Easy Loans
1. What are Easy Loans
Easy Loans are cash loans that are instantly accessible through numerous lenders in Australia. The application process for an easy loans is fast and simple, requiring little documentation that must be electronically submitted. The lenders providing easy loans have quick processing times, giving you a decision on the loan application within minutes, and instantly disbursing funds so they reach your account within the same business day.
2. Types of Easy Loans
Usually, easy loans are short term loans, and lenders categorize them under various types. The two main types are payday loans and small loans.
Payday loans are usually capped at $2,000 and have a very short loan term falling between 16 days to a few months. Small loans, cash loans, and short-term loans can be as big as $5,000 with a repayment period of up to one to two years.
3. Eligibility Criteria
To be eligible for an easy loan, applicants must:
4. Examples of Easy Loans
Lender |
Loan Type |
Loan Amount |
Loan Term |
Fortnightly Repayment (calculated on a $1,500 loan) |
Sunshine Loans |
Short-Term Loan |
$2,000 |
Nine to fourteen weeks |
$396 |
Ferratum |
Cash Loan |
$1,900 |
Three to twelve months |
$396 |
Fair Go Finance |
Small Loan |
$2,000 |
Three to twelve months |
$354 |
Safe Financial |
Small Loan |
$5,000 |
22 weeks to one year |
$396 |
5. Advantages and Disadvantages
Advantages
Disadvantages
6. Application Process
Easy loans have an online application process. After you have shortlisted a viable lender, log on to their website and fill out the online application form. Once it’s been approved, usually within a few minutes, the funds will be disbursed and should reach your bank account within a few hours, or within one business day.
7. FAQs
Can I apply for an easy loan if I am not employed?
Yes, some lenders might accept applicants who are unemployed and rely solely on government/Centrelink benefits.
Are easy loans expensive?
Yes, easy loans are among the most exepnsive forms of borrowing as they carry a higher risk for the lender.
Can I get an easy loan for my business?
Usually you can use the funds acquired through an easy loan in any manner of your choosing, however, some lenders might not allow you to make business payments with an easy loan.