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Personal Loan

What’s the Best Way To Fund Your Education

By | Personal Loan

What’s the Best Way To Fund Your Education

Whether you’re just leaving school and want to go to university, or you’re a mature age student who wants to further your education and land a better job, you’ll need to find ways to fund your education expenses. While some courses don’t cost a lot, spending a number of years studying for a degree at college or university is not cheap.

Let’s look at some practical and creative ways to fund your education so you can move onto the next chapter in your life without having to worry about how you’re going to pay for it.

Are You Eligible for a Study Grant Or Scholarship?

The government, universities and even some private enterprises offer study grants and scholarships to eligible students. You’ll need to spend some time doing research to find these grants and scholarships and to determine the eligibility criteria, but it could be well worth the effort and time well spent.

Even if you believe you won’t be eligible, it’s worth looking into, just to be sure one way or the other. The Australian Government’s StudyAssist website is a good starting point, but don’t forget to check out grants and scholarships offered by private enterprises.

It can also be a good idea to discuss your options with other students. Your peers are likely to be in a very similar position with you and could offer some advice or insight.

Are There Part-Time Jobs Available On Campus?

Every university or education centre needs workers to complete tasks day to day. It’s worth asking if there are any part-time jobs available. This could be anything from working in the on-campus café or bar, keeping the grounds clean and tidy, being a teacher’s aide, cleaner, helping out at Reception and more.

If you’re studying at a university and spending your time there anyway, it would be a very convenient setup to be able to work there as well. Plus, the university will be totally understanding when it comes to the hours you’re available to work.

This option is definitely something you should look into if you’re attending university.

Even if you don’t manage to land a job on campus, you should be able to secure some part-time employment elsewhere to help fund your education and daily expenses. It’ll just be a matter of making the work hours fit in with your education commitments. Many students work though, so it’s definitely achievable.

Apply for An Education Loan

Another way of funding your education is to apply for an Education Loan or Personal Loan to cover tuition costs.

How do Education Loans work?

They vary depending on the lender, but basically, they are a form of Personal Loan where you specifically borrow money to cover the cost of tuition or education-related expenses like laptops, tuition fees, graduation costs etc. Work out how much money you need to borrow, then use the handy calculator you’ll find on the lender’s website to determine the repayment terms for the loan and what you can afford.

To discover what you should know about Education Loans, it’s important to thoroughly read through the lender’s website, including the application requirement. For example, most lenders will require the applicant to be currently employed and Centrelink must not be your main source of income. It is important to take a look at the fine print as well of any hidden fees or charges.

Many Aussie lenders are happy to help out students with loans to cover education expenses.

Is There a Payment Plan Available?

This will depend on the platform or the place of study, but some courses may offer you an option to pay for the course in instalments. This is more common for courses that are offered online by private tuition providers and not necessarily by universities.

If you are planning on completing a private course, then asking if a payment plan option is available is something you should definitely do. If you can pay it off as you go, this will relieve the financial burden.

Talk To Cashify About An Education Loan

Cashify offers loans to help students fund education fees. Our approval processes are fast and you can conveniently apply online from home. If you have any questions about Education Loans and how Cashify can help, just get in touch and have a chat with our knowledgeable and friendly staff. The money you need could be just a click away.

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.

How a Medical Loan Can Relieve the Stress

By | Personal Loan

Dealing with any type of medical situation will naturally create extra stress. Health is of number one importance. Whether it’s you who is faced with a medical problem or someone close to you, illness or injury is never easy to deal with.

There are often costs associated with having medical treatment, things like visits to the doctor or a specialist, possibly surgery, hospital stays, medications and more. These costs can mount up quickly and often need to be paid almost immediately.

This is where a loan to cover the costs of medical expenses can really come in handy. It’s difficult enough dealing with a medical condition without the weight of a financial burden landing on your shoulders at the same time. So, let’s discover how a medical loan can help relieve stress levels and some reasons to use a Medical Loan.

You Can Get the Treatment You Need

It’s always a great relief to know that you can afford to pay for the medical treatment that you require. This naturally lifts a huge burden from your mind and lowers stress levels considerably. A Medical Loan will give you the funds on hand to cover your costs.

This is especially important if surgery is required. The more relaxed a patient can be going into surgery, the more it improves the chances of a positive outcome. Knowing that you have the money to cover the cost of the surgery before the procedure means you’ll be a lot more at ease in the circumstances.

No Wondering Where the Money Is Going To Come From

If you’ve had an accident, for example, and need medical assistance ASAP, wondering where you’re going to come up with the money to pay for your treatment is extremely stressful. Your situation is already tough enough without adding on the money concerns.

