When most people think about borrowing money from a financial institution, invariably the first option that comes to mind will be to get a loan from one of the big banks. Of course, there’s nothing wrong with that. Major banks have been lending money to everyday Australians for as long as we can all remember.
Banks are not the only Personal Loan providers in town though, and they don’t always offer the best options. Private lenders who offer quick money loans have some distinct advantages over the banks when it comes to lending and we’ll take a look at those advantages in this post.
Private Lenders Offer Speedy Loan Services
If you need fast cash, Australia has alternatives to the big banks in the form of private lenders.
Let’s say you’re faced with an emergency situation and you need a certain amount of money in a hurry to sort it out. Waiting for a Personal Loan application to be processed by a bank could take weeks, whereas private lenders will often approve your application and deposit the money into your nominated account on the same day or very next business day.
A Personal Loan firm that offers fast cash loans relies on speedy services to attract your business. It’s one of the major advantages private lenders have over the banks, so if you need cash fast, it makes sense to try a private lender.
Banks can make you fill out very long forms to apply for any type of finance and they’ll often ask for loads of supporting documentation as well. Sometimes you’ll think you’ve supplied everything that’s needed, only to receive a call asking for something more.
Because private lenders are focused on providing funds in rapid time, paperwork associated with loan applications is minimal.
You Can Apply Online
Unless you’re wanting a Pawn Loan, in which case you would have to visit the lender’s business premises in person, you can do your Personal Loan application entirely online. The application form for a fast cash loan with a private lender usually only takes a few minutes to complete. After that you submit it with your uploaded ID and wait for it to be processed and approved. So long as there are no errors on your part, the application will be processed in fairly quick time.
You Can Borrow Small Amounts With a Private Lender
Banks will have a minimum amount you can borrow with a Personal Loan, usually around the $5,000 mark. That’s fine, but if you only want to borrow $1,000, you won’t want to be paying back interest on the extra $4,000 that you didn’t need.
Private lenders have much lower minimums, possibly even as low as a few hundred dollars and a ceiling of around $10K–15K. If you’re not chasing huge loan amounts then a private lending firm makes more sense than borrowing from a bank.
Loan Terms Are Clear and Transparent
Rather than making people read pages and pages of fine print just to see what terms are involved in a loan, private lenders tend to make a point of clearly stating their terms on the pages of their websites. You won’t have to go searching for them as everything will usually be clearly laid out regarding what’s involved.
To pay back a Personal Loan from a private lender you’ll have the choice of between 3-24 months. Loan establishment fees can be somewhat higher than the banks, but interest rates are often lower.
It varies from lender to lender, so be sure to nail down what the terms are before committing yourself to any finance.
There Is Way Less Criteria To Apply
All money lenders will have certain criteria for customers to satisfy but you’ll find the criteria list with private lenders is considerably shorter than what banks usually require. This not only means more people are eligible to apply for a Personal Loan with a private lender, but it also speeds up the application process with less to fulfil.
So long as you’re over 18, have a job (even if it’s part-time), are an Australian citizen or permanent resident and can produce government-issued ID you can get started and apply today!