Small loans are one of the types of a short term loan up to 2,000. Small loans are generally for people who have bad credit with a repayment term of 12 months and are often processed quickly. Magic Loan helps to find lenders who are willing to provide small loans of up to 2,000 dollars in a short term.
Do Lenders Offer Small Loans With Bad Credit?
Although in the past lenders avoided loan applicants with bad credit but not anymore, now the answer is yes, lenders often offer small loans to individuals with bad credit. They tend to consider bad credit consumers’ applications by being more understanding of your situation.
Lenders now look at the long term benefit instead of being focused on the bad credit situation. They will look at the credit history of an applicant but they would also consider your income and expenses, using the balance to determine if you would be able to make prompt repayment of your small loans. Consequently, if you have a secured financial record, with bad credit, you may still get approval for small loans despite your past credit mistakes.
You should note that not all lenders are the same, your chances of getting approved for a small loan depends on the lender.
Small Loans For Bad Credit; How To Improve Your Credit Score.
To avoid depending on bad credit loans, you need to improve your credit score, which may take more time. Your credit score shows the record of your debit history. Thus, if you have made some borrowing mistakes in the past, it would reflect on your credit report for about seven years.
However, if you can continue to make improvements in your credit management habits, though it may take a long time, it would improve your credit report as well.
Take note of these steps to improve your credit score;
- Pay your bills when due and pay them in full.
- Let your credit card debts be at the lowest.
- Only take credit when you need it.
- Ensure you are checking your credit report consistently to detect and avoid incorrect listings and other errors.
Can I Get Small Loans Without A Job?
Some lenders may be willing to offer small loans to unemployed individuals, but there is a condition attached.
For your small loan to be approved, you may need to present proof of earning a certain scheduled amount of income regularly in any form. Although it may not be considered as salary or wages, it could be a type of benefit payment or even rent payment received regularly. If you can’t provide this, you would not be considered eligible for a small loan after submitting your loan application, because lenders need to be certain that you can repay the money they lend to you.
For some lenders even if you can prove regular income while unemployed, they may still not approve your small loan application. Lenders consider small loan applications from unemployed individuals as high risk and may be unwilling to offer any product of small loans, however there are a few that offer loans for the unemployed
Can I Get Small Personal Loans On The Same Day Of Application?
At Magic Loan, we work with a good number of lenders who offer same day loans. To get your small personal loans approved on the same day you applied may not be possible, but you can however take a few steps to increase your chances of getting approved quickly enough.
Firstly, you must ensure that you apply during business hours. By doing this, you may get the chance to be paired as fast as 60mins after application with a lender. You can also make sure that you supply all the details required of you during the application promptly so that your application processing can go smoothly. After your application is approved, you’ll be transferred your loan in cash. Interbank transfers often vary in time hence you may not be able to immediately access your money.
If your loan application processing runs without a hitch then you may be able to access same-day small loans. But, since different factors are involved, it is better to consider a 24hours waiting period.
What are the expenses I can cover with a small personal loan in Australia?
Small quick loans can cover most any form of personal expenses. You only have to provide a legitimate reason for applying for a small loan. Then, your small loan application will be accessed and you will be able to get a response. Some of the major reasons for getting a small loan include;
- Maintenance for cars, service, and repairs
- Household renovations, decoration, and repairs
- Travel and vacation loans
- To consolidate debts
- Utility bills
- Medical including vet bills
- Rental bond
Lenders that offer the best small personal loan in Australia
Magic Loan may not be able to say which lenders offer the best small loan quickly. We work with a large network of great lenders, but the best lender for you may not be the best for another individual.
However, if you’re looking to get a quick small loan, submitting a small loan application to Magic Loan would be the most convenient option for you. We will ensure that you are paired with a lender as fast as possible to get you the quick small loan of your choice. Our lenders have Australia Credit Licences which means that you would get fair treatment. Because, basically we want our users to enjoy the best experience, so if you’re looking to get a quick small loan, apply today.
How can I access low-interest small personal loans?
After your small loan application has been assessed and approved, then your loan contract would show your interest rate. Your interest rate would determine the amount required to pay in addition to the principal amount of your small loan, hence a lower rate to your interest is to your advantage.
Thus, if you would prefer to get a low-interest rate, here are a few things you must do;
Firstly, by proving that you have managed your previous loans effectively, this means you have a sound credit history and would encourage lenders to offer you lower rates since you have proved that you make your repayments promptly.
Secondly, you may choose to secure a small loan with your asset. Securing your loan with your car, your property will make lenders more comfortable to borrow you money, knowing that if you fail to make repayments, they can recover their money from your property hence reducing risks on their side and be able to offer your competitive rates.