If you apply for a fast cash loan to cover the cost of medical treatment, you’ll no longer have to concern yourself with the financial aspect when it comes to your treatment. After you’ve recovered, you can then focus on repaying the Medical Loan for the duration of the terms you agreed to when you applied.

Medical Loans for Urgent Care

Urgent care could involve something like injury sustained through a car accident or some other incident, the sudden onset of a serious illness, accidental poisoning and many more urgent situations. An ambulance might need to be called and hospitalisation could also be the result. These all cost money. If you don’t have the funds to cover the expenses, you’ll need to find the cash somewhere in a hurry.

This is where a fast cash loan from a private lender can be a literal lifesaver. Private lenders often have faster processing times than the banks and ask for less supporting documentation. Making things even more convenient, you can apply for your Medical Loan online.

The key here is the speed of application, processing and approval. If approved, you’ll have the money in your account, ready to cover costs, usually within a day or two. That’s exactly what you need when faced with an urgent medical situation.

Money Pressure Can Make Your Situation Worse

If you’re sick or injured, stressing about money is only likely going to make you feel worse. Financial stress in normal circumstances can lead to poor health. This is only exacerbated when you’re already in poor health and money worries are heaped on top of that. If you’re ill, stressing about money is probably going to make those symptoms worse.

To give yourself every chance of a full and complete recovery, you want to be able to ease the money concerns at the very least, and a Medical Loan is an obvious and most immediate solution to that problem.

Where To Get the Help You Need

Cashify has been helping everyday Australians cover the cost of medical treatment and urgent medical care for years. We can tailor a loan to suit your circumstances so you can have the money you need, in rapid time, and be free to focus on treatment and recovery. To learn more about how Cashify can help, just browse our website or give us a call 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.

Home Improvements – 5 Things To Consider

By | Personal Loan

Performing home improvements is a popular pastime for many Australians. Everyone loves to spend time in a home that’s fresh and updated, and doing home renovations also adds value to the property if you ever sell it.

In this article, we’re going to be taking a look at some practical tips for remodelling your home and some things to consider, so it all goes smoothly and you have the money you need to complete the project.

#1 – Figure Out Your Project Budget First

It’s only appropriate to list this point at the beginning, because working out a budget for your home renovations should be done at the outset during the planning phase. Your budget doesn’t have to be set in stone right from the beginning, but you should at least have a fair idea of what the overall project is going to cost you before you commence.

Obviously, you’re going to need money to get those home improvements done. Whether this comes from a loan or savings depends on your circumstances, but the point is, you want to know what you’ll be up for before you even think about breaking out the tools.

You can always revise your budget as your project becomes more defined.

Another idea is to add about 10% to your final tally. This is to cover unexpected costs that you may not have thought of.

#2 – Book Tradies Well Ahead of Time

Unless you’re a licensed plumber or electrician, you’re likely going to have to hire tradies to take care of some aspects of your home improvements. First off, you’ll want tradespeople that are renowned for being reliable and offer fair rates. Once you’ve settled on some tradies, book them well in advance, so you can be sure they’ll be available when you need them.

This is a critical aspect of the home renovation project, and one that could bog your project down if you’re not organised in this area. You won’t be able to fully complete renovations until work that requires a licensed tradesperson is completed.

#3 – Have a Plan and Follow It

Having a plan isn’t all about having building plans, it’s also about things like timelines to finish various stages of a project, which stages are most critical and need to be done first, and even things like how you’re going to manage living in a home that’s in the middle of being remodelled.

Just like you need a budget for your home renovation project, you also need a general plan that includes just about everything you can think of that’s relevant to the remodelling process.

As you start mapping out your plan, you’re bound to think of more things to add to it as time goes by and the project becomes clearer. Also, be sure to get feedback from everyone living in the household as you put your plan together.

#4 – Be Aware of Local Building Regulations

It’s wise to check with your local council or governing body regarding any building regulations and inspections when it comes to performing home improvements in your area. You don’t want to get things underway, only to discover you’ve done something wrong or didn’t consult the council about your project.

Not only could this scenario stifle your project, if you go against any regulations that you were unaware of, but you may also be asked to make alterations after the fact, or be told your project doesn’t meet their approval and needs to be stripped.
It’s always best to check all of this first before lifting a tool or spending any money.

#5 – Get a Home Renovation Loan To Finance Home Improvements

If you don’t have the money on hand to commence work on or complete your home improvement dreams, then applying for finance is a good option to get your project underway.

Cashify specialises in helping Aussie homeowners finance their home renovation projects. We can tailor a finance package to suit your specific requirements so you can get your remodelling underway sooner rather than later.

We offer a range of competitive Personal Loans and Renovation Loans, so get in touch with us and have a chat about your project.

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.

