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Friendly Finance is committed to finding easy-access quick cash loans for anyone and everyone. It can be complicated and time-consuming to find a loan product to suit your exact needs, so we’ll do all the dirty work to find the perfect match for you.
Borrowers can apply online or to dedicated lending branches for some lenders.
An application can be completed in minutes, with funding 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 will increase your credit score.
A Cash loan is a relatively small unsecured loan ranging from a minimum loan of $100 to $5,000 that is repaid over a term from 4 weeks to 2 years. You can apply online as most lenders offer a simple online application form and approval process, with funding often occurring on the same business 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.
The typical fees you can incur include:
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.
Lenders offer these unsecured loans both online and in-store. An online loan application can be completed through online forms, with supporting documents like bank statements retrieved via secure tools. In some circumstances, it is possible to receive an instant decision and have funds in your account on the same business day. For in-store applications, funding usually takes anywhere from 30 minutes to 24 hours from the time of submitting supporting documents (where needed) and signing the loan agreement.
Upon loan approval, cash is usually transferred to your bank account. The time taken to receive the funds will vary, however, if your bank account is NPP-enabled or you bank with certain providers, the money could be with you within minutes. If you completed applying in person, you might have the option to receive cash instead of a bank transfer.
You need to meet the basic requirements to be eligible:
Lenders will also require 90-days worth of bank statements. This is a regulatory requirement to check your income and borrowing transactions to determine your ‘affordability’ – capacity to pay off your loan on time.
The typical fees you can incur include:
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.
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.
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.
To decide whether you want to apply for a payday loan or a cash loan, you need to consider if you can pay off your loan with your next paycheck or if you want to have it paid on a preferred schedule.
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.
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