgent cash needs. However, you can use the funds for almost anything. Here are some of the instances when you should consider a same-day loan:

  • Medical emergency or unexpected procedures
  • Funeral costs for a family member or loved one
  • House or car repairs
  • Unexpected travel
  • Replace broken appliances
  • Vet bills and associated expenses

Benefits of Same-Day Loans

Same-day loans are a helpful backup plan when you feel like you are financially cornered and have no way of bearing expenses. Here are some of the main benefits of applying for Emergency Loans:

  • Ability to use the loan for almost any reason
  • Flexible repayment terms
  • Quick and easy applications which are typically done online in a matter of minutes
  • Short approval times with fast transfers – You won’t have to wait for days to receive funds
  • Apply from anywhere – No hassle of visiting banks and credit lines and standing in long lines
  • Type of unsecured loan – You don’t risk your house or any other asset if you are unable to make payments

Risks of Same Day Loans

It is important to note that same-day loans come with some risks that you should consider before applying for them. Because of these risks, it is recommended only to use these loans when you need funds. These risks are that these loans:

  • Often carry high APR (Annual Percentage Rate of Interest) and also have additional fees and costs when lenders provide same day loans
  • Have the risk of damaging your credit score if you don’t repay the loan on time

How to Choose A Same Day Loan

Now that you know about all the benefits and risks with Emergency Loans and are considering applying for one, there are some factors you should take into notice when choosing a lender for your same-day loan.

1. Funding time
This is one of the most important factors to consider when shopping for a lender for your same-day loan. The point of such a loan is to receive funds immediately or within a day or two; hence you should find out how long the lender will take to transfer the cash to you.

2. Interest Rate
As mentioned earlier, same-day loans can carry high-interest charges. Although those with high credit scores may not be charged a higher rate, those with poor scores might not get a favorable rate. Compare lenders and their interest rates to see who is offering you the lowest rates.

3. Repayment Terms
Another factor you need to take into consideration is the terms offered by the lenders regarding repayment. Do you want to make larger monthly payments for fewer months or smaller weekly payments for a longer time? Depending on your budget and financial situation, you should seek out and decide repayment terms based on what is easier for you.

4. Fees
Take a look at all the fees charged by the lender, including establishment fees and any penalties, such as late fees.

5. Credit Score Requirements
Most private lenders often have a minimum amount of credit score required to be approved for an Emergency Loan. If possible, research what this requirement is and find out your credit score online before applying for a loan.

What Information is Required to Apply for a Same-Day Loan?

Here are the following documents and information some lenders require you to provide if you are applying for quick loans same day in Australia:

  • Your identification documents, such as in the form of a passport, drivers license, or Medicare number
  • Your residential details, including where you currently live
  • Proof of employment by giving copies of your previous payslips and most recent bank statements
  • Other financial details such as if you have any other existing loans or other sources of income
  • Provide details of a referee or family member to the lender in case they cannot get in contact with you

What are the Typical Eligibility Criteria for a Same-Day Loan?

The criteria for a same-day loan vary according to lenders as they may have different requirements. However, some of the most common requirements for same-day loans include:

  • Be 18 years or older
  • Be currently employed or have some source of reliable income
  • Be an Australian citizen or permanent resident

The Bottom Line

Same-day loans and Emergency Loans can be a lifesaver for anyone facing an unexpected expense and has urgent cash needs. You can borrow the money on the same day you apply to cover the costs you require help with. Be sure to find out if there are any hidden costs and find a lender that is transparent about fees and repayment terms.

If you are looking for a flexible same-day loan, you can find more information about Cashify’s Emergency Loans. It is quick, simple, and straightforward. If you have any questions or require more assistance, you can reach out to the friendly team at Cashify, and they will be sure to help you out with whatever you need.

Disclaimer: Please note this content is of general nature only and does not take into account your personal objectives, financial situations or needs. For advice tailored to your financial situation, it is advised that you seek guidance from an accountant or financial advisor. The information contained in this article is correct at the date of publication.

5 Reasons Why a Wedding Loan is a Good Option

By | Personal Loan

Your wedding day is one of the most important days of your life. However, it can be quite an expensive event. Planning a wedding can be difficult, but the pressure can become exhausting when you add the stress of expenses. There is the wedding dress, rings, venue, entertainment, flowers, photographer, videographer, honeymoon and the list goes on.

Many people save up for the wedding day many years in advance. However, not everyone has the luxury of being able to. This could be due to a number of reasons from family costs to a big mortgage, or unexpected expenses to focusing on different priorities in life.

Whatever the reason, if you don’t have the money to afford your own wedding, then there are still options that can help you have the day of your dreams without putting too much strain on you financially. Wedding Loans are a great solution for these situations. These loans are a type of Personal Loan that a person takes to finance their wedding expenses.