However, Magic Loan cannot guarantee that these options would give you lower rates. Your lender and their policies would determine your interest rates.
Do any lenders offer easy small loans?
Lenders differ in their strictness in terms, this means that some lenders that don’t have strict terms may be willing to provide easy small loans quickly to individuals that are in unfavorable circumstances. This includes, for example, borrowers who have bad credit, individuals who receive benefit payments, and low-income earners.
However, all loan applications are to be assessed, including people in these circumstances. So, even with lenders who are more considerate of your situation, approval is not certain. You must meet the lender’s requirements to be eligible before you can get any of their small loan products.
Are instant small loans possible?
The answer is yes, instant small loans are possible. Although there are a lot of lenders who are willing to offer instant small loans but first you must understand what an instant small loan means.
You will not get your small loan in cash immediately after you apply, because, in Australia, all loan applications are subjected to a mandatory assessment. This loan application assessment allows lenders to determine your eligibility for credit and enables them to offer loan contracts that meet the borrower’s needs after checking through your financial situation. With this process, it shows it would require some time.
Instant loans are considered as the loans that you receive a response very quickly that it looks like no time was spent at all, that is there’s no waste of time in your application processing and assessment. Instant loans take no time and are efficient.
Small payday loans
Lenders who are into payday loans are very fast, offering cash loans of 300 dollars to 2,000 with one-year terms of repayments. Their business thrives on giving fast outcomes to small loan applications. Payday loans are provided to enable you to get by before your next payday, since it involves a small cash amount, and a short term repayment time, you can get the cash you need for your immediate needs and repay your debts quickly. Magic Loans work with lenders who are specialized in personal loans and also lenders who deal with small loans. Thus, if you apply, you get paired with potential lenders that offer you the needed cash loan.
Can I find small loans, with no credit check?
People who have poor credit history are concerned with no credit check when they search for small loans. Hence, this set of people may be more inclined to consider applying for payday loans with no credit check. Some lenders however require a credit check as part of their loan applications assessment policies.
Magic Loan can only find you a lender, we cannot guarantee that you would be provided with a small loan without a credit check. Please note that we are committed to working with lenders that are interested in looking beyond your credit rating. That is, lenders are more interested in how you manage money presently. Lenders specifically take into consideration your banking history, your regular income, and your expenses before they give you an outcome.
All Magic Loans partners are professionals and would consider all necessary factors to determine your eligibility for payday loans in Australia.
Find Small Loans Lenders With Magic Loans
Small loans are generally cash loans with short terms, you may consider a small loan if you encounter an unexpected expense that disrupts your budget. Magic Loans finds and pairs you with a credit provider or lender. You may be receiving Centrelink or have a bad credit history, we may still be able to find you a lender. Also, Magic Loans can find lenders that offer medium, large personal loans that amount to 10,000 dollars.
Payday loans are the best option for individuals looking for loans under 2,000 dollars.
Is Magic Loans for me?
Magic Loans work to help anyone pair with a licensed lender. Simply put, all over Australia, Magic Loans has helped people find suitable lenders. The table below illustrates the type of loans from our network of lenders and their range.
|Small loans for Centrelink consumers||300 AUD ($)||✓|
|Quick small loans||1200 AUD ($)||✓|
|Small cash loans with bad credit||2,000 AUD ($)||✓|
Disclaimer; Kindly note that these examples illustrated above are just samples not certain that you may be offered a loan.
Small Personal Loans Australia: Find lenders with Magic Loans.
Magic loans make loan applications easier by helping out Australians trying to search for small quick finance throughout Australia. We help to find licensed and professional lenders who offer small personal loans to bad credit individuals and provide Centrelink customers with unsecured loans. In short, Magic Loans can find you, lenders that will provide you secured personal loans from 2,100 dollars to 10,000 dollars, we find you, lenders, when you need them most.
Reasons To Apply
Many reasons could come unexpectedly in your life and you would need cash to get through, like sudden damage to your property that needs urgent repair, medical bills, an accident, and so on. Let Magic Loans help you cover up for the difference by getting you a quick small loan from a lender.
How Magic Loans Work
In short, once you apply, we get to work by finding you a lender.
With microloans which are up to 2,000 dollars with a term of 12 months repayment time, you can access the cash now and spread payments over 12 months. Note that you don’t need any paperwork to apply. Also, Magic Loan may be able to get you a lender that offers instant loan application outcomes. After approval, your lender will contact you to show you the repayment terms.
How Magic Loans Finds Lenders Offering Small Loans Quickly
Magic Loans lender-finder service can help to fast track applications for a small loan. Here are the steps;
- Fill our loan application form online
- We’ll check through our network of lenders to find you and an available credit provider
- If it is successful, your lender will access your loan application and contact you to make an offer
- You proceed to start dealing with your lender from there
Magic Loans is the fastest means of getting a lender.
