The Good The Bad And The Ugly Of Small Loans
Are you finding yourself in need of a small loan? Are unexpected expenses creeping up on you at the worst of times? Wondering how to arrange money fast to handle sudden car breakdown expense? Need extra cash urgently for paying small unpredicted medical expense or other such expenses? Small Loans are a type of loan whereby you borrow quick cash advance with the intention of paying back the loan in the short term.
What Are Small Loans?
A small loan is a short term financing plan that can be used to cover a range of small unexpected day-to-day expenses. They offer funds from $300 to $2,000, repaid over a period of 9 to 12 weeks. The borrowed loan amount will be approved on the basis of your needs as well as your repayment capability.
When you face low cash flow and an expense crops up out of the blue, you tend to apply for a loan to get rid of financial hardships. Whatever situation it is, you often find that emergencies demands quick fix and cannot be postponed or ignored. Small Loans offer quick and easy solution.
What Are The Key Features Of Small Loans?
• A small loan offers immediate cash relief
• The loan can be availed by the people with bad credit history
• Small loan can be obtained with simple and hassle-free application processing with online medium
• Small amount of funds grabbed with the loan can be freely used to meet any unexpected expenses
• The loan comes with rapid approval timing
Who All Can Get A Small Loan?
There are a few minimum requirements that you will meet in order to qualify for Small Loans. To be eligible to apply for loans you need to be:
• At least 18 years of age
• An Australian citizenship is mandatory to have
• Must be receiving regular income
What Can Small Loans Used For?
There Are Several Reasons Why People Opt For Small Loans. This May Include:
• To buy for groceries
• To pay for utility bills
• To make payment for house rental due
• To handle small home or car repair charges
• To pay out small medical expense etc.
What Are The Good, The Bad And The Ugly Side Of Small Loans?
The Good
Fast-Payday loan is known for its speed at which the cash can be credited to you. The money you need can be approved to your bank account usually on the same or by next business day. When you need extra cash to cover small unexpected emergencies, Small Loans can provide you valuable assistance.
Ease- A payday loan is much easier to acquire compared other traditional loans available in the market. The loan comes with no lengthy paperwork, no tedious documentation and no any other complicated and hectic formalities.
Simple- When applied via online medium, you will find the process of Small Loans to be really very simple and easy. It takes only few minutes to complete the online loan application process. Lenders will verify your provided information and they will respond to your loan request in no time.
The Bad
Small Amounts – The loan offers an amount maximum up to $2,000 for dealing with small urgent financial requirements.
Effective To Meet Short-Term Financial Goals Only-These loans are not meant for your long-term financial solutions. Amount gained with a payday loan can only be used to meet small urgent fiscal demands.
The Ugly
High Fee Charges – Small Loans have always been criticized for its high charges as compared to other loans. These loans are though designed to meet emergencies, but you need to agree on paying an establishment fee of 20% and a monthly fee of 4% on the principal amount. These fee charges are capped by the Australian government.
Strict Implications Of Non-Repayment- Failing to repay back the loan within agreed time period will lead to huge penalties and late fee charges. Defaulting in payment will even put negative mark on your credit profile.
Why To Keep In Mind While Applying For A Small Loan?
• Taking up a short term loan can be a good option to solve short term cash flow problems. But before you apply for a loan, make sure you can repay back the loan within agreed time span to the lender.
• Before signing the loan agreement, you must carefully check the fees of the loan and the terms of the loan agreement. You must deal with a genuine and legitimate lender.
• You must borrow an amount that you can afford to repay on time.
• Borrow responsibly and choose a reputable lender.
What Are Small Loans?
A small loan is a short term financing plan that can be used to cover a range of small unexpected day-to-day expenses. They offer funds from $300 to $2,000, repaid over a period of 9 to 12 weeks. The borrowed loan amount will be approved on the basis of your needs as well as your repayment capability.
When you face low cash flow and an expense crops up out of the blue, you tend to apply for a loan to get rid of financial hardships. Whatever situation it is, you often find that emergencies demands quick fix and cannot be postponed or ignored. Small Loans offer quick and easy solution.
What Are The Key Features Of Small Loans?
• A small loan offers immediate cash relief
• The loan can be availed by the people with bad credit history
• Small loan can be obtained with simple and hassle-free application processing with online medium
• Small amount of funds grabbed with the loan can be freely used to meet any unexpected expenses
• The loan comes with rapid approval timing
Who All Can Get A Small Loan?
There are a few minimum requirements that you will meet in order to qualify for Small Loans. To be eligible to apply for loans you need to be:
• At least 18 years of age
• An Australian citizenship is mandatory to have
• Must be receiving regular income
What Can Small Loans Used For?
There Are Several Reasons Why People Opt For Small Loans. This May Include:
• To buy for groceries
• To pay for utility bills
• To make payment for house rental due
• To handle small home or car repair charges
• To pay out small medical expense etc.
What Are The Good, The Bad And The Ugly Side Of Small Loans?
The Good
Fast-Payday loan is known for its speed at which the cash can be credited to you. The money you need can be approved to your bank account usually on the same or by next business day. When you need extra cash to cover small unexpected emergencies, Small Loans can provide you valuable assistance.
Ease- A payday loan is much easier to acquire compared other traditional loans available in the market. The loan comes with no lengthy paperwork, no tedious documentation and no any other complicated and hectic formalities.
Simple- When applied via online medium, you will find the process of Small Loans to be really very simple and easy. It takes only few minutes to complete the online loan application process. Lenders will verify your provided information and they will respond to your loan request in no time.
The Bad
Small Amounts – The loan offers an amount maximum up to $2,000 for dealing with small urgent financial requirements.
Effective To Meet Short-Term Financial Goals Only-These loans are not meant for your long-term financial solutions. Amount gained with a payday loan can only be used to meet small urgent fiscal demands.
The Ugly
High Fee Charges – Small Loans have always been criticized for its high charges as compared to other loans. These loans are though designed to meet emergencies, but you need to agree on paying an establishment fee of 20% and a monthly fee of 4% on the principal amount. These fee charges are capped by the Australian government.
Strict Implications Of Non-Repayment- Failing to repay back the loan within agreed time period will lead to huge penalties and late fee charges. Defaulting in payment will even put negative mark on your credit profile.
Why To Keep In Mind While Applying For A Small Loan?
• Taking up a short term loan can be a good option to solve short term cash flow problems. But before you apply for a loan, make sure you can repay back the loan within agreed time span to the lender.
• Before signing the loan agreement, you must carefully check the fees of the loan and the terms of the loan agreement. You must deal with a genuine and legitimate lender.
• You must borrow an amount that you can afford to repay on time.
• Borrow responsibly and choose a reputable lender.
Comments