Car Loans – A Beginner’s Guide

By | Personal Loan

Car Loans – A Beginner’s Guide

For first car buyers or people who are thinking about getting car finance for the very first time, looking for Car Loans might feel like a daunting task. After all, purchasing a motor vehicle is a big financial commitment. Not only do you have to find the right car, but also work out how you’re going to pay for it.

Chances are, you’re not going to have enough cash on hand if the car is a new one or relatively new, so you’re going to have to arrange finance. Being a first car buyer, you may not really know where to start or what to consider when it comes to Car Loans and finance. Well, this article is designed to be a guide that will help you to better understand your options, along with some handy tips on what to be mindful of.

At the end of the day, it’s all about finding the car you want and the right lender for you. So, start reading a beginner’s guide to getting a Car Loan and discover how they work.

Is a Deposit Required To Get Approved for a Car Loan?

While it’s not always the case, if you want to arrange finance for a car purchase through a dealer, generally they’ll want you to cough up at least a 10% deposit if you hope to have dealer finance approved. Some deals may offer zero money down just to get people in the door and buying.

Banks, on the other hand, usually don’t expect you to have a deposit when applying for car finance, although some may have this stipulation. Having said that, the more of your own money you can put towards the purchase of a car at the outset, the less you’ll need to borrow and the less money you’ll end up paying in interest. You’ll also be able to pay your loan out sooner and get out of debt quicker.

Having some money to put down also demonstrates to a lender that you’re serious about the loan and are more likely to be responsible when paying it back, should you be approved.

While you may not necessarily need a deposit saved up to attain car finance, it can be in your own best interests to contribute as much money to the car purchase as possible.

Should You Consider Car Dealer Finance?

Just about all car dealerships will offer you finance when you purchase either a new or used motor vehicle through them. Conveniently, this finance can be applied for right then and there at the dealership. While this can be a good thing, it can lead to making an impulsive decision on a car purchase, so don’t be pressured and stand your ground if you’re not yet ready to make a decision on either a car, or how you plan to pay for it.

While dealer finance options can often sound very attractive on the surface, you need to be aware of things like hidden costs that are not mentioned in the impressive sales pitch. Car dealers are not finance companies, so they’re acting as a third party, with the actual finance coming from a bank or some other lender. Generally, the dealership gets a commission for every car buyer they sign up for dealer finance. You could end up actually paying more than you need to, compared to other car loan options that are independent of the dealership.

A car dealer might also mark up the price of the car to compensate for not getting an outright sale. It does happen from time to time. There might also be a clause in the finance contract that states you’ll have to pay a penalty if you repay the loan early.

Dealer finance is generally fine, but you want to be aware of things to look out for before committing to a finance contract through a car dealership. If you’re in any doubt, don’t commit until you’ve had more time to look over the deal being offered to you.

It might be wise to go car hunting with someone more experienced, as they’ll be able to watch your back, so to speak, and also be far more likely to spot any red flags.

You’ll Need a Regular Income To Get a Car Loan

No matter who you approach for a Car Loan – dealer, bank, private lender – you’ll need to be able to demonstrate that you have the means to repay the loan through having a regular source of income. Without being able to prove this, it’ll be extremely difficult to find a lender who will give you approval.

Proof of income needs to be supplied as supporting documentation with your Car Loan application. For wage earners, this will be in the form of your most recent 2 or 3 payslips from your employer. If you work for yourself in your own business, then the lender will want to see some financial details about your business revenue supplied by your accountant. Sometimes, the previous year’s tax assessment can be used as proof of income for business owners.

Once again, if you’re not sure about anything, just chat with the lender for clarification.

Before Starting a Car Loan Application, Be Prepared

It’s not a difficult task answering the questions on a loan application. Most of them are very straightforward. The more organised you are before commencing the actual application process, the quicker and easier it will be.

Examples of the type of questions you’ll need to answer include:

  • Your personal details (name, address etc.)
  • Details about your income
  • Your living expenses
  • Current debts and obligations

Along with completing all of the required questions with the appropriate answers, your lender will need you to supply supporting documentation to prove your identity (e.g. Australian passport or driver licence) and your income (such as payslips). Possibly, some other documents might be required as well.

You Can Complete Your Car Loan Application Online

Chances are likely you’ll be able to complete the entire Car Loan application entirely online from the comfort of your living room. This saves a lot of time, is very convenient, and means you can do the applications at any time of the day or night; even when the lender is closed for business at the time.

In today’s world, just about all lenders – whether it be a building society, private lender or a bank – offer the online loan application option.

This can also help to speed up the processing of your Car Loan application, and even if you find you cannot complete all of the details in the first sitting, you’ll generally be able to save your incomplete application and come back to finish it at a later date. Also, supporting documents that are in digital format can be uploaded with the application.

Car Loan Eligibility – What’s the Criteria?