Where Can I Get Small Loans?
You may apply for small loans in banks but you would need a solid credit history to be eligible for a personal loan from any bank.
You may also apply through a short term lender. Short-term lenders generally have flexible criteria for assessment and they process loan applications faster. Depending on the lender and your situation, you may be able to access small loans the same day, after you agree to the loan contract. By using Magic Loans to find a lender, you bypass the stress of finding a lender. After you apply, you’ll be paired with an available lender in our network and these lenders will then process your application based on their terms.
If you want more information, you could apply for a medium potentially.
How Can I Get Approved For A Small Loan?
As a credit provider, they are required to lend consumers money responsibly. Lenders would have to look at your normal budget, to consider your ability to repay even though you borrow a small amount. Keep in mind that Magic Loans is not a credit provider. Consequently, the lenders are responsible for accepting or declining your small loan application. Also, each lender has different small loan application assessment procedures and criteria.
Is It Hard To Get A Small Loan?
Small personal loans are generally unsecured loans, hence being of greater risks to the lender. Using your property as security may help you to get your small loan application approved as you are taking out a loan against your assets. Because attaching security reduces the risk on the part of the lender. Since lenders are different, so are their criteria and assessment for loan application décline and approval. In case your loan application is declined, you may consider getting in touch with them.
Micro Loans Are In High Demand
Microloans are also a form of small personal loans and they are becoming well known in Australia. The very high demand is not a surprise, consumers are applying online and getting a fast outcome.
Who Is Eligible For Apply?
To apply for small personal loans, you must be above 18years, be a citizen of Australia, or a permanent resident in Australia. You would need a valid address and mobile phone number. Lastly, you must have been a regular recipient of any form of income for 90days before or more than into your bank account. Please note that, even if you qualify for an online application, it does not guarantee that your loan will be approved.
Can Magic Loans Help Me Find Small Loans With No Credit Check?
If you are concerned that your bad credit may affect then you need to look for loans that do not require credit checks. Lenders who offer no credit check loans conduct their assessment based on your income and expenses and not your credit history. Magic Loans as a lender finder can not say whether a lender will do a credit check. However, we guarantee to pair you with lenders who may be willing to look into your current money management. Meaning, with or without a credit check, such lenders may be able to look past poor credit history.
Can Costumer Find Small Loan Lenders On Centrelink?
One can be able to assist people who are recipients of Centrelink benefits to borrow short term small personal loans. Loans offered to customers of Centrelink are small cash loans that can be repaid from Centrelink benefits. Magic Loans will find you lenders that will take Centrelink payments as a regular income.
Does Magic Loans With Lenders Who Offer Quick Loans?
At Magic Loans, we can find lenders who are willing to instantly process your loan application that it seems like there’s no waiting time. Once you approve the loan contract, fast small loans are instantly transferred into your account. Usually, you should be able to access your cash loans in 24hours in your bank account, waiting 24hours is advised due to inter-bank transfers.
Can We Find Lenders That Offer Small Loans For Bad Credit In Australia?
Magic Loans work with some lenders who offer small loans to borrowers who have bad credit. Both Magic Loans and these lenders are interested in giving second chances. Thus, if you have been declined for credit in the past, you should consider using Magic Loans for your next small loan application. We work with certain lenders who may be able to approve your loan application despite the bad credit.
Do Magic Loans Offer Small Car Loans?
Magic Loans does not offer car loans. But, consulting with our lenders’ network, we may be able to find you some lenders who are willing. Thus, you simply need to submit an application and let our automated system take over. Within 60minutes you would be paired with a lender.
You may find some lenders who are willing to offer you car loans from 5,000 dollars to 30,000 dollars with two to five years repayment terms.
Small Business Startup Loans
Small business startup loans in Australia may be the best option for people looking to start a new business venture.
You can borrow the money needed for you to start your business and as your business expands, you can make repayments until you are debt-free. To lenders, offering small loans to start a new business is high risk because there’s no means of determining if your business will succeed. For this reason, lenders may require that you pay a higher interest rate or you secure the loan with your asset.
What are the possible costs?
Magic Loans lender-finder is totally at no cost, whether you can match with a lender or not, you may also decide to cancel at any time. After you submitted an online application with Magic Loans, we would scan through our large network of lenders to find you an available loan provider that suits your needs. Since each lender is of a separate entity, the cost of your small loan cannot be guaranteed by Magic Loans.
The cost of your small loan is ultimately determined by your lender and the amount that you borrow. However, some lenders may also charge a monthly fee or establishment fee.
