Safrock’s Guide to Getting Small Loans

Small Loan

Getting started

Every person has cash emergencies from time to time. Not everyone has enough savings to pay for unexpected expenses. Applying online for a small loan is an excellent way to cover these costs in no time. 

Whether you are considering it to improve your home or cover unexpected costs, small loans may help boost you financially in a time of need.

What are Small Loans?

Small Loans are a personal loan not secured against any collateral like your car or home. They are beneficial for people that are struggling to find money to pay for a sudden expense. 

These loans are typically in the range of $2500 – $4500They also tend to have shorter terms than larger loans of around 13 months to 24 months. However, most small loan lenders offer you the flexibility to pick the loan term that would best suit you.

Secured vs Unsecured Personal Loans

When you apply for personal loans, you have two options when it comes to security – either a secured or unsecured loan. 

1) Secured Personal Loans

Secured personal loans are secured against the asset you own (like your home, car, etc.). Basically, this means you are providing something valuable to the lender to cover the risk of not meeting your loan repayments. For these loans, you will need to provide details of your asset to verify the value.

In case you are not able to repay the borrowed amount, the lender will sell the security to cover the loan value. One of the upsides to secured loans is that they generally offer better interest rates than unsecured loans because they are less risky to the lender.

2) Unsecured Personal Loans

Unsecured personal loans do not require the borrower to put forward any asset or form of security to the lender. In this case, the lender usually puts more focus on other factors like your credit rating, income, etc. to determine your ability to repay a loan. 

If the borrower is unable to repay the loan, lenders will still take action to recover the money. Given the increased risk and higher interest rates of unsecured loans, lenders typically only offer them for small loan amounts.

How Can I Get a Small Loan?

To apply for small loans, you need to find a reputed loan provider in your area. Safrock works with large online lenders that are transparent with their charges and fees. 

While we don’t specialise in lending, we could help you find a lender capable of offering you the cash you need. Here are some things to take into account before applying:

  • You are not actually paying down your debt by getting a loan. You are getting a different kind of debt
  • Carefully match charges. Non-reputed loan providers may tell you to pay far more than the actual loan principal.

Can You Get a Small Loan Online?

Yes, of course! You can get small loans online. Safrock is a trusted and accredited lender finder in Australia. We can match you with an online lender that is most likely to lend you the cash you need. 

You can apply for a loan through us at any time by submitting an application form. 

Can I Get a Small Loan with No Credit?

Yes. Even if you have a not-so-perfect credit history, many lenders will consider your application. A lender may evaluate your existing financial situation rather than taking into account just your credit score. So it all comes down to your individual situation and the lender you ultimately apply with. 

Why Does My Credit Score Matter?

A credit score is a three-digit number given by the bank. It is usually based on the credit report.

Credit providers and lenders use credit scores to decide whether to lend you money. In some cases, it can even impact how much they will lend you.

These scores range from 0 to 1200. The main issue arises when your credit score falls below 510, as this is considered below average. This is why it’s so important to keep track of your score.

Remember, the more it dips, the riskier you are in the eyes of lenders and creditors. A low score also increases the chances of getting high-interest rates on small loans. 

Once you know your score, you can take the necessary steps to enhance it. This will help you to grab better financial deals with time. 

Note: Credit scores are dynamic and are subject to change over time. Your score may change depending on the nature and amount of loan.

Learn more about credit score on MoneySmart!

Can I Get a Loan without a Job?

Out of work does not necessarily mean out of luck when it comes to getting small loans or other types of loans. Remember, even if you are not employed, you can still get a loan at Safrock. 

Being approved will rely on whether you can prove that you will make regular payments on time and are receiving some type of consistent income. Generally, a lender will look at the following when considering an unemployed applicant:

  1. a) Source of income

If you are unemployed, you will need to be receiving an alternative form of income to get approved for a loan. Other forms of income that lenders may accept include:

  • Centrelink payments
  • Pension 
  • Social Security Income
  • Government Annuity
  1. b) Credit history

Lenders will want to evaluate how often you have made payments on time previously. They may also look for the negative things in your credit report.

  1. c) Credit score

Maintaining a good credit score is essential. It will help you in a situation when you do not have any job, but require a loan to meet your financial needs.

Note: Be careful about the type of loan you consider when you do not have any job. Always make sure you’ve done your research before you settle on a lender.

How Do You Get Approved for a Loan?

Each lender will have its own eligibility requirements. You will qualify if you can show some form of income that proves that you can meet monthly payments. Lenders will need to review your financial records to verify the income source. 

