Trying to figure out what, exactly, spot loans are? We can help.
Spot loans are small loans, often unsecured and repaid over a short amount of time. Many spot loans can be applied for completely online through very simple processes. They are usually loans of amounts between $200 and $2,000, repayable over a period of 12 months. There is some basic personal and financial information you need to provide to lenders – it really can be a super simple process.
In this article, you’ll find out all you need to know about spot loans. This will include how to get one, what you need to get one and how it all works. Read on to find out more!
Should you get a spot loan? Well, spot loans are suitable for anyone who needs access to small amounts of cash for a short period. They are typically for personal use. To be eligible for a short-term loan, you must be 18 years of age and able to provide a form of ID. You also need to be able to demonstrate that you receive a regular income.
As short-term loans, spot loans can be quite simple to apply for. To get a spot loan you can apply 100% online which is usually a very simple process. You can also find spot loans through our website which compares different lenders, so you can find the best option for you. We find lenders that can offer spot loans.
The process for applying for a spot loan is a piece of cake!
You basically receive your loan amount after 3 quick and simple steps.
|Step 1||Apply online with easy application process!|
|Step 2||Receive a decision within an hour of applying!|
|Step 3||Get paid the money in your account as soon as an affirmative decision is made!|
On the spot loans are very convenient when you need access to a small amount of cash, quickly! Since they are only small amounts, lenders do not require as much information from you to lend you money. This means the lending process is quite fast and you can get your loan “on the spot”.
If you are an individual, spot loans are useful when you have any unexpected payments pop-up and you have little time to finance them. A spot loan is perfect for this type of situation.
A spot loan could also be a useful option for small businesses who would prefer not to get into long-term debt financing. It can serve as a form of finance for businesses who are seasonal and require funds to build up inventory before the season starts.
If your application is approved by a lender, remember to read your loan contract thoroughly, as it will contain all relevant costs.
To find out more about fees and charges for small short-term loans visit: the Money Smart website here.
Repayment of the spot loan is made over the period of the loan term. You can choose whether to pay off the loan weekly, fortnightly or monthly – whatever is the most convenient for you.
You can also repay the loan amount earlier if you can. This way you could save being charged extra interest costs, and save yourself money in the long term.
However, depending on the spot loan contract, you may have to repay the loan amount with a fixed interest rate. That means you may not be able to make repayments to your credit provider without incurring extra fees.
Loan repayments for on the spot loans are often made by setting up a direct debit service. Unfortunately, if you miss a direct debit payment because you have insufficient funds available in your account you can be charged a direct debit dishonour fee by your lender.
If the unexpected strikes, most lenders we willing to renegotiate your repayments schedule, so you won’t be charged any nasty fees, or fall behind on your repayments. Make sure to give your lenders 24 hours notice before the next repayment is due.
So, what if you have bad credit? Can you get a spot loan? Well yes you can!
Sometimes it can be difficult to develop a strong credit rating, and there are other circumstances that can influence the value of your credit rating. We know that there are other factors that contribute to being reliable with your finances, which aren’t necessarily reflected in your credit score. But don’t worry it is still possible to get a spot loan for people on Centrelink with some lenders.
Yes, you can!
The lenders we find may be happy to accept clients receiving Centrelink payments. This happens to everyone and we know it is, at times, people just like you who needs access to spot loans the most. There are times in everyone’s lives when you may lose your job but still need to pay for unexpected occurrences if they pop up!
We get this, so don’t worry, we’ve got your back!
Spot loans are easy to apply for and can be helpful in the time that you receive them. Although lenders do have tools in place to ensure that you will be able to afford the repayments, it is important that you calculate whether you able to reasonably afford to loan the amount you are requesting. It can be very stressful if you are unable to make your repayments on time. This can result in direct debit dishonour fees, which can get you into an even tighter financial situation, so be sure to keep this in mind.
|Spot loans||On the spot cash loans, for short term periods|
|Fees and charges||The cost of borrowing the loan, and interest incurred when repaying|
|Bad credit||A low credit score, which measures your financial track record|
|Loan term||The length of time over which you must repay your loan|
|Loan repayments||The amount of money you must repay each month including monthly rates|
So, cash spot loans are short-term on the spot loans that serve the purpose to fix a short-term financial hiccup. They can be a saving grace for when something expected occurs and you need to access to funds quickly!
These loans get repaid quickly, usually over a period of 6 to 12 months and are amounts of around $200 – $2,000. There is usually a setup fee and monthly interest fees. Make sure that you can make your payments on time as you could incur some avoidable penalty fees.
We can find lenders that can offer spot loans if you have a poor credit rating because we understand that this is not only the indicative fee of being good with your finances.