Keep reading to learn more about the many reasons why taking out a loan for a wedding is a good option to help you pay for any deposits and expenses as you need it.

1. Wedding Loans make up for your lack of savings

If you haven’t been able to save up enough for your wedding day or perhaps you made an unplanned decision about tying the knot, then taking out a Wedding Loan can solve your financial problems. A Wedding Loan offers you the money that you need to afford any wedding expenses stress-free.

It’s easy to apply for a Personal Loan to finance your wedding. You’ll first have to figure out how much you would need. In order to do that, you need to decide the magnitude of your celebrations, venue, number of guests, and other related expenses to make a budget.

Once you know exactly how much money you need to organise the wedding of your dreams, then you can apply for a loan of that amount and finance it. Make sure you take the amount that you can commit to paying back comfortably without jeopardising your financial standing in the future.

2. Wedding Loans are quick and convenient

If you want to take out a Wedding Loan, there is very little to worry about. These types of loans don’t have any complex eligibility requirements. Plus, the whole procedure is pretty quick. You can apply for a loan online, and it would usually only take less than half an hour. Moreover, the period of processing and approval of this type of loan is pretty short. So, if you’re lucky, you can even get the funding within the period of 24 hours.

3. Wedding Loans do not require collateral

Since Wedding Loans are a type of unsecured Personal Loan, they do not require any collateral as security from the borrower. This makes the entire process quicker, stress-free and removes the risk of potentially losing your asset.

4. Wedding Loans attract less interest than most credit cards

If you were thinking of using your credit card to pay for your wedding expenses, then let us stress to you that Wedding Loans generally offer a much lower interest than with your credit card. If you don’t want to potentially lose thousands of dollars in credit card debt, then choosing a Wedding Loan may be a much better idea.

5. Wedding Loans offer flexible repayment options

One of the biggest advantages of a Wedding Loan is that borrowers have the option of a flexible repayment plan. You can choose the length of your loan term and how regular your repayments are (weekly, fortnightly or monthly) according to your financial standing.

Are you looking to apply for a low-interest Wedding Loan? Contact us at Cashify and let us help take the stress out of your big day.

Disclaimer: Please note this content is of general nature only and does not take into account your personal objectives, financial situations or needs. For advice tailored to your financial situation, it is advised that you seek guidance from an accountant or financial advisor. The information contained in this article is correct at the date of publication.

Medical Loans: A Personal Loan for Cosmetic, Medical, Dental & Surgical Procedures

By | Personal Loan

A Medical Loan is a type of unsecured Personal Loan that helps you cover your healthcare cost. It can be used for any unexpected medical emergency or for paying for surgical, cosmetic, or dental procedures when you don’t have the necessary savings on hand.

These loans are a fast and simple way of acquiring cash to cover costs without depleting your savings or ruining your credit history. Some lenders provide instant loans for medical emergencies in Australia, but the repayment terms can be tricky. That is why it is essential to know exactly what you are getting into before signing on the dotted line.

This guide will provide all the information on when you should be taking out a Personal Loan for a medical situation, tips for choosing the right one for you, and more.

Who Are Medical Loans Best For?

In many ways, Medical Loans are similar to an unsecured Personal Loan so that the cash can be used for anything related to your medical needs.

Medical Loans should be taken out by individuals who need to undergo necessary medical, dental, cosmetic or surgical procedure which they cannot afford without a loan. It can also cover ongoing medication costs, specialist fees and even living or travel expenses of loved ones to support you during your medical requirements.

The Pros of Getting a Medical Loan

If you have been confused about whether to get a Medical Loan for your medical needs, it will help to consider the benefits and possible pitfalls of this type of loan. The most important benefit of Medical Loans is that they are instant loans fit for your medical expenses. These loans help you to pay for a procedure immediately if you are facing an emergency or a planned procedure. If you apply, and get approved, you can get cash transferred to your account in as quickly as 1-2 days, depending on your lender.

Moreover, it can improve your quality of life immediately, instead of having to wait to save up for the procedure. If you have excellent credit, you are likely to find a Medical Loan with lower interest rates, which can be cheaper than paying for the procedure with a cash advance or your credit card. Lastly, you don’t require any collateral to secure a Medical Loan, so you don’t risk losing any of your assets if you can’t repay the loan.

The Cons of Medical Loans

Unfortunately, individuals with poor credit scores might not find these types of Personal Loans for medical emergencies to be a favorable option. This is because they are often charged a higher interest rate, making the loan expensive to repay. This is why you should explore other options before getting a Medical Loan.

