Traditional loan providers such as banks have multiple requirements that need to be fulfilled in order to be eligible for a personal loan. They use these eligibility criteria in order to assess the risk of providing a loan as well as to determine factors such as the interest that they will charge. This assessment means that the approval process can be lengthy and that it can take days or even weeks for the loan amount to appear in your bank account.
There are however loan providers that offer quick or instant approval for a personal loan. There are still requirements that must be met in order to assess eligibility but they are not as strict or numerous as with traditional lenders. If you are eligible, the application process is simple and fast and in most cases, the loan amount will be transferred into your bank account on the same business day it was approved.
You will be required to complete an application form including all your personal information and contact details. You may also be required to provide your proof of employment as well as employer details. In most cases, proof of income in the form of payslips for a specified period (normally for the last 3 months) will be required. Some loan providers may accept bank statements as a proof of income for those who are self-employed or do not have payslips to prove their monthly income.
You will not be required to provide any type of security in order for the loan to be approved. This means that you won’t have to pay a security deposit or put up an asset or item of value as collateral to secure the loan.
A credit check will be performed in order to assess your risk. If you have a bad credit record, it reduces your chances of approval and may result in a higher interest rate. For those with a good credit rating, approval will be very quick. If you have been blacklisted for unpaid debt, it is unlikely that the loan amount will be approved.
There are many online providers who offer this type of instant personal loan approval. However, it is important to ensure that the lender is a licensed financial provider through ASIC (The Australian Securities and Investments Commission). Choosing a licensed provider will protect you from being scammed and ensure that the loan agreement follows the rules and regulations governing loan and credit providers.
You also need to be aware that you may be limited to the amount that you can apply for with an instant or cash personal loan. Personal loans are commonly provided in small amounts and are not aimed at purchasing expensive items or assets such as property or a car. It is best to apply for the appropriate loan if you require larger sums of money.
A quick personal loan can be used to purchase or pay for anything. You probably won’t even need to provide a reason for the loan to be approved. Instant personal loans are ideal when you need cash in hand, fast.
If you’re looking for a flexible personal loan from a trusted non-bank lender look no further than LoanONE.
Visit our application page and see if you qualify today.
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