LOANS IN AUSTRALIA

Can You Get a Loan Online?

Australia has numerous options for alternative and traditional lenders that sanction loans online. Urban Money is a lender that uses a fully integrated digital application platform to help you obtain the required loan amount. Our fully accessible repayment system lets you see how much money you owe and when the payment has to be made. This information can be viewed anytime using our intuitive dashboard, accessed through any smart device. Further, the integrity of our approach ensures that our customers have seamless access to complete and accurate information about their loan terms.

How to Get a Loan Online With Bad Credit?

Usually, lenders are sceptical about approving loans to applicants with a bad credit history since this reflects high loan default risk. However, that does not exclude such applicants from the possibility of obtaining a loan.

There are a lot of alternative lenders who sanction loans to applicants with a bad credit profile. These lenders look at factors apart from your credit profile, like existing debt, living costs, and income. However, it is important to note that they usually charge a higher interest owing to the increased risk associated with bad credit score applicants. Further, the process involves more paperwork, which might be several days before the amount is disbursed. Urban Money is continually setting new benchmarks in this respect.

How to Get a Quick Loan Online With Bad Credit?

Urban Money realises that it only takes one honest mistake to lower your credit score. That is why we process loan applications case-by-case rather than just relying on the credit rating. Even though we do not assure loan approval, we guarantee that we will consider several other important factors to make a loan decision best suited to your financial standing.

Forget about submitting extensive paperwork, and we just need to look at your latest bank statements to make our decision. This is a completely secure process which gives us an insight into your income stream. We also factor in other details like existing debt, income, and living expenses to make a loan decision.

You can use our AI-backed personal loan calculator to see any loan offers that meet your requirements. You can use this intuitive tool to calculate how much you can borrow and get an insight into how much interest you will incur based on the loan term.

Types of Loans in Australia

Several home loan products in Australia can be used to finance your personal, educational, or home needs. Below are some common types of loans:

• Personal Loan: With increasing living expenses, more Australians are now opting for personal loans to fund their immediate financial needs without depleting their savings. This is a better option than a credit card because the interest rate is much lower. This loan can be availed to meet several end-use. The lenders tend to focus more on the borrower's repayment capacity than the purpose of the loan.

• Auto Loans: An auto loan is a type of loan obtained to buy a new or used vehicle such as a car, bike, truck, van, motorbike, etc. These loans can be either secured or unsecured. A secured loan is one in which you will need to provide security to the lender if you fail to repay the loan amount in the stipulated time frame. On the other hand, an unsecured loan does not require any collateral. The lender just relies on the borrower’s credit profile instead.

• Student Loans: This loan is designed to fund post-secondary education and associated charges like books, supplies, and tuition. The interest rates for this loan are significantly lower than other loan types. These loans in Australia are repaid throughout the tenure via supplementary tax. The loan repayment is only initiated when the student has an income stream to support it.

• Mortgage Loans: This is a type of loan where real estate is used as collateral. This is usually used to finance the purchase of a home or property for investment purposes, so you do not have to pay the whole amount upfront. The property's title deed displays the lender’s name until the borrower has repaid the entire loan amount plus applicable interest.

• Home Equity Loans: A home equity loan is a type of long-term financing option that enables you to obtain a loan against the equity you have on your residential property. You can obtain this loan for many end-use purposes like purchasing another property, capital infusion for your business, investing in stocks, renovating a home, etc.

• Credit-builder Loans: A credit-builder loan differs from a conventional loan. Instead of receiving the loan amount upfront, the lender deposits a part of the loan amount into a CD or savings account, which can’t be paid till the loan amount is repaid. The borrower must pay a one-time administration fee to open the loan account. This loan plays a crucial role in establishing a healthy credit profile.

• Debt Consolidation Loans: A debt consolidation loan is a loan that is used to consolidate all the existing debt into one single loan with a monthly payment. This loan can help you lower the applicable interest you owe and repay it faster. It also makes clearing the debt easier, as you only have one monthly payment to factor into your budget.

• Payday Loans: This is a short-term unsecured loan with a high-interest rate sanctioned based on your income. The principal amount of this loan is usually a portion of the applicant’s next paycheck. They are also known as check advance loans or cash advance loans.

Things You Should Know While Applying for a Loan

Several different loan options are available in Australia, so you must shop for a loan offer that suits you. Selecting the right option can save you a significant amount of money. Given below are some of the things you should consider while choosing a loan option:

• Carefully analyse the repayment schedule to determine if you can afford regular repayments. Work out if you will be able to continue repaying at the same rate even if the interest rate goes up by 2%
• Shop around and compare different loan options to help you save more money throughout a loan tenure
• Make sure you have an adequate budget to account for extra loan payments. By doing this, you can repay the loan faster while saving a significant amount in interest payments.
• Be wary of scam loan offerings. 
• If you need urgent financing, there are several other better options than a payday loan. You can shop around and see if you qualify for a no-interest loan.