In order to successfully apply for a Car Loan, you’ll first have to pass certain eligibility criteria. This can vary a little from lender to lender. One part of the process is demonstrating you can afford to repay a loan within a specified time frame. To work this out, most lenders have calculators on their websites that give you a rough idea. They’re not an indication that your application would be approved, just a way of determining your borrowing power and loan repayments. At the very least, you’ll come out with a better idea of how much you can afford to borrow and repay each month over the course of the loan.

Let’s now take a look at the general criteria most lenders expect you to be able to satisfy before they’ll consider you for car finance:

  • You must be an Australian resident or citizen
  • You must be 18 years of age or above
  • You need a regular income that doesn’t come from Centrelink
  • Applicants need to be able to prove their identity
  • And more…

As mentioned earlier, lending criteria can vary from lender to lender, but generally, the list above is required by all lenders.

Can You Get Finance To Purchase a Car In a Private Sale?

Obtaining finance to purchase a car through a private sale is not impossible. The deciding factor is often based on the car being a newer model. You may still be able to get pre-approval on a Car Loan. If actual car finance is not an option for private purchase, you could opt for a Personal Loan with a private lender instead.

Before committing to purchasing any motor vehicle, always be sure to do a REVS check first to determine that finance isn’t already still owing on the car in question. If you fail to do a REVS check, purchase the car and there is finance still owing from the previous owner, you could be liable to repay that outstanding debt as well.

Talk To Cashify About Car Finance Options

Cashify specialise in helping everyday Australians get behind the wheel of a new car. We can personalise loans to suit your requirements, so get in touch today to discuss your options with our friendly and knowledgeable staff.

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.

Debt Consolidation – Is It Really Something To Consider?

By | Personal Loan

The majority of Australian adults have some kind of debt or finance. The most common type of debt is a credit card with many people having multiple cards at the same time. Other forms of debt also include Personal Loans, Student Loans or Car Loans, and can also include finance like Store Cards. With so many different types of debts, each with its own repayment schedule and due dates, it can put a massive strain on a person’s finances, as well as their daily life.

One way Aussies are relieving some of the stress is through debt consolidation. Let’s take a look at a quick guide to refinancing for debt consolidation and how it can help you wrestle back control of your financial situation, so you can breathe a little easier again.

Why Consolidate Your Debts? What Are the Advantages?

It was mentioned in the intro to this article that having two or more debts can put a great strain on someone’s financial situation. This added stress and money problems can also infiltrate every other area of life, making it very hard to relax and simply enjoy each day.

Rather than feeling in control of your finances, too many debts can leave individuals feeling like they’ve lost control of the situation.

Therefore, debt consolidation is about reversing that scenario and getting things back under control again so your finances are more manageable. This then leads to a far more relaxed and enjoyable lifestyle.

There are a number of key advantages and benefits to debt consolidation. Let’s say that you have a total of 3 debts that you want to consolidate into one single debt. If these debts are credit cards, chances are the monthly interest rates on the cards are quite high compared to other forms of finance. A simple example would be consolidating the debt owed on these 3 cards into one Personal Loan with a lower overall interest rate. Immediately, you start to save money on your debts by paying out the balance on each of the 3 cards with your Debt Consolidation Loan.

Debt consolidation is also about simplifying your repayment protocol. Rather than having to remember to make two or more repayments on debts each and every month, you’ll only have one payment to make. Chances are good too, if you get the right type of loan, that your one monthly repayment will be considerably lower than the total repayments were on your individual debts collectively.

Debt consolidation is designed to give you more freedom and room to move, whilst still honouring your obligations of repaying the money you borrowed.

Refinancing For Debt Consolidation

Refinancing for debt consolidation is not particularly difficult. Many Australian lenders are more than happy to help you refinance for debt consolidation. What you’ll want to do though, is take your time working out the best plan for debt consolidation and finding a deal that best suits your particular circumstances. If you’re going to refinance, you’ll want to be sure it ends up to your advantage. After all, that’s the point of debt consolidation.

Take a look at the debts you want to consolidate and add up the total monthly repayments, list the interest rates and associated fees and so on. This will give you the necessary information to refer to when looking at Debt Consolidation Loans. The goal is to refinance, reduce your interest rates and reduce your overall monthly repayment amount as well.

If you have any questions about debt consolidation, either have a chat with your preferred lender or discuss your situation with an accountant or qualified financial advisor.

Having one debt to manage is far better than struggling to repay multiple debts, so debt consolidation is certainly worth serious consideration. Why keep struggling under a mountain of debt when you don’t have to? There are solutions that can ease the financial burden.

Cashify Can Help With a Debt Consolidation Loan

Cashify is a private lender and we’ve helped many everyday Australians get back control of their finances with our loans tailored for debt consolidation. If you need to know more, just get in touch, explain your current circumstances and we can let you know how we can help.