Here are the tips you can follow to get fast loan approval:

  1. a) Cater to the Eligibility Criteria

Regardless of the loan you are applying; you need to:

  • Be 18 years old
  • Hold Australian citizenship or Australian permanent residency
  • Live in Australia
  • Meet minimum income requirements
  • Receive regular income for the last 90 days is preferred but not mandatory
  • Have a valid email or mobile number
  • Be able to provide 100 points of identification
  1. b) Have Proper Documentation

It’s always a good idea to make sure you have these details handy when applying:

  • Personal contact information (like name, mobile number and email address);
  • Reason for your loan;
  • MyGov information (if you are receiving Centrelink benefits);
  • Internet banking details;
  • Employment information (if applicable);
  1. c) Apply for the Correct Amount

Borrow the loan amount as per your lifestyle and income. If your revenue is not enough to support the repayments you are applying for, you’re unlikely to be approved. 

  1. d) Build a Good Bank Account History

Effective management of finances is a signal that you are ready to take on a loan. Make sure you do not overdraw your bank account. It will help you avoid charges and create a good account history.

  1. e) Maintain an Excellent Savings Record

Another great way to signify that you are financially responsible is to maintain a good savings record. For this, you need to put a set amount every week or month into your savings account.

  1. f) Ensure that You Have a Valid Identification Means

Without a valid ID proof, lenders will not be able to verify your identity. So make sure you have everything ready to go.

Need Some Extra Cash? Choose Safrock!

If you need a financial boost, Safrock is the ultimate solution. We’re a reputable lender-finding service that offers secured personal loans. The best part is that the online service is 100% free to use Australia-wide. 

Find out more about small loans by heading out to our FAQ page or talk to our skilled team. They will be happy to answer all the queries that you may have.

In Need Of Money Fast? Safrock Has the Low-down On Getting A Loan In Minutes

Emergency cash when you need it

We often think of loans as being a last resort, when things are about to hit the fan. What we don’t realise is that a loan in minutes is actually a great way to cover unexpected bills whilst keeping your finances on track. Minute loans are small personal loans and are designed to be affordable and available exactly when you need it – in just minutes! It can also be used to illustrate consistency on your credit file if you pay on time with your selected repayment plan.

Many Australians are currently living with outstanding debts that they pay off gradually with each paycheck. A loan doesn’t have to affect your lifestyle if you are strategic and realistic with your budgeting. Ultimately, if you’re smart with your spending, you can still go out each weekend, spend your money on the things you want and pay off your debts! However, in the unfortunate event of unexpectedly high bills and expenses, it might throw you off your well-planned budget. But you don’t need to go digging into your savings, you can apply for a loan in minutes!

Safrock – Who are we? 

Safrock is the lender-finder more Aussies are turning to for fast, reliable personal loans.  What is a lender-finder? We’re glad you asked. Essentially, we’ll find a lender for you. This means you won’t have to sift through pages and pages of google results. Because let’s be honest, nobody has that sort of time on their hand. Our application only takes a couple of minutes to complete and then we’ll do the hard work and find a lender for you. With personal loans of up to $25,000, Safrock finds loans for people for all purposes. Our team is committed to matching Aussies with lender’s suitable for their needs and financial circumstances. 

What is a minute loan? 

A minute loan is pretty straight forward, it’s basically just a fast approval personal loan! We can all find ourselves in situations where we need money fast. Maybe your car has broken down, you need to replace an old fridge that is no longer working or you’ve experienced a medical emergency. Unexpected occurrences of this nature happen all the time, and when you don’t have the cash upfront to cover the costs, it can be stressful and frustrating. In such situations, all you can wish for is money in a minute.  

Typically minute loans are fast and easy to get your hands on. Minute loans will often be unsecured meaning that they don’t need to be attached to an asset such as a car, motorbike or boat. Lenders offer small loans fast as a short-term solution that is perfect for if you’re looking for urgent cash to cover any unforeseeable bills.

How to apply for a 1 minute loan 

You can easily apply for a loan in minutes online! Don’t bother with long queues and paperwork. Safrock’s 100% online application takes most people only a few minutes to complete! 

Step 1: Apply online

Scroll to the top of this page to find our loan calculator.  Put the amount you’d like to borrow and the repayment period hit ‘Apply Now.’ You’ll then be taken to our simple application. Don’t worry you won’t be asked any unnecessary questions. You’ll just need to provide some basic information and then click ‘Submit.’ 

Step 2. We’ll get to work

Once you’ve submitted your application, we’ll get to work in matching you with a suitable lender. If you apply during AEST business hours you can expect a same-day response. 

