There are many kinds of loans that a person seeks. One of them is a short-term loan. A website such as MiFinance Cash offers short-term loans for Australians from $100 up to $800 that can be paid off either weekly, every two weeks or once a month.
What is a short-term loan?
This is the kind of loan that needs to be repaid in less than a year and is of a smaller amount than other loans. Typically, this kind of loan is sought for specific situations such as emergencies, to get caught up with debt, to take care of a medical situation, or for less precarious situations such as for a purchase or a vacation.
Can anyone obtain a short-term loan?
A reputable lender of these kinds of loans takes into consideration the person’s circumstance. If you are an individual whose financial situation shows that it is unlikely that you’ll repay such a loan, then it is unlikely you will receive such a loan. You must be expected to pay back the loan within the times specified in the loan agreement.
Is there an interest fee with such a loan?
This kind of short-term loan does not come with an interest charge. What it does include is a 20 percent establishment fee as well as an interest of 4 percent per month. The costs associated with this kind of loan are gentler on a lender than the expenses related to the typical payday loans which can be high and which often rollover.
How long does it take for this kind of short-term loan?
With many types of loans, the paperwork and the phone calls can take time to complete. However, with this kind of short-term loan, the loan can be processed within 24 hours online. That means that the funds can be in your bank within 24 hours.
What are the minimum requirements for this short-term loan?
Before a person applying for this kind of loan can be considered for qualification, there are minimum requirements. You must be a resident of Australia; you must be at least 18 years old; you must be employed for at least three months with your employer; you must earn at least $1600 per month, and you must have a bank account.
How do you know how much you should borrow?
It’s important only to borrow what you can reasonably afford to pay back. One of the best ways to determine that is with the online loan calculator provided. The application generally takes about 10 minutes to complete.