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 Benefits Of Buying a Car On Finance

By | Personal Loan

So, you want to buy a brand new car or a quality used vehicle. It’s one of the biggest and most exciting purchases you can make in life and for most people, having their own set of wheels is a necessity.

The most common way everyday Aussies come up with the money to purchase a car is with finance. In this article, we’ll be taking a look at some benefits of buying a car on finance and some hot tips to make the process smoother.

#1 – Get Behind the Wheel Sooner Rather Than Later

To save up the entire amount to buy a car is a long-haul goal. For many people, it’s not really even a possibility if you want to purchase a brand new car or a late-model used one. The price can be just too expensive. While it’s not entirely impossible to save up for a car, it can take years.

The only other option would be to pay cash for an older-model car. There’s nothing wrong with this, but older cars can potentially have more mechanical issues and be more risky than buying new.

On the other hand, if you take out a loan to finance all or part of the purchase price of your dream car, you’ll be driving it off the lot in no time, rather than spending your time daydreaming about it. Whether it’s finance arranged through a car dealer, a Personal Loan or a secured or unsecured Car Loan, finance is the way to fast-track a new car purchase.

#2 – Get Speedy Approvals Through a Private Lender

The first point mentioned how it can take a lot of time to save up the money to buy a car, but finance can have you behind the wheel sooner. Well, if you take out a loan with a private lender, you’ll be in possession of your new car even faster yet.

Most private lenders offer fast loan approvals. Sometimes it’s even so fast that you can have the money in your account the same day or the very next day. Traditional banks tend to take longer to process and make decisions on loan applications, whereas private lenders gain a competitive advantage in this area by offering a speedy approval process.

If you want to get a car sooner rather than later, apply for finance with a private lender.

#3 – You’ll Be Able To Afford a Better Car

If you bought a car with your own cash, chances are high that you’ll need to purchase an older and cheaper car. Alternatively, if you aim to get finance to make the purchase, you can borrow a higher amount and buy yourself a better, newer or more reliable car.

This will give you more peace of mind, as a newer car most likely will give you less problems than an older model. You run the risk of constantly having to spend money on car repairs on an older car, and it could end up costing just as much, over the long-term, as buying a better car on finance and even paying interest on the loan.

On many levels, there are just more advantages to buying a brand new car or quality used car than an old car and a Car Loan can help you do just that.

#4 – Build Your Credit Rating

When you pay back any type of loan successfully, it’ll help build your credit score. Once a good credit score has been established, it’ll make it easier to get approved for finance in the future, which may include the great Australian dream of buying a house with the help of a Home Loan.

A great credit record will help you all throughout your life, so if you pay off a car on finance, it will give you a healthy credit history.

How To Get a Car Loan

At Cashify, we specialise in helping everyday Aussies get behind the wheel of a new car with our easy finance options. If you want to discover how simple it is to finance your car purchase through us, just give us a call and have a chat about your requirements.

Your new car could be just a few clicks away.

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.

Personal Loans – Everything You Need To Know

By | Personal Loan

Personal Loans are one of the most common lending options everyday Australians take advantage of for a myriad of reasons. They are a popular finance choice, and for good reason.

If you’ve never had a Personal Loan before, but are thinking of applying for one, this guide will give you an overview of what Personal Loans are about, what the funds from a Personal Loan can be used for and how a Personal Loan can be your saviour.
It’s always a good idea to understand what you’re getting into before you apply for a Personal Loan.

Why Are Personal Loans So Popular?

For starters, the majority of Australian lenders – whether they be banks, credit unions, building societies or private lenders – offer some form of Personal Loan. No matter which lender you choose to approach, chances are, Personal Loans will be an integral part of their product offers.

What borrowers love most about Personal Loans is they are not tied to one specific purpose, unlike something like a Home Loan, for example. Just as a credit card is versatile when it comes to spending, so are most Personal Loans. While each lender can certainly vary regarding valid spending or purchases for Personal Loans, they can generally be used for a number of different reasons and this makes them attractive.

Personal Loans are flexible, practical, versatile and are offered by the majority of Australian lenders. A personal loan is better than your average credit card, as interest rates are generally much lower and you have a fixed repayment period.

Security Or Collateral Is Optional

You have options with Personal Loans. Some lenders give you the choice of a secured or unsecured Personal Loan, while other lenders simply offer the more popular unsecured Personal Loans.

When you apply for a secured loan, you’ll be putting something of value up as collateral against the loan, such as your home or your car. In the event you don’t repay the loan, you could risk losing your collateral. The incentive of secured Personal Loans is interest rates tend to be lower than unsecured loans and there is more chance of getting the loan application approved.

