Have you had a point in your life when you were financially distressed?
Like many working Australians, you may have been in between jobs and in those periods when you’re out of job, nothing can be as stressful as worrying about how to pay the recurring bills – home mortgage or rent, electricity bill, car insurance, etc. Sure, you may be eligible for unemployment benefits from Centrelink, but sometimes the bills won’t wait. While those payments are coming, your bills keep piling up. So what’s your next option?
You could try borrowing from relatives and friends. Sure, they may not charge interest and fees like banks and lenders do in Australia but how many of us have the spare cash lying around to lend out like that? Odds are they’re in the same boat that you’re in. Sometimes you’ll be lucky and get the cash you need with a promise to pay when able – without pressure on repayment. But who wants to rely on luck? Without it, you will have to find another way to get the money to help tide you over while still job-hunting.
One solution to the dilemma is to apply for a loan, either with a bank or a non-bank credit provider. There are many types of loans which can help you in your financial difficulty and depending on your personal circumstances, your ability to meet repayments and credit rating; you may be approved for the type of loan suitable to your needs and circumstances.
Some non-bank credit providers offer an easier way to get access to the different types of loan – through online loans. This type of loan is offered to Australian residents, who are employed or who are unemployed but are entitled to unemployment benefits. Similarly, individuals who have been bankrupt in the past (but are not currently under a bankruptcy or Part IX Debt Agreement), and those who have a default on their credit file can also find financial accommodation.
The usefulness in this process is that the loan applicant is not even required to personally visit the lender’s office – because the loan is processed online. All transactions are done online in the fastest time possible provided all requirements are complied with. Typical loan requirements include:
Past 90 days of bank statement for the account into which your income is deposited
Photographic government-issued identification such as driver’s license, passport or proof of age card
Two non-photographic forms of identification
Proof of income
Some budget information about your expenses
Account details where loan proceeds should be deposited
And while lenders are likely to check your credit history, many of them are focused on your present personal and financial circumstances. Find a lender who is willing to listen to what you have to say, not just what is written on a credit report.