If you’re faced with a medical emergency or some other pressing issue and you don’t have the money to cover your expenses, what are your options for getting a quick Personal Loan? Is it even possible? Will banks approve a Personal Loan application the same day or within a few days?
Let’s answer these questions and more, so you know what options are available to you in the event you need money in a hurry, but don’t have the cash on hand.
What Is a Personal Loan?
Just to clarify, a Personal Loan is exactly that: A loan which can be used for personal needs and circumstances, rather than finance to buy a specific item, such as a car or home. As part of their responsible lending criteria, lenders will ask you what you intend to use the money for. In a sense, a Personal Loan could be used for almost anything from a holiday to cover your wedding costs or an emergency situation. On most occasions, Personal Loans are unsecured loans.
Can a Bank Provide the Solution You Need?
If you need money really fast, then a bank or finance company in the traditional lending sector probably won’t be able to get the money to you in a very short space of time.
There can be a lot of procedures and red tape when it comes to seeking finance from the banks and the loan application process and approval time can often be drawn out. The very best case scenario might be 4 or 5 days, but usually it’ll take a week or two before your application has been processed and approved.
If you need an instant Personal Loan, then there are other options.
Apply For a Personal Loan With a Private Lender
Private lenders are lending institutions that are independent of the traditional banking sector. There tends to be a lot less restrictions with private lenders, as well as minimal paperwork and red tape. What this means for you if you need money quickly, is the entire process is sped up exponentially.
The option of an online application for a Personal Loan is available, making the process convenient, as well as saving time by not having to physically go in to see the lender to actually apply. You can find private lenders in your area by simply doing a search online for them.
Possibly one of the greatest advantages of trying a private lender is they offer fast cash loans and same day loans (if you get your application in early enough and everything is complete). Usually, if your loan is approved by early afternoon, you’ll have the money deposited into your bank account by the end of the day or the very next business day.
Private lenders offer a practical solution when you need money fast, such as in the case of a medical emergency or other urgent matter.
How Much Will a Private Lender Loan You?
This will vary by lender and the type of Personal Loans they offer. The standard fast cash loans may have minimum loan amounts in the $100s and up to a maximum of $5,000 to $15,000. This type of Personal Loan is perfect when you only want to borrow a small amount.
Private lenders will sometimes offer more premium versions of Personal Loans, with higher loan amounts, lower interest rates and longer repayment terms. These premium loans can be tailored to your personal requirements.
Eligibility Criteria For Private Lender Personal Loans
To apply for any type of Personal Loan you’ll need to be employed or have an income that doesn’t come from Centrelink. You’ll also need to be 18 years old or above and be able to prove your ID. For smaller fast cash loans your income level won’t need to be high, but the premium Personal Loans offered by private lenders often require a minimum yearly income of $50K or more. It’s also a requirement to be an Australian citizen or permanent resident.
Always Thoroughly Check the Lender’s Terms
Not all lenders are the same and not all deals on Personal Loans from private lenders will be the same. So there’s no confusion or any surprises, thoroughly check the terms of the loan on the lender’s website before applying and committing yourself to finance.