Unsecured loans give you more freedom, in that you don’t have any of your possessions on the line by being tied up in the loan contract. These types of loans are therefore less risky to you as the borrower, but are generally more flexible too, with lenders offering repayment terms from 3 months up to 7 years.

If your preferred lender offers both secured and unsecured Personal Loans, it will be up to you to work out which option is best for your personal circumstances.

Repaying a Personal Loan Helps Your Credit Score

Your credit record and credit score are important. The better the score you have, the better the chance of being approved for finance in the future. If you’ve had credit in the past, but your score isn’t healthy, paying back a Personal Loan can help repair your credit score.

If you have no credit score yet, then you can create a good score by getting a Personal Loan and making sure you make all the repayments on time. Better still, pay back more than the minimum weekly or monthly payment. This will give your credit score a nice boost.

What’s Required To Apply For a Personal Loan?

Some of the lending criteria will vary a little depending on the lender, so be sure to check, but generally, you’ll need to be able to prove your identity with a government-issued photo ID, such as a passport or driver’s license. Nobody will lend you money if you cannot prove that you are the person on the application.

In order to apply for a Personal Loan, you’ll also be required to show proof that you have an income and the means to repay the loan. This proof will come in the form of some recent payslips from your employer if you’re a wage earner, or financial details from your accountant if you run a business.

Australian lenders will generally only extend finance to people who are either Australian citizens or Australian permanent residents.

When you go to apply for a Personal Loan, you’ll be asked a question about what you want the money for, what you’ll be spending the funds from the loan on. Before applying, check with the lender to ensure your spending goals are in line with their lending criteria. While Personal Loans are flexible, lenders won’t give you a loan if you plan to use it for something that could potentially put you in further financial difficulty, such as gambling.

Once the application has been filled up, you’ll need to attach any supporting documentation the lender requires, such as proof of income and your ID.

In most instances, you can complete the entire application process online.

Take Note Of Interest Rates, Fees and Loan Terms

Australia has so many lenders offering Personal Loans, that you’ll want to take the time to compare fees, interest rates and loan terms. This way, you can determine what’s the best deal for you. Interest rates on Personal Loans can vary quite a lot, so be sure to take note.

Also, apart from a mandatory loan-application fee, some lenders will have some “hidden fees” buried deep in the fine print on their website or loan contract. Check for extra fees apart from the loan application fee and include these in your final decision-making process.

Loan terms are another fact you’ll need to assess. How long do you want to take out the loan, and does this time frame fit in with what a particular lender is offering? For example, many banks have Personal Loan terms ranging from one year and up to 7 years on average. With private lenders, you can often get terms as short as three months if you want to repay the loan quickly. It really depends on how much you want to borrow and what time period works best for you.
If in any doubt, always talk to the lender before filling in any application forms.

Situations In Which a Personal Loan Can Be Your Saviour

Sometimes, borrowing money can be the solution to a pressing problem, such as when you’re faced with an emergency. Perhaps you or a loved one has had an accident and needs urgent medical care. If you don’t have the money to cover the costs, you’ll have to find it somewhere, and quickly. A Personal Loan can really save a lot of unnecessary stress in situations like this.

Likewise, an unexpected cost or some other expense may come in and you find you don’t have the money to pay it on time. Again, finance in the form of a Personal Loan can be a lifesaver. For example, a broken fridge can easily and quickly be replaced with the help of a Personal Loan, and then you can repay the money you borrowed over time with no stress.

Another scenario might be where your car breaks down and you don’t have enough money for the repairs to get it back on the road. Once again, a Personal Loan can come to the rescue.

Reasons To Apply For a Personal Loan

Apart from helping to resolve emergencies from a financial standpoint, Personal Loans can be used for numerous different purposes.

Paying for a dream wedding is one very popular way people put the funds from a Personal Loan to good use. Going on that holiday you’ve always fantasised about is another very common choice. Consolidating all of your debts into one simple loan is very popular when it comes to Personal Loan spending options.

What you can spend your Personal Loan funds on will vary a little from lender to lender, so be sure to check this. Having said that, most lenders allow you to borrow money for numerous purposes. Other common reasons to apply for a Personal Loan include:

  • Undertake home improvements
  • Purchase new furniture
  • Buy a car
  • Educational expenses
  • And more…

You Can Apply Online

This is one of the real positives of Personal Loans and why they are popular. Most lenders allow you to complete the entire loan application online, which you can do from the comfort of your own home at any time of the day or evening. It’s about convenience and having access to the tools you need 24/7.

Remember, your lender is just a phone call or quick email away should you encounter any issues or have questions about the application process.

