Sometimes in life you need a loan, but you don’t need a lot of money. All you need is a small personal loan. Everyone has their own unique financial situation. That’s why loans come in many different forms and are able to serve almost any credit need. If you need money to buy some furniture, need to cover an emergency expense, or just want to go on holiday, then you should consider a small personal loan.
Before we continue we have a quick warning about borrowing. You need to ask yourself if you really need a loan today. Borrowing a small amount of money can be expensive and it may not solve the money problems you’re currently facing. Please check the options you have before deciding on taking out a loan. If you would like more information about alternatives to borrowing and ways you can manage your bills and debts then please call 1800 007 007 to get free independent financial advice. If you’re having trouble paying your utility bill then talk with your suppliers for electricity, gas, water or phone company to see if you can arrange a deal. If you are on government benefits and you need money fast you can phone 13 17 94 to see if you can have your Centrelink payment sent early. If you’re unsure then head to the MoneySmart website provided by the government to find out more information about small loans and alternatives to them that could be a lot of
A small personal loan is a loan for a small amount. It’s typically between $100 and $2,000. A small personal loan is different from a regular loan because they usually come with shorter loan terms. They tend to be more flexible too. These kind of loans are often offered by the less traditional lenders.
While it is true that you can get a small personal loan from a bank they aren’t that small really. You’re looking
at a minimum loan of anywhere between $3,000 and $5,000 when you use a bank.
If you want to get a small personal loan then you do have some different options available to you. They are all
different and you’ll have to pick the one that best fits your needs.
A payday loan is a short-term loan for a small amount that can be used when you need some extra money before payday rolls around. Payday loans are also a good option for people who don’t have great credit ratings. They focus more on your current financial situation and ability to repay the loan over your negative
(or positive) credit history.
An overdraft is when you withdraw more money from your bank than you actually have in your account. It’s typically a small amount that can be anywhere between $100 and $1,000. How much you can withdraw is set by your bank and the money comes with fees and rates.
A line of credit is similar in principle to an overdraft. The difference is that a credit line isn’t attached to your bank account and you can potentially borrow more money with a credit line. You can withdraw up to a certain amount of money on a set rate but the rate will be charged only on how much money you withdraw.
A cash advance is when you withdraw money from your credit card. Money from a cash advance accrues interest instantly and the rate could be higher than 20% p.a. So be careful when getting a cash advance and learn as much as you can.
A small personal loan is just like a regular loan in that you are charged fees and rates to borrow money from a
bank or other lending institution. There are some elements to a small personal loan that you can learn about
below. These will help you compare the loan options and choose the best loan for you.
When you apply for a small personal loan you need to work out how much you’ll be paying with fees and rates. You should be able to afford a loan before you take it out. You also need to ask yourself if you really need to take out a loan. Is what you want to buy really necessary? If it’s not something you need urgently then you should consider just saving the money instead.
Before you apply you should compare your options for a small business loan. When you find the loan that you feel is right for you just click the “Go to site” button to be taken to the online application form. Fill out the form using the necessary details and all that’s left is to wait for approval.
Some payday lenders will get back to you instantly and have the money with you within just 24 hours. In order to take out a small personal loan you will need to be at least 18 years old and will also need to be a permanent resident or citizen of Australia.