Your lender will be open with the loan terms in your contact. Although the fees differ according to each lender and the type of loans whether it’s an unsecured small loan or secured large loans.
Because Magic Loans are only a lender finder, we cannot say how much the charges on your loan would be. In your loan contract, lenders would disclose all charges. Also, you may look into the page that outlines the cost of your loan on the lender’s page. If you have further questions about your loan terms, you should contact the lender directly. Micro Loans, fast outcomes shouldn’t be a problem Don’t bother about online charges, physical meetings, and phone calls. These are additional benefits of an online application when you submit your loan application to Magic Loans, that is it is more convenient to apply with Magic Loans.
You can apply to any internet-connected device, Magic Loans will also be able to access digital information that we may need. We may need confirmation for some personal details and Centrelink benefits recipients’ login details for MyGov. Also, lenders would be able to view your read-only format bank statements. Your information is secured with our partners’ security software. Magic Loans partnership with you ends when and if you have been paired with an available lender. Then your lender proceeds to assess your loan application. After approval, you would get a digital version of your loan contract.
Note that, you don’t need to approve any loan contract you are offered. If the terms and conditions you are offered are not suitable for your needs, you can simply decline. No charges are attached to your decline of a loan contract. Repayments are on the terms of the client and the loan provider. Repayments are automatically generated by both lenders and our clients set up a direct debit.
What is the smallest amount of loan I can get?
On our site, the lowest amount of loan you can apply for is 300 dollars. This loan amount can pay for an urgent bill or any other unexpected minor expense. However, if you’re looking to get a smaller amount less than 300 dollars, Magic Loans is not the site where you should look. Although, you may be lucky that some lenders can offer as low as 100 dollars for a small loan. You must ensure that before you apply online with such lenders you have an understanding of loan terms and conditions.
Lenders That Understand
Magic Loans understand that some unexpected incidents may occur and need to be contained urgently. It may be an emergency in health, divorce, or an accident. We work with credit providers who have flexible conditions and are reasonable. You should make sure that you contact your lender if you wish to change your repayment structure. You should contact them within 24hours before your next payment is due.
We Welcome Your Feedback To Us On Our Services
Don’t hesitate to criticize us constructively in case you have any concerns with Magic Loans services or lenders. If you have any questions or issues please inform Magic Loans by contacting us at @hello.magicloans.com.au. Our staff record the details of your complaints in our Complaints Register in case we can’t resolve your concerns within 24hours. If we need to get more information from you, we would contact you. Also, magic Loans may require that you file a complaint form. We will notify you of receiving your complaints within a 48hours period of business days.
Support From Magic Loans
Magic Loans have a very professional, resourceful, and customer-friendly support staff that is available online during the working hours of every business day.
Magic Loans operates by the Privacy Act of 1988 and treats all records of clients’ confidentiality. Therefore, only our lenders would be able to access your personal information while they are assessing your loan application. Also, Magic Loans is powered by Comodo and McAfee, which guarantees that your data is encrypted and secure.
We Are Not A Direct Loan Provider
Magic Loans is not a lender but helps borrowers to find lenders. Thus Magic Loans does not directly find any loan. All applications are referred to a third party lender who has the right to decline or approve your loan applications. Where necessary, lenders are required to inform you of the charges attached to your type of loan. Also, you need to make sure you carefully read through loan offers and contracts before you sign your approval.
You may be able to get bond loans, travel loans, and payday loans from our lender’s network.
Magic Loans guarantees that you will be matched with a responsible lender. These lenses are going to take their lending responsibilities seriously, meaning that they would take all necessary and relevant steps to determine your financial situation and objectives. Your credit provider will never offer you a loan contract that is not suitable for your situation. That is, you will not get a loan offer that is unaffordable to you. If you need more information, get a full online copy of the guidelines.
The Ultimate Guide To Online Repayments
You will be able to make your own decisions when you apply with Magic Loans. Although small loans generally have 12 months fixed repayments term, you get to choose if you would make monthly, fortnightly, or weekly payments. This decision can be based on your income schedule, it depends on your choice.
Repayments become simpler from there, by establishing an automatic repayment from your online banking account when you set up a direct debit. No hassles, just ensure that the amount is in your account on the dates that your payments are due.
Are You Ready To Apply?
As much as small loans have many benefits they also have their disadvantages. They might be expensive for your situation and may not cancel your debt issues. Note that you have other available options apart from microloans to help you manage your bills. If your issue is about paying your utility bills, your utility provider may be willing to work out other available options with you. If you receive government benefits, Centrelink may consider you for an advance. You can find more Magic Loans on Facebook, Twitter, and Pinterest.