Where To Apply For a Personal Loan

As mentioned at the beginning of this guide, the majority of Australian lenders offer some form of Personal Loan, so there are a lot of choices. So many, in fact, that it can get confusing. That’s why it’s important to assess your personal needs and take the time to find the right lender for you. A Personal Loan is a contract that you enter into, so make the right choice before committing to a deal.

At Cashify, we specialise in both short-term Personal Loans and more premium Personal+Plus Loans. We pride ourselves on helping everyday Australians achieve their goals and dreams.

To learn more about how we can help you and what we offer when it comes to Personal Loans, just give us a call and have a friendly chat with our staff.

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.

Top Tips For Students To Deal With Their Education Expenses

By | Personal Loan

Embarking on the journey of further study after the official school years have finished can be both an exciting and daunting time for young adults. On the one hand, it feels like life is just beginning, yet with it comes more responsibilities, including how to pay for those education expenses and other related costs, and how to better manage money and repaying any educational loans.

Let’s take a look at some top tips to help students deal with education expenses and money management during this new and exciting phase of life.

Plan Your Finances As Well As Your Education

If you’ve finished school and are undertaking a university degree, for example, no doubt you’ll be making plans, such as what courses you are going to take, which university you will attend, where you’re going to live, what course materials you need and so on.

This is all a necessary part of the process but at the same time, you need to make some financial plans. How will you cover living expenses and pay for your lifestyle during those university years? Are you planning to work part-time and, if so, doing what kind of job? Will you be getting some form of Student Loan to pay for your studies?

The more you make plans before the time comes, the smoother everything will go, the more confident you’ll feel that you have things under control, and the less chance there will be of any major money problems along the journey.

Ways To Finance Your Education and Living Expenses

As far as covering your everyday living expenses is concerned, you may already have some savings stashed away or your parents will help you out a little. Many students take on part-time or casual work, with hours that are flexible and fit in with their study schedule. Generally, it’s not that difficult for students to find work, with the hospitality industry being a popular choice for students due to a flexible range of hours.

When it comes to paying for the study courses, again you’ll have some choices, with government loans for students, study grants, scholarships provided by educational institutions and private enterprises, or taking out an educational loan from one of the banks or a private lender. Students can always find ways to fund their education. It’s more a matter of what type of funding suits your circumstances best.

The Do’s and Don’t’s While Taking An Education Loan

If you opt for a government loan, such as the HECS scheme, you won’t have to give any thought to repaying the borrowed funds until after you have completed your studies and land yourself a paying job. This fact alone makes HECS a very popular choice. Having said that, you do have a rather large debt hanging over your head the entire time you’re studying, knowing that you’ll have to start repaying it the moment you start working.

One way how students can ease their education loan worries is by trying to fund at least part of the cost of education themselves. In other words, you could take out an education loan from a bank or private lender for part of the amount and cover the rest out of your earnings or savings.

Another way to ease the weekly or monthly burden is to take out a Student Loan over longer terms. You’ll ultimately pay more in interest, but the monthly repayments will be lower and more affordable on a part-time income.

A third option could be to take a gap year before commencing university, working for 12 months and saving as much money as possible during that time. You can then put this money towards your education and you will likely only have to borrow a much smaller amount. Even if you could cover half the costs of your course by the time you start, any loan you take out will be far easier to repay month after month because the total is a lower amount.

Talk To a Private Lender About Educational Loans

Cashify is a private lender that specialises in short-term and longer-term Student Loans and more broadly, Personal Loans, which can be used to fund educational expenses. Our interest rates are fair and we can help tailor a loan to suit your specific needs. Talk to us 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.

Take the Stress Out Of Wedding Expenses With These Top Ideas

By | Personal Loan

The wedding day is one of the most significant days in someone’s life. You’re finally tying the knot with your partner and you want everything to run smoothly. The day is meant to be a memorable occasion, enjoyed by everyone attending, but we all know that weddings cost money, and preparing for the big day can often prove to be stressful.

One of the major causes of stress can be the expenses associated with weddings. Every step of the way, you will have to shell out money for things. It’s an expected part of the process, but without proper planning and budgeting, the expenses side of things could get out of hand and you may find your wedding is going to cost more than you anticipated.

Let’s look at some handy tips to take the stress out of wedding expenses so your mind is free to focus on enjoying this most special occasion.

Step One Is To Create a Wedding Budget

Creating a wedding budget is in essence creating a financial plan for your wedding expenses. It’ll also help you define exactly what your wedding day is going to entail and you can propose a spending limit for each item on your wedding budget list.
It’s best to formulate a budget over a period of time, well ahead of the actual wedding day. You probably won’t think of everything immediately, so you’ll be adding (and possibly subtracting) items from your budget over a period of weeks.

Come up with a figure for your overall wedding budget so you have a guideline to follow. Once you know how much you can afford to spend overall, you’ll be able to tweak the items on your list until the total of all expenses comes under the maximum limit.