What to Consider When Looking for a Medical Loan

Now that you know what a Medical Loan is and what the pros and cons are, it might be time to look at some of the questions you should consider when choosing a Medical Loan.

How much interest will I be paying?
Ask your lender and identify how much interest you will be paying over the life of the loan. This will help you to be confident if you can repay the entire loan in the required timeframe.

Who will the money be paid out to?
Find out whether you will be receiving the cash in your account or if your healthcare provider will get it directly from the lender.

What are the payments and how often?
By figuring out how much your payments will be to pay off the loan and how regular these are (weekly, fortnightly or monthly), you can determine whether it fits in your budget or not.

Am I eligible for a Medical Loan?
Different lenders in Australia have different requirements for borrowers, so you will need to check with them. However, the typical requirements are:

  • To be 18 years or older
  • Be an Australian citizen or a permanent resident
  • Have a regular and reliable source of income through employment

Final Words

Now that you are aware of what to look out for with a Personal Loan for your medical needs, it is a good time to start considering lenders. Take the stress out of your medical bills today. If you are looking for excellent loan rates with flexible terms, instant cash transfers into your account and a quick online approval process, apply now for a Cashify Medical Loans today.

Disclaimer: Please note this content is of general nature only and does not take into account your personal objectives, financial situations or needs. For advice tailored to your financial situation, it is advised that you seek guidance from an accountant or financial advisor. The information contained in this article is correct at the date of publication.

5 Tips to Prepare for Car Finance

By | Personal Loan

If you’re looking to buy a new or used car, then it’s more than likely you’ll need to apply for a loan to help finance it. The process of signing up for car financing can be exhausting, and it requires you to prepare for the application process. The better prepared you are, the higher the chances of you receiving the best financing offers without unnecessary stress.

Applying for car financing is essentially the same as a Personal Loan application that allows you to cover the cost of a new or used car. If you plan on applying for car financing, then keep reading. In this article, we are going to share the top 5 Car Loan tips that will help you prepare for your car financing and buying procedure.

Let’s dive right in!

1. Get your finances in order
It’s extremely important you organise your finances before you buy the car. You don’t want to face any complications with the lender after you have purchased the car. You should know exactly how much money you’re able to borrow and then buy a car accordingly.

Car financing and maintenance are the second biggest expenses in a household after the mortgage. So, it’s better to be sure about its financing before you make any commitments. The loan application can sometimes take longer than you anticipate. It’s better to secure that first before you purchase the car.

2. Make a budget
You need to assess your finances and figure out how much you can realistically afford to pay each month as your car’s repayment. To do this, you should estimate the costs of maintaining the car, including insurance, registration, petrol, maintenance and more, plus all your other regular expenses, like rent, groceries, bills etc.

After determining your budget, you need to start comparing different lenders. Don’t go for the first lender you stumble across. By comparing different lenders, you could save hundreds of dollars in the long run.

3. Run a credit check
Before you can even hope for a great offer, you need to check your credit score and credit history for a realistic expectation. Your credit score is the first thing lenders check when assessing your loan application.

If you have a good credit score, then the chances of you landing a great deal are much higher. However, if your credit score is poor, then the lender may only offer high-interest loans for your car purchase. Great credit history is a result of timely bill payments and no outstanding debt. So, before you file that financing application, make sure you clear out any outstanding bills or cancel any unused credit cards so that it doesn’t become a red flag for your lender.

4. Determine which option will best fit your individual needs
Before you apply for car financing, you need to determine which financing product will suit you best. For that, you need to question the main purpose of buying your car. Are you purchasing the car for a business purpose? Or is your car for personal use? The financing options and their costs vary depending on your answer.

If you’re purchasing the car for personal use, then you’ll have the following financing option depending on your specific situation:

  • Personal Loan (secured or unsecured)
  • Consumer Car Loan
  • Lease or salary packaging
  • Home equity loan

If you want to purchase a car for business use, then you may be eligible for the following financing options:

  • Mortgage Loan
  • Business Finance
  • Cash flow lending
  • Secure or unsecured loans

5. Do not overdo it with applications
Although you may be tempted to send in your financing application everywhere in order to secure the best deal, it can have a negative impact on your credit score and history. Every time you make an inquiry, it can leave a trail on your credit history whether you proceed with the loan or not.

Credit scores take a hit when too many credit inquiries are made on an account. This will end up costing you in the form of higher rates on your car financing.

If you’re looking to buy a new car, then reach out to us at Cashify and we’ll be able to assist in determining the right loan option for you.

Disclaimer: Please note this content is of general nature only and does not take into account your personal objectives, financial situations or needs. For advice tailored to your financial situation, it is advised that you seek guidance from an accountant or financial advisor. The information contained in this article is correct at the date of publication.