No paperwork loans

No catch, just some things you should look out for. As with all personal finance options, there is an abundance of choices and conditions which you should always be clear on before you say yes to the loan! We’ve helped you out by making this clear affordability checklist to explain things simply:

• Rates: check to see if your loan will be fixed-rate or variable rate, and what the comparison rate is. No paperwork loans do generally come with higher rates attached, but compare your options and find the best deal for you. The lower the interest, the higher the savings!
• Fees and charges: read the fine print of your contract. Are there establishment fees? Ongoing account-keeping fees? Monthly charges?
• Loan terms: longer loan terms stretch out your repayments and make them cheaper and easier to maintain. However, short loan terms with no paperwork are the best options, as you’ll be rid of the loan quickly and won’t pay interest, fees and charges on those extra months.
• Repayment schedule: does it match up with when you normally receive your pay? Do the amounts fit easily within your budget?
• Flexibility: will you be charged for making extra repayments or for paying out your loan early? Do you need access to a redraw facility?

We’re glad you asked! CashPal is a licensed lending company. This means we provide the loans ourselves so that you don’t have to speak to multiple lenders. Whether it’s small or large, we pride ourselves on no-fuss, easy applications for online quick cash loans. We specialise in finding the help you need, when you need it. We’ve been in your situation before — frantically searching Google, hoping that the next lender you click on will be the right one. Our mission is to help regular Australians find the money they need fast. We’re here to show you that applying for a personal loan online doesn’t need to be as hard or as complicated as it often is. Our application process is simple, automated and 100% online, saving you time and stress! CashPal also offers highly competitive rates and could have an outcome for you within minutes. Consider these reasons why you should make CashPal your new pal in finance:

• We offer lower repayments in comparison to others
• Our team are quick thinkers and offer speedy turnarounds
• CashPal is stress-free and the whole process can be done from home
• We know our staff are experts at what they do
• We are on your side and are the pal you can trust!

A small loan solves a short-term gap; it is not free money, and it is not right for every situation. Worth asking yourself first:

• Do I actually need this? A short-term loan suits an essential or unexpected cost, not discretionary spending.
• Can I afford the repayments? Check them against your real income and expenses, not your best month.
• Am I borrowing the right amount? Fees are charged on the amount borrowed, so a smaller loan costs less.
• Would another option cost less? If one of the alternatives below fits, use it first.

Why applications get declined. We are required to lend only where repayments are affordable, so an application is most often unsuccessful because:

• The repayments would not be affordable alongside your current commitments
• Income cannot be verified, or is not regular enough to assess
• Recent defaults, an active hardship arrangement, or several short-term loans already running
• Frequent dishonours or overdrawn balances in recent banking history
• Application details do not match the supporting information provided
• The basic criteria are not met — under 18, or not an Australian resident

A decline is not permanent. It usually reflects the last few months of banking history, so applying again after that settles often gives a different outcome.

Alternatives worth trying first. Depending on your situation, one of these may cost you nothing:

• No Interest Loans (NILs) — up to $2,000 for essentials with no interest and no fees, for people on a low income or with a concession card. Call 13 64 57 or visit nils.com.au.
• Centrelink advance payment — if you receive eligible payments, you may be able to draw part of it early, repaid from future payments at no cost. Call 13 17 94 or visit servicesaustralia.gov.au.
• Your provider’s hardship program — energy, water, telco and council bills can usually be put on a payment plan, often with the debt paused, simply by asking.
• Free financial counselling — the National Debt Helpline on 1800 007 007 is free, independent and confidential, and can negotiate with creditors on your behalf.
• Impartial guidance — ASIC’s MoneySmart compares options and explains what each really costs.

CashPal is a trading name of Simple Finance Group Pty Ltd (ABN 70 626 186 418), holder of Australian Credit Licence 509422, and operates as a lender and referral service under Australian credit law. Here’s what that means for you:

Responsible lending obligations — We are required to make reasonable inquiries about your requirements, objectives and financial situation before offering credit. We will not approve a loan we believe is unsuitable or unaffordable for you. These duties come from the National Consumer Credit Protection Act 2009 and ASIC’s responsible lending guidance.

Full cost disclosure — You will see the total amount repayable, every fee and each repayment date before you sign your contract. You are under no obligation to accept an offer.

Hardship support — If your circumstances change after taking out a loan, contact us as early as possible; hardship support may be available under the National Credit Code. Free, independent financial counselling is also available through the National Debt Helpline on 1800 007 007.

Complaints and dispute resolution — Raise a complaint with our complaints officer at hello@cashpal.com.au and you will receive a final response within 21 days. If you are not satisfied, you can take it to the Australian Financial Complaints Authority (AFCA) on 1800 931 678 or at afca.org.au at no cost to you. See our dispute resolution policy.

Regulatory oversight — CashPal is regulated by the Australian Securities and Investments Commission (ASIC). You can verify our credit licence on the ASIC registers. For privacy matters, contact the Office of the Australian Information Commissioner (OAIC).