Borrowers in Australia have a lot of choices when it comes to banks and finance companies. If you’re seeking a personal loan, you’re really spoilt for choice with options and everyone is vying for your business.
While banks and building societies have often been the institutions of choice for anyone looking to get finance, the private lending sector is also an excellent option, one that’s sometimes overlooked.
In this post, we’ll take a closer look at some key reasons why you should consider approaching a private lender for a personal loan and why it could be the best choice for you and your circumstances.
Online Application For Personal Loans
With a private lender such as Cashify Loans, you can apply for a personal loan from the comfort of your own home at any time of the day or night. Just access the online application form, fill in the details, upload copies of your identification and any other supporting documentation and you’re done. At most, it’ll probably only take you 5 to 10 minutes or so to complete the entire process.
It’s quick and it’s convenient, as there’s no need to print anything out, scan anything, or to pay a visit to the lender’s office to make a loan application.
Fast Processing and Rapid Approvals
One way private lenders get a leg up on their competitors is to offer really speedy service. In today’s world, everyone wants everything now. It’s become an impatient society where no one likes to wait.
Banks can often take a while when it comes to processing loan applications and you’ll sometimes receive phone calls and be asked for more supporting documentation to continue the process. This can really slow things down.
Private lenders, on the other hand, aim to do the opposite. With a streamlined application and approval process, quite often your loan application can be processed and approved on the same day, with the money in your account by the end of that day or the very next business day.
If you need cash quickly, a private lender is your best option.
Minimal Paperwork and Documentation Required
Another positive aspect of the private lender personal loan application process is that paperwork and supporting documentation is kept to a minimum. This not only makes the application quicker and easier, but it also helps to speed up the processing and approval of the loan.
Generally, all you’ll need to provide is proof of your identity and documentation to support your income claims and you’re good to go.
You Can Borrow Smaller Amounts
Personal loans from a bank tend to have minimum loan amounts set around the $5k mark. That’s fine, but it could be way more than you need. Why sign up for a minimum $5k loan if you don’t want that much?
On the other hand, private lenders start their personal loans in the hundreds. On average, the minimum loan amount will be $500. Maybe that’s all you require? Or even just $1000?
Private lenders offer more options when it comes to the amount you can borrow on a personal loan. Standard personal loans are usually somewhere between $500 to $5000 while premium personal loans are up to $25,000.
Short and Flexible Repayment Terms
If you’re only borrowing a small amount, such as $1000, you don’t want to be repaying the loan for years. Plus, the longer it takes, the more you’ll be paying in interest.
Private lenders offer short repayment terms, usually ranging from 3 months and up to 1 year. This way you get out of debt sooner and pay a lot less in interest on the loan. This makes a lot of financial sense.
Contact Cashify Loans For Private Lender Personal Loans
For personal loans Australia wide, Cashify Loans is your premier choice for a private finance lender. We offer both standard and premium personal loans, so there’s a finance package that will suit your needs and personal circumstances perfectly.
To learn more, either visit our website or give us a call and chat to one of our staff members. We’re more than ready to answer any queries 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.