Thanks to technological advancements and transformation in every industry, the modern world is moving faster than it ever has before. Every aspect of modern life, like food, transportation, communication, and purchases, is evolving. Therefore, we need to keep up with the changes, especially when managing our finances. There has been a rapid shift from manual paperwork, cash transactions, and long-process applications to mobile banking, online loan applications, and automated transactions. 

With everything moving so fast, accessing the money instantly has also become important, especially when facing emergencies and unexpected expenses that can’t wait for your next paycheck. Fortunately, you can now apply for an instant cash loan in Australia and borrow money within an hour. 

Never heard of it? No worries. In this post, we’ll share what an instant cash loan is, its pros and cons, and 5 tips to consider when applying for one down under. 

An instant cash loan is a type of online personal loan designed for applicants looking for cash within a short period, usually within 24 hours. This loan is currently the fastest way to borrow money and get cash advance into your account, and all you have to do is fill out an online application on a lender's website, provide the required documents (ID copy, 90-day bank statement, proof of income, etc.), and contact information. The lender will evaluate your application and decide whether to approve or reject it within a short period, often within hours, depending on your documents and the number of applicants. Once approved, the money will be transferred to your account within a few hours. 

However, the vast majority of these loans usually range between a few hundred dollars to $5,000. This is because most lenders are unwilling to risk large amounts of money on a quick loan. However, a few companies in Australia, such as Jacaranda Finance, offer as high as $15,000 to some borrowers, often returning with a proven track record. 

Instant cash loans are processed much faster than other loans offered by traditional banks and credit unions. 

Unlike traditional lenders that require you to show proof of income and have a good credit score, most instant loan lenders only require proof of identity, citizenship, and income, and that you’re over 18 years of age.

Unsecured loans don't require you to put up collateral, so you don't have to worry about losing your assets. However, delaying or defaulting payments will affect your credit score. 

Unlike traditional loans, instant cash loans typically have a tenure between a few months and a couple of years. If your financial situation requires you to borrow $500 or $1,000, chances are it may be challenging to pay it back quickly, especially if you’re living paycheck to paycheck. 

The loan industry has a bad reputation in the past for having predatory practices towards borrowers, often burying them in higher interest rates and tenure terms that they couldn’t dig themselves out. Even though times have changed with more transparent practices and value creation, it can be difficult to determine credibility. 

To ensure that your instant cash loan application goes smoothly, here are some tips to consider:

Before e-signing anything, you must read the fine print to ensure you know what you're getting yourself into. It is your responsibility to read the terms and conditions and consider every last detail to prevent future shocks. 

The last thing you want is to quit in the middle of filling an application just because you don’t have a scanned copy of your ID or digital bank statement. Therefore, you should save everything in the required format (PDF, JPG, etc.) on your device before applying. 

You don’t want to fill out unauthentic or incorrect information as the lender will verify your information. Any fake or misleading information can get your application either delayed for clarification or rejected indefinitely. 

The general rule of thumb when applying for an instant cash loan in Australia or anywhere worldwide is that you should only take as much loan as you require. Using this approach, you get to avoid any excess burden that can disrupt your future applications, credit score, and emotional well-being. 

Financial tools, such as loan calculators are excellent for eligibility self-assessment. Not only will they help you determine the maximum amount of money you can borrow, but they also break down the monthly payment with the interest rates to help you plan accordingly. 

An instant cash loan is a double-edged sword – it can be beneficial in times of need. Still, it can also be a burden if you're not financially responsible or avail it for unjustified expenses. Moreover, every lender is different in loan limits, interest rates, eligibility requirements, processing speed, terms and conditions, and customer experience. Therefore, you must thoroughly research different lenders and their value offerings to determine which one is the best for you.