Without a wedding budget, you really have no plan when it comes to the expenses your wedding day will incur.

Hire a Professional Wedding Planner To Help You

A wedding planner will help reduce the stress levels associated with planning a wedding. For starters, they do this all the time. Secondly, they’re not emotionally involved. Thirdly, they have many industry contacts and will be able to help you negotiate good deals on certain items on your wedding budget list.

Of course, a wedding planner is going to charge a fee, but it’s a fee worth paying if it helps make the big day go off without a hitch and they can save you some money along the way.

Trim Back Or Delete Unnecessary Expenses

Not every single thing on your list of wedding expenses will be essential to the day’s success, so if it looks like you might go over budget or something is costing more than you anticipated, cut back on some other expenses on the list, or totally delete expenses that are not necessary.

Whether you have the money on hand or need to borrow the money, there’s no point creating added stress by trying to pay for things you don’t really need.

Are Wedding Loans a Good Way To Cover Costs?

What’s a Wedding Loan?

Generally, if you take out a loan to cover the cost of your wedding expenses, you’ll be applying for a type of Personal Loan and quoting your wedding as the reason for needing the loan.

The majority of Australian lenders offer Personal Loans and weddings are one of the most common reasons people decide to take out a Personal Loan.

Knowing that you can borrow some or all of the funds you need to make your special day a success will really go a long way towards reducing stress when planning your wedding. After the big day has come to pass, you can then focus on repaying the funds over a period of time and at an affordable rate.

Let Cashify Help Fund Your Wedding Day

Cashify has helped many Australian couples make their wedding day dreams come true. With a range of flexible standard Personal Loans and more premium Personal+Plus Loans, offered at competitive interest rates, we have a loan solution to suit every budget. Talk to us today and discover how we’ll help make your wedding day an event to remember.

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.

Car Need Repairs? How To Find the Cash To Get Back On the Road

By | Personal Loan

Car problems can be really stressful, particularly if you really depend on your car for getting to work and back, or live in an area where there is no public transport. If your car has broken down and you don’t have the money to get it fixed, what can you do to get it repaired and be back on the road again?

Let’s take a look at some handy tips in this article.

Ask For Help

If you’re really stuck for cash and your car has suffered mechanical problems, or you’ve had a minor accident, don’t be afraid to ask for help from the people you know. Resolving your problem could be as simple as making a few phone calls to family and friends. Chances are, someone will be able to front you some cash to get your car fixed. Give them a firm repayment date for the money you borrow and you’ll increase your chances of receiving assistance.

Maybe Your Boss Can Advance You the Money?

If you’re currently employed and have a positive rapport with your boss, maybe they might be willing to advance you some cash against your salary so you can get your car fixed. It would be to your employer’s advantage as well if it means you have no issues in being able to get to work each day. The money could be repaid a week at a time, or you could get an advance on your holiday pay. It doesn’t hurt to at least ask.

Try and Negotiate With Your Mechanic

If you’ve used a particular mechanic a few times before and you’ve always been reliable when paying the cost of repairs, parts and servicing, you might be able to strike up a deal where you can pay off the debt over a relatively short period of time.

As an added incentive, you could even offer to pay a little more than the total of the final bill, so there’s something in the deal for the mechanic as well. It’s worth a try.

Do You Have a Friend Who Can Repair Cars?

Whether they’re a mechanic or not, if you have a friend who is handy with cars, they might be able to do the repairs for you at a cheaper price. Alternatively, you could just pay for any parts required and do some sort of services swap for the labour part of it.

It’s something to consider, provided you know somebody who could fix your car.

What’s the Best Way To Pay For Car Repairs?

One of the fastest and simplest ways to pay for car repairs and get back on the road is to borrow the money from a lending institution.

How should you finance car repairs?

Well, you could apply for a credit card and use the available funds to pay for your car repairs, but credit cards can take a while to get and most of them have very high rates of interest attached.

A better alternative is a Personal Loan. Most lenders will allow you to use the funds from a Personal Loan to fix your car. You could apply at a bank, but the process can be sluggish at times. If you’re in a hurry to get back behind the wheel, approaching a private lender is the best option.

Private lenders focus on speedy processes and you can apply for a car repair loan online from home. Many private lenders will process and approve your loan application within a day or two, so you’ll have the funds you need very quickly and be able to give the nod to your mechanic to get started on repairs.

Loans for car repairs can prove to be a real lifesaver.

Car Broken Down? Give Cashify a Call

Cashify is a private lender. We specialise in rapid approvals and smaller Personal Loans ideal for car repairs. If you prefer, we even often short-term loans from as little as 3 months to repay the debt. Give us a call and talk to us today, so we can help you get back on the road again.

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.