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Friendly Finance loan application can be completed in minutes. Your funding may be received on the same day, depending on the lender and your banking institution.
If you have previously taken out a loan and met repayments, some providers offer additional benefits on your next loans, such as an increase in credit limit or lower lending rates.
Paying off your loans on time will show excellent financial behaviour and can help increase your credit score.
There is an establishment fee of 20% of the loan amount for loans $2,000 and below. For loans above $2,001, the establishment fee is $400.
For loans $2,000 and below, the monthly fee amounts to 4% of the loan total.
For loans amounting to $2,001 and above, a maximum interest rate of 48% is included in the payable amount.
Other fees to consider are default and a late repayment fee, which should not exceed 200% of the total loan amount. Be sure to review all fees and costs associated with your loan when you receive your loan contract and before signing.
Here at Friendly Finance, we aim to provide you the hassle-free experience in acquiring the funds you need.
It will take you less than 5-minutes to accomplish, and the process is 100% online. Skip the inconvenience of multiple loan applications. We’ll do the heavy lifting for you!
Once your application is received, we will search the market for your lender match and you will be notified immediately when they decide that they can offer you a loan.
Always review the details of your contract before signing. You have to make sure you understand all possible fees associated with your cash loan.
A Cash loan is a relatively small unsecured loan ranging from a minimum of $100 to a maximum of $5,000 that is repaid over a term from 4 weeks to 2 years. You can apply online through Friendly Finance, and get your funding as quick as the same day.
You can take out these loans for a range of purposes including unexpected expenses or bills, medical expenses, business expenses, car maintenance, utilities and more.
Cash Loans vs Payday Loans
Payday loans are designed to be paid on the next payday. Hence, lenders are setting the auto-debit cycle for the payday loans to match the payday cycle of the borrower. For Cash Loans, repayment dates can be more flexible with longer repayment periods.
Repayment Options
These loans are typically repaid in weekly, biweekly, or monthly instalments. Some loan providers such as Cash Converters allow early loan repayments with no penalty, with early settlement reducing the total cost of the loan.
Loan repayment terms are also dependent on the total loan amount, with loans $2,000 and below limited to a maximum repayment period of 1 year. Loans above $2,000 can be repaid for up to 26 months.
Am I eligible to apply for a cash loan?
- Be an Australian resident or permanent citizen
- Have proof of identification
- Have a valid mobile number/email address.
- Receive regular income for at least 3 months
- Centrelink benefits do not exceed 20%-50% of the total income depending on the lender.
- Have an active bank account
Cash Loans: Frequently Asked Questions
Don’t see what you had in mind? You can reach out to us via our contact form or email us at info@friendlyfinance.com.au
What are the Pitfalls of a Cash Loan?
High delinquency fees: Dishonour fees and late payment fees are usually charged to borrowers if they do not pay on time.
Frequent applications showing on credit report: frequently applying and getting rejected for small loans will show up on your credit report and can bring your credit score down in the long run.
Where to find reputable lenders?
You should always look for a lender’s Australian Credit License number (ACL) when thinking of applying for a loan. An ACL indicated the lender is authorised to lend money and complies with lending regulations.
Friendly Finance works with a network of direct lenders who all operate with ACLs. Our application process takes a couple of minutes to complete, no credit check is carried out as part of our search process and you’ll receive an instant match decision.
Will a cash loan affect my credit score?
Yes. Your credit score will improve if you pay your loans on time. However, if you fail to coordinate your financial hardships with your lender and you default on payments, the lender may report you to credit reporting agencies and you will get a negative remark on your credit history.
How long will loans be on my credit report?
Loans will stay up to 10 years on your credit report if you pay your loans on time. Otherwise, your late payments and payment defaults will show on your credit record for up to 7 years. Credit reports provide detail on your credit payment behaviour and the types of lending accounts you have undertaken in the past. This is an important metric for lenders in determining your capacity to pay off loans in the future.
