Being short of cash is never fun, but unfortunately, it can happen to the best of us sometimes. Unexpected bills or emergency repairs can put you in a tough spot if you’re not prepared for them.
Getting a quick cash loan can be a good solution to problems like these. But in these situations, you’ll want the process to be as simple and stress free as possible. The good news is, you don’t need to waste time looking for valuable items to use as security or getting someone to agree to be a guarantor.
Here’s what you need to know about cash loans with no guarantor, security, or deposit.
CAN YOU GET A CASH LOAN WITHOUT A GUARANTOR?
In fact, cash loans typically do not have guarantors at all. You must be eligible for a cash loan based on your own financial situation.
Short term credit providers will not lend to you if the loan is going to be unsuitable or put you in financial hardship.
CAN YOU GET A CASH LOAN WITHOUT SECURITY?
Some lenders will take one of your valuable items as collateral for the loan and then return it when you pay off the loan or sell it if you can’t repay the loan in time. However, this is not your only option for short term cash loans, and it may not be the best option for you.
The ABC reported last year that “Unlike the payday lending industry, pawnbroking is not regulated by responsible lending legislation, meaning brokers are able to determine their own fees and charges”, read the full article here. You may be able to get a better cash loan deal without having to part with any of your belongings.
CASH LOANS WITH NO DEPOSIT, NO SECURITY, NO GUARANTOR
You can apply for a cash loan with no security or guarantor with Club Money. You will need to meet our lending criteria to make sure the loan is suitable for you.
Here is some information about how our cash loans with no deposit or security work.
How do you apply?
- You must apply for a cash loan online. You will need to have a bank account in your name and earn more than $250 per week from employment, amongst other requirements.
How Long does it take?
- If you apply during business hours, your application could have a response in as little as 30 minutes. If your application has been approved, the money could be in your account within a few hours. However, this will depend on which bank you’re with.
How much does it cost?
- We’re upfront about all our fees, and there are no hidden charges. There is a loan establishment fee of 20% of the principal amount (the amount you borrow) and a monthly fee of 4% of the principal as well as other fees that may apply. See the full description in our Fee Statement.
RESPONSIBLE LENDING PRACTICES
At Club Money, we practice responsible lending. As a licensed Small Amount Credit Contract (SACC) lender, our fees and practices are regulated by the Australian Securities & Investments Commission (ASIC).
We also don’t believe in making your financial situation worse by charging unnecessary fees. If you’re unable to make a repayment for any reason, you can get in touch with us, and we may be able to reschedule your payments.
Club Money is committed to upholding our obligations as a responsible lender, so we don’t approve loans that are unsuitable or going to make your financial situation worse.
CASH LOANS FROM CLUB MONEY
With Club Money, you don’t need a guarantor, deposit, or security. We will approve your loan based on your merits alone.
We’re committed to helping Australians make ends meet when they’re caught short of cash.