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Small Cash Loans from $200 to $2,000 paid within 60 minutes
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Small Cash Loans from $200 to $2,000 paid within 60 minutes
A small loan is a short-term loan for $2,000 or less. They are also known as payday loans, cash loans or quick loans. The loan term is usually between 16 days and 1 year.
A payday loan is typically repaid on a much shorter term and linked to you “pay day” or the day of the week or fortnight that you receive your main regular income.
At Cash Direct our Small Cash Loan is as follows:
Loan Amount: $200 to $2,000
Term: 1 month to 6 months
Payments: weekly, fortnightly or monthly
Cost: 20% Establishment Fee and 4% Monthly Fee, applied against loan amount
Early payout fees: None
They suit those on lower income, or who don’t need to borrow a lot and prefer to pay their loan down within 6 monthsFor more general information on small/payday loans look at ASIC’s MoneySmart website on Payday loans.
ASIC’s MoneySmart also has a general payday loan calculator which to can use to see the estimated cost of certain loan amounts and terms. This can be found here.
To see if you can qualify for one of our small cash loans, apply here.
For our Small Loans of $2,000 or less, an APR (Annual Percentage Rate) doesn’t apply. These are fee-based only, and so they don’t have an APR. The establishment fee is 20% of the amount borrowed and the monthly fee is 4% of the amount borrowed.
For example, a loan of $1,000 repaid over 4 months equates to a total payable of $1,360. This is comprised of $1,000
principal (the amount borrowed), $200 establishment fee, and a total of $160 in monthly fees.
For our Medium Loans between $2,001 and $5,000. The base interest rate may vary depending on the loan product. The maximum rate we use is 48% and an Establishment Fee of $400.
Terms for our Small Loans are up to 3-12 months, and for our Medium loans, it is 3-24 months. With each, you can
repay your loan any time without being charged additional fees, and it will reduce your interest and fee cost overall.
Cash Direct Pty Ltd (ACN: 129 259 605; Australian Credit Licence 393862) is a specialist in providing cash loans to its customers when they need it
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