You don’t need to be earning a major salary to access loans anymore. Today, more and more people are turning to quick payday loans when they’re short on cash and need instant support. Even citizens receiving welfare are able to apply for fast Centrelink loans that can be paid to your account within 24 hours. Here, we’re going to explain how these loan work and where to find them. If you’re in dire need of some urgent cash, this option could be a great solution for you.
First, let’s start with:
What exactly is a payday loan?
Short-term payday loans are our prime finance product at Cigno Loans. These loans are not like standard personal loans. When you apply for a standard loan, the loan term will be for years, the process will take ages, and your credit score will be checked before anything else. Payday loans are designed specifically to help people who are in urgent need of cash without delay. For this reason they are paid out as soon as possible and need to be repaid within the coming weeks or months.
We all aspire to be more careful with our money, but every now and then, things can just go wrong unexpectedly. This is exactly when a payday loan can prove to be the most practical option available to you.
Who can take a payday loan?
As payday loans need to be such a fast response solution, they bypass the credit check. This saves huge amounts of processing time and allows the money to be paid out to you much faster. Instead of a credit check, payday loans companies will always need to see proof that you earn enough money to afford the loan. This usually means assessing your latest bank details.
You need a consistent income to be approved for a fast short-term loan. That doesn’t mean you need to be earning a solid salary to be eligible. Most people on Centrelink will have the income necessary to apply for payday loan. At Cigno, we definitely have a open minded approach to our loan services and are prepared to consider anyone who finds themselves struggling to meet their immediate costs.
What are the advantages of a payday loan?
If you’re in need of a Centrelink loan, the odds are, your credit score might not be in the best condition. Payday loans are not based on your credit rating, so they’re accessible to those with poor credit. A lot of people have had bad habits with cash at some point in their lives. It’s easier now more than ever to spend more than you earn. If you need money quickly and all other lines of credit are closed to you, a payday loan could still be your last remaining reliable source of financial support.
Another advantage is the fact that these loans can be applied for online quickly and easily. No need for lengthy meetings and waiting around. You can jump onto Cigno’s website and get your application going any time of the day 24/7. We’ll always do our best to process your application as soon as we get back into the office. Almost all approved applications receive their money within hours.
Payday loans are paid straight to your bank account, which is safe and convenient. There’s no need to go anywhere to sign anything, you won’t be holding the cash in hand at any point, and the transfer takes seconds once it’s initiated.
What do you need to apply?
The most important documents you need to complete your application are your most recent bank statements and your ID. As long as you have these two key pieces of information we’ll be able to assess your situation and make you an offer. Your Centrelink loan will be clearly outlined in our offer so that you can look over the details before making the final decision to accept or not.
As soon as you sign the offer and send it back to us, the agreement will be binding. The most important thing to do with these loans is to ensure you make the repayments exactly as agreed using your next Centrelink payments. Fail to pay and your account may escalate with dishonour fees. If you fall into trouble, the best thing to do is contact us as soon as you can. We’ll do our best to help as much as we can and might be able to reschedule your repayment dates to suit your needs much better.
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Read more about Centrelink loans here, or in our previous blog post: Centrelink Loans – How To Get Cash Funding While On Benefits
Disclaimer: Please be aware that Cigno Loans’ articles do not replace advice from an accountant or financial advisor. All information provided is intended to be used as a guide only, as it does not take into account your personal financial situation or needs. If you require assistance, it is recommended that you consult a licensed financial or tax advisor.