Safrock is a lender-finder. We do not offer financial advice when it comes to small loans. Consider seeking independent legal, financial, taxation or other advice to check how the information and ideas presented on this website relate to your unique circumstances.
Getting hitched? Car broken down? Leaky taps? Short on cash? There are endless reasons why you may need the help of a short term loan. There are also endless reasons why you may not apply for the help you need. You could be worried about the repayments, your credit history, or the shame that can often be attached to debt. Let Safrock do the hard work for you. It’s time to remove the stigma and talk about how a short term loan with one of our premium lenders could help you.
What Are Short Term Loans?
Our lenders have a minimum loan term of 13 months. However, depending on the amount you need to borrow, we may be able to find you a personal loan with a loan term of up to 36 months. While these longer terms may seem attractive if you want a more affordable payment schedule, the longer you stretch it out, the more interest you will generally pay.
Small, short term loans will always be cheaper in the long run. Generally speaking, short term loans are normally repaid within a year, medium-term loans between one and three years, while long term loans are three years and above.
Short term loans are where we shine. We can match you with lenders that can help you repay up to $25,000 in just over a year. If you have the income, short term personal loans are always a better option than even medium-term loans.
With loan options from $2,500 up to $25,000, your repayments will vary depending on the amount, duration, the lender and the interest rate. You can use our loan calculator from any page on our website to see just how low your personal loan repayments could be.
For example, let’s say you need a quick cash loan to get your car fixed after a bingle. You only want to pay it off over a short term of 13 months so that you can get back to planning for your big overseas trip next year. Your weekly repayments could be lower than you think, potentially leaving room in the budget to keep saving for that holiday.
If at any time you are struggling to make your repayments, we suggest you speak directly to your lender as soon as you can. Lenders are often able to work with you if you give them enough notice. Keep in mind though that a secured loan enables your lender to repossess your asset and sell it to cover their costs. Only take out a short term loan if you are sure you can afford it.
While it is free to apply through Safrock, lenders may charge their own establishment fees. These are fees that are usually charged at the beginning of your loan, once the money is deposited into your account. Small loans can incur an establishment fee of up to 20% of the loan amount. These fees vary significantly between lenders, so be sure to consider this when comparing your options.
Many lenders also charge early termination fees. These fees may be charged if you finish paying out your personal loan before the end of your loan term. These will always be outlined in your contract. Check the fine print!
Just like many bank accounts, lenders may charge ongoing account keeping fees for your personal loan. These can be around 4% of the loan principal and are generally charged each month.
Fees will always differ depending on the lender and loan type. The full terms of your loan will be disclosed by your chosen lender once they have approved your application.
What Kind of Rates Should You Consider?
While our premium service finds short term loans with competitive rates that are tailored to your needs, it is still important that you make your own evaluation. There are two kinds of rates to consider;
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Not-so-perfect credit is ok with Safrock. There is no credit check involved with our applications, but there might be with some of our lenders. As long as you are eligible for a loan, we should pass your application onto the lender you choose. From there, it is their decision to negotiate with you. There is a chance that you could be approved for short term loans for bad credit same day, subject to the policies of each individual lender.
A secured short term loan will not affect your credit rating any differently to an unsecured loan. Your credit report will reflect loan amounts, payment history, balances and number of debts. In the eyes of the credit gods, a late or missed payment is a late or missed payment, no matter the loan type. So, while many of our lenders will consider you for a small short term loan bad credit, avoid making your credit worse by adhering to your contract as best as you can.
Receiving a Centrelink benefit is also not the end of the road for you. Since lenders will usually assess your application based on affordability, if your repayments will fit comfortably within your budget, you may still be approved. This is obviously subject to individual lenders.
How We Can Help
Get a list of reputable lenders: We put together a comparison of secured personal loans from lenders that are best suited to your needs. You can trust that the lenders we offer you are reputable and some of Australia’s best. As with any kind of finance though, it is still important that you do your own research before applying. You should always check for an Australian Credit Licence and research the lender thoroughly.
Pick one that’s right for you: We show you the main comparison points of each lender. These include the rates, repayment terms and relevant fees. You can then pick the lender whose terms are most suited to your circumstances. We’re with you every step of the way.
How Do We Do It?
All loans found through Safrock’s comparison service are secured loans. This allows us to provide you with more lending options, even if you have bad credit. Secured personal loans are often easier to get because you offer the lender an asset as security. So, if you default on your loan, they can sell your asset to repay the money you still owe. This lowers the risk for lenders, so they may be more willing to offer you a lower rate. Using a personal asset as a guarantee for your loan can be risky though if you think you are at risk of defaulting. As always, seek your own financial advice before applying.
How to Apply
Step 1: Apply Online
Our application form could take you just minutes to fill out if you have all necessary documentation handy. Then, just choose your amount and loan duration and the magic begins.
Step 2: Meet Your Match
After you’ve submitted your application to us, our team gets to work on finding you a premium lender. We will then present you with a comparison of personal loans straight away, working hard to match you with the right lenders. Once you have selected your lender, we will send them your application.
Step 3: Find a Premium Loan
Your lender will then assess your application. From there, processing times depend on each individual lender. If you’re approved, you should receive the cash straight into your nominated bank account. As we are 100% online, you can apply any time of day or night. if you apply during normal business hours, you’ll have a better chance at meeting your new lender on the same day.
It’s that easy!
Are You Eligible?
There are a few things that you will need to provide us with before you can apply for a loan. Be sure that you have these items ready so that your application is quick and easy:
- Internet banking details
- myGov account details
- Contact information
- Employment information
- Information about your asset (this could be your car, motorbike, caravan or boat)
As Safrock is not a lender itself, we do not perform the application assessments. However, most lenders will need proof of the following before you are approved for a loan:
- 18 years or older
- 100 points of identification
- Australian citizen or permanent resident
- Receiving a regular income for the last 90 days
- Have a valid mobile number and email address
Still Not Sold?
At Safrock, we remove the confusion with our free, easy, no obligation application. Our premium security means you can rest easy knowing your details and data is safe. We are 100% transparent about how we collect, use, exchange and protect your information.
Why Trust Safrock?
You can trust that any personal loan offered through our service is premium and reputable. We only partner with the finest lenders that strive to do the very best for their clients. Put your trust in us and we’ll have your back when you’re looking for a lender.
At Safrock, we truly value our customers. We know that applying for a loan can be an intimidating experience. We want to make this process simple, easy, quick and stress-free. As a client, you are at the heart of what we do and we cater our services to what you need. We will provide you with as much choice and support as possible.
Safrock is a no obligation lender-finding service. We give the gift of choice but don’t hold you to anything. If at any point you have second thoughts, just let us know. You can withdraw your application free of charge, no worries.
Finding a short term loan with Safrock is completely free and Australia-wide. We strive to be the only personal loan comparison site you’ll need. Our application form should take just minutes to complete and is done 100% online. Access our personal loan repayment calculator from any page on our website to get started on your application.
What Are You Waiting For?
Get out from between a rock and a hard place with Safrock. Submit an application with us for your short term loan, and let us help you today.