Step 3: Meet your lender

If we have been successful in finding you a suitable lender we’ll put you in touch to discuss terms. If you’re approved for a loan you’ll be sent a loan agreement for you to review and sign. We recommend reading over this carefully to make yourself aware of any fees or charges for late or missed payments. Once you’re happy, sign your agreement and send it back to your lender.  If you’re having second thoughts, remember that Safrock has a no-obligation policy. If you decide that none of the loans you’ve been presented with is right for you, then you’re absolutely welcome to withdraw free of charge.

Step 4 Wait for your cash

The time it takes for you to be paid all depends on the bank you are with and the time of day you apply. You can probably expect to see your money in your account before the end of that or the next business working day.

Where to find minute loans online?

You can search on Google for ‘loans in a minute’ and you’ll be directed to all sorts of clickbait for loan services. By looking at the reviews and reading the fine print on their websites, you’ll be able to make a decision on a lender service that suits you.

Alternatively, you can put your trust in the hands of expert lender-finders like Safrock who will pair your loan request to a selection of reputable lenders. Lender-finders spend their time evaluating the service of lenders in order to form a network of only the best loan providers out there.

Is it possible to get 60-minute online loans? 

If you apply for a loan during AEST business hours, you can get a loan a response from your lender in as little as 60 minutes, however, this differs from lender to lender. You could possibly receive a cash loan in 60- minutes! If your application is assessed and approved right away, you could receive the cash in your bank even faster. If you are eligible, you could receive a 10-minute loan, 15-minute loan or a loan in 30 minutes. This is subject to when you apply and how fast your application is assessed. However, lenders will need to review your application before you can receive your cash loan. If you’re approved you can get your cash loan in just minutes!

What can you use a minute loan for?

There are many purposes for personal loans. It really all boils down to the situation you’re dealing with. Either way, minute loans are a great way to get yourself out of trouble. You might want to consider getting a small loan for car repairs,  a holiday, home improvement, and for medical emergencies.  

Can you get last-minute loans for bad credit?

Your credit report may be checked to spot any outstanding debts. Your current employment information may also be reviewed. However, most lenders won’t assess your application solely on the basis of your credit score. Your lender wants a better understanding of spending patterns and habits as well as your relationship with money. They need to be able to trust you before getting you the cash loan you are looking for.

Unfortunately, you may have recently dealt with something in your life that has impaired your credit score. Circumstances arise that are out of our control and can be difficult to rise out of. Defaults or infringements appear on your credit score when you miss scheduled repayments. Also, if you avoid giving a reason to why your bills haven’t been paid on time. Bad credit scores are usually valued anywhere between 0-500 . Whilst defaults can stay on your credit file for a long period of time, they don’t remove your chances of getting your hands on a loan. We don’t think a mistake you made up to 7 years ago should affect your ability to get a loan today.  So there you have it! You could get a fast approval loan even if you have a poor credit history!

If you’ve been applying for loans and not having much luck, we may have the answer! Whilst it’s unusual for a lender to offer minute loans no credit check, lenders will judge the risk factor by reviewing your current relationship with your finances. 

Can you get a loan whilst on Centrelink?

You sure can! Getting money from Centrelink counts as a regular source of income. It could qualify you for a loan with many lenders. Those on Centrelink or people who are unemployed will only be able to get their hands on small to medium-sized loans.

It’s worth knowing that if you have received an emergency Centrelink payment in the last 3 months, you will not be eligible for a loan. However, you can receive loans in a minute if your application is approved.  

There are lenders all over Australia who can help you get the finances you need to get back to work. You might be looking to get a new laptop so you can bump your resume and job applications. Or are you just trying to pay off an unexpected bill? A loan can help relieve the stress of unemployment and make room for you to focus more on getting a dream job. Having cash loans in your pocket within a minute can give you back your mojo in time for your next big interview. 

How can we help?

Expect the best service when using Safrock. Our clients are at the heart of what we do. We tailor our solutions to your problems, not the other way round. You are what matters to us. We want to make sure that your experience with us is a quality one. When you apply for a loan through Safrock, you can trust us to find reputable lenders to provide you with the best loans available.

Where to find out more

If you’re looking for a larger secured loan, you should be aware that it will need to be attached to equity. To prepare the documents you have to prove your ownership of the chosen asset, which could be a boat, car or motorbike and head over to our page that focuses on larger loans. Before you consider taking out a larger loan; remember that if you end up having problems paying off the loan, you will be at risk of losing the secured asset. This, however, is usually only a last resort for lenders. No lenders like seeing clients lose their possessions due to an unpaid loan. So, they only try to lend to people they believe will be able to pay it back.

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