What are cash loans?

Quick and easy cash loans

Get access to quick cash loans up to $50,000. With MyOzMoney’s modern approach to lending, you can now experience a cash loan application process that is entirely online – no lengthy paperwork or days of waiting. Apply online, get approved in minutes, and depending on who you bank with, your extra cash hits your bank account in as little as 60 seconds! We’ve made everything straightforward and easy, because we get you and your growing needs for fast services and convenient solutions.

How to get a cash loan

Applying for cash loans with us is a breeze, and you can do it anytime and anywhere. To be eligible for our unsecured loans, you must be a legal resident of Australia, currently employed and above 18 years old.

Your journey to quick and easy personal loans starts when you apply through our website which you can easily access using your computer, mobile phone or tablet. Simply fill out the online application form with your personal details, tell us how much you need and your preferred repayment duration.

To stay true to our value of providing fair and transparent fees and charges, we also take into account the individual circumstances of our customers through a comprehensive credit report. Your credit score may tell us something about your financial standing, but we look beyond it and consider a range of other factors such as your credit history, income, debt obligations and living expenses so you get a fair outcome.

We also ask for your online bank details. Through a secure portal, we obtain them as read-only, 90-day documents in a PDF format which means MyOzMoney does not have the ability to access or change your bank information. It helps us process your application easily so we can provide you with fast decisions. The entire process is completely secure, and we use bank-level encryption to keep your data safe.

Through our smart data technology and machine learning algorithms, your cash loan application process and approval process becomes simple and seamless. You get results in a matter of minutes, not days. This way, you can focus on the much more important things in life.

Online loan calculator

A personal loan calculator is a useful online tool that may help you visualize how your repayments and establishment fees would look like once you decide to take out quick cash loans. This serves as an effective credit guide that may give you an idea on how to adjust your essential and non-essential expenditures to give way to your incoming repayments, helping you generate positive cash flow.

Rates tailored to you

As an online lender with an Australian Credit License, we’re all about transparency and responsible lending. Our costs vary depending on the type of credit product you are applying for. When you apply for a loan with us, you have complete control on what type of loan you choose and what repayment terms suit you. This way, you get a tailored rate that you can comfortably repay while still being on top of your other financial commitments. We align your repayments with your pay cycle, so you can easily manage your fortnightly or monthly fees without having to worry about late fees and charges.

Get rewards

We love giving back to our customers. If you’ve completely paid off your most recent loan with us, you can apply for a new one straight away. We may re-evaluate your profile based on our lending criteria, and if it reflects a positive repayment history, we may offer you a better interest rate or loan terms on your next application.

For your on-the-go needs

Cash loans may come in the form of a line of credit, same day loans or short term loans but they are all specifically designed to cater to your everyday life needs, no matter how big or small they are.

Keeping up with your daily on-the-go lifestyle is now easier thanks to fast cash loans. In just a few clicks and taps, you can access your account and use your small loans to get your food fix or purchase new clothes. You can even use your cash advance to go to music festivals, concerts and other big public events that may need you to have extra cash in hand. Your cash loan may also come in handy if you want to have a gadget upgrade, buy stuff for your pets or simply spoil yourself after a hard day’s work. MyOzMoney gives you the cash loan you need, so you can manage to pay for the things you love.

Extra funds for big life events

You might want to use your cash loans for big-ticket items like a new car purchase. Your dream car might be available in a much cheaper rate for a limited time only, and you wouldn’t want to miss the opportunity to finally own it.

Your wedding day is fast approaching, and you want to make sure you have secured your venue and booked your suppliers months ahead. You want it to be perfect, so you’re looking to back up your wedding fund with some extra cash that you can pull out in case the situation calls for it.

Or maybe you are moving into a new home. Apart from the new rental or renovation fees, there are a lot of things to consider to turn this big move into a reality, such as cleaning, fumigating and removalist costs. On top of all these cash-outs, you might still need to settle the remaining rental fees on your old home.

This is where MyOzMoney’s cash loans enter the scene. Through fast credit solutions, you don’t have to sit and wait until your next paycheck to settle your payments. With our easy cash loans, you can pay for your car now, book your wedding venue now and move to your new home now.

Loans for emergency funds and continuous learning

Sometimes, life happens, and you need express cash to manage upfront emergency payments. In times of health concerns and urgent medical procedures, you may consider taking out small cash loans to access fast and easy cash solutions and pay for the medical expenses that are not covered by your health insurance.

If you’re considering paying for your school fees upfront, we can also help. Fixed interest loans offer quick cash solutions if you are looking to hone your existing skillset through online courses, have a professional growth or to finally switch to that university course you’ve been eyeing for a long time. Our student loan covers for your school expenses like student accommodation, early education fees and college courses that might not be supported by government funding programs.

Get in touch with us

Who says getting access to cash loans requires you to wait on long queues and has to be time-consuming? Do it right – experience a faster, better way to receive extra funds with MyOzMoney. We’d love to hear from you and we’d appreciate if you reach out to us via hello@myozmoney.com.au or directly call us anytime on business hours on 1300 555 911 for any questions you may have.

In just a few simple taps, you get the money you need, when you need it. Getting fast loans has never been this easy.

How do cash loans work?

Like other personal loans in Australia, online fast cash loans give the borrower access to a lump sum of money that will need to be paid back to the lender, with interest, over a specified period. As well as paying interest, there will also usually be other fees and charges associated with the cash personal loans such as establishment fees, annual or monthly fees, late payment fees, and more. You’ll need to check with your lender to find out exactly what their costs are. MyOzMoney fees and charges are outlined on the costs page of our website.

Once you’ve worked out how much money you’d like to borrow, you’ll then need to check that the repayments on this loan amount will be affordable and work out the loan term that will work best for you. MyOzMoney has a free online loan repayment calculator that can help you work out your borrowing capacity. When you submit your loan application, your credit provider will also assess your loan to determine whether they are going to approve it or not and how much money they are willing to lend you, as well as the rate of interest they are prepared to offer.

How long does it take to get a cash loan?

How long it takes to get a cash loan will depend on the bank or lender you apply for your loan through. Many online money lenders use smart technology that speeds up the online loans application process. At MyOzMoney, our quick cash loans applications are 100% online, and you should be able to complete them in three to five minutes. You can submit your bank statements to us via a safe and secure portal, allowing your loan to be assessed very quickly. As soon as your loan application has been approved and you’ve agreed to the terms and conditions, we will transfer the cash to your nominated bank account. Transfer times will vary between banks, but it can be in as little as an hour. In some cases, you can even get access to the funds on the same day you apply for your loan.

How do the repayments work for cash loans?

If you take out a personal loan with MyOzMoney, you’ll be required to make regular repayments over the term of the loan. To make things easier for you, and less likely that you’ll forget a payment, your repayments can be set up as direct debits from your nominated bank account. We will then automatically process the debits on the due date unless you have notified us otherwise. If you require your direct debit date to be changed, you’ll need to let us know at least one business day prior (and you may also be charged a late fee). If you are struggling to meet your repayments on time, please speak to us as soon as possible so that we can understand your situation and try to come to a more suitable arrangement. If you decide to pay back your loan ahead of schedule, at MyOzMoney, you won’t be charged any early payment or exit fees.

Can I apply if I have a bad credit history?

We at MyOzMoney are responsible lenders, so we don’t want to provide you with a loan that is unsuitable or causes you financial stress. For that reason, we do carry out a credit check as part of our cash loans online assessment process. A credit report provides us with information about your financial position that can help us make our decision. We can’t guarantee your loan will be approved if you have a bad credit history, but we understand that this only tells us one side of your financial position, so as well as looking at your credit score, we will also take into consideration other factors such as your living expenses, debt obligations, and income. This will help give us a more complete picture so we can come to a fair and informed lending decision. There may be some situations such as if you are bankrupt or in a debt agreement where your loan will be declined. If this is the case, we would be more than happy to reconsider your application at a later date if your financial circumstances improve.

Are there any charges and fees for cash loans?

The fees and charges on fast cash loans will differ between lenders, so it is important to understand all the costs associated with your loan before going ahead. MyOzMoney has fair, simple, and transparent pricing, with all our fees and charges clearly set out on the rates page on our website. We charge an establishment fee that varies from $295 to $495 depending on how much money you borrow. We also have a $10 monthly fee. We try to make it as easy as possible for you to meet your monthly repayments by setting up direct debits and sending you a reminder about upcoming payments. However, we do charge a fee each time your direct debit is dishonoured or a loan repayment commitment isn’t met. We also charge an overdue account fee if your account is not up to date by the end of the last day of the month. If you want to pay back your loan early and save yourself some interest, you are very welcome to do so as we don’t charge early exit fees.