Fast Loans By Jonathan Heart Share Tweet Pin Share Page ContentsDo you need instant approval loans & need cash todayPayday Loans – Instant Cash TodayQuick & Easy Instant Cash Loans: AustraliaNational Credit Code Do you need approval on quick and easy cash loans today? Getting an instant cash loan has never been easier than it is today. With the internet, and online application process, everything about the application process has been put onto one page. Today we will go over the basic requirements of what you need to apply for an instant cash loan in Australia, as well as a breakdown in the various laws from state to state.Note: Over the last few years, there has and significant changes to the legislation surrounding short-term loans in Australia. Previously, legislation was handled at a state level. Now, each of the states has handed over regulation of the lending industry to the Commonwealth. The information contained in this article is to be used for general information only, and not taken as financial advice. At the end of this article, we have gone over some of the changes to the legislation over the years. This information changes frequently, and may already be out-dated. Please use the information provided as a historical reference only.Do you need instant approval loans & need cash todaySometimes real-life has a way of getting in the way, and you find yourself in need of cash in a hurry. Maybe a car is broken down, with a hot water heater has died, or you had a family emergency and need to fly interstate in a hurry. But what happens when you have run out of options. Maybe this time your family and friends are not there to help. What do you do? Who do you turn to?Here in Australia, most people would initially turn to the banks, what we like to call the big four; National Australia Bank (NAB), Australia and New Zealand Banking Group (ANZ), Commonwealth Bank and Westpac Bank. While in some cases loans from the big four banks are a great idea, generally they take a long time to process, and there is a lot of paperwork involved. If you need money, and you need it in a hurry, then an instant approved loan can get you the cash you need today.When you start to look for a quick instant cash loan, there are a lot of options out there, and it can be difficult to choose the best loan for what you need. If you need a car loan, or alone for repairs, or even an emergency repair at the house, there are different loans available that can help you with each of these. At times like this, knowing who to turn to can be frightening. Here, we are going to go over some simple things that can make this process easier for you.But the most important thing is to help you get the money that you need, today.Payday Loans – Instant Cash TodayPayday loans & short-term loans are a great way to borrow money in a hurry. The application process is simple, and only takes a few minutes. In most cases, you will have a decision, in less than an hour. Sometimes, you will have a decision, in less than five minutes.Once your application is approved, the money is transferred to your account almost immediately. Depending on your financial institution, you could literally have the money in minutes. That being said, sometimes the money is not available until the next business day. But this is not to to the loan but rather a financial institution.Most short term loans are loans of small amounts. The usually started around $100 and can go up to $1000, $5000 or even higher depending on the lender. This enables you to repay the loan quickly over a short period of weeks. The faster you pay it off the less interest you pay.The term, or of links, of most short term loans, depend on the lender. Generally there for sure it shorter periods of time and can range from two weeks to a couple of months. This way, you don’t have annoying loans and repayments beating you down month after month.Most payday loan and instant cash lenders also offer services to help you. If you find yourself unable to make a repayment, there are more than willing to help you. As long as you make a reasonable attempt to pay, they will generally work out a repayment plan that is mutually beneficial.Get Instant Cash Loans Online Now – Instant Cash Loans After HoursOne of the biggest advantages that payday loans have over the big four banks is that you can apply for these loans online now. You don’t need to wait endlessly day after day waiting for an answer, or worse, being constantly harassed by the banks for more information or an extra pay stub. That is the true beauty of the Internet. Now you can even apply for the loans – after hours – 24 hours a day, 365 days a year.If you go into one of the big four banks, and you ask for a personal loan, there will generally offer you some form of the small personal loan. To apply for a personal loan in Australia with one of the major banks, generally, you will need to go into a branch, fill out an application with one of the local bankers, and provide supporting documentation that generally includes:Pay Slips: generally you will need to provide the last six weeks’ worth of payslips. Sometimes they will even require a moreTax Documentation: you’re quite often be asked to provide your tax documentation for the previous one to 3 years.Proof of Employment: you may need to provide proof of employment and your employment status, whether full-time, part-time, or casual.Other Miscellaneous Documents: when you’re dealing with the banks who knows what they are going to ask for. The only thing that is certain is you are at their mercy.But why bother with the big four, when you can get most loans online now. It is literally as easy as filling out a form, waiting a few minutes, and having cash transferred to your account. No scanning of documents, emailing back and forth, and taking up too much of your valuable time. Just a simple online form and the money could be on its way. No local bankers, no long application forms, and no long waits to get the money you need.Quick & Easy Instant Cash Loans: AustraliaGetting an instant cash loan in Australia has never been easier. However, the laws and legislation surrounding short-term loans changes all the time. It is important that consumers are made aware of these changes.Until recently (see below), Australia’s individual states were governed independently in regards to short-term loans, and payday loans, by the September 2012 bill entitled The Consumer Credit and Corporations Amendment (Enhancements) Bill 2011, outlined below:The Enhancements Bill proposed amendments to the National Consumer CreditProtection Act 2009 (Cth) (‘NCCP Act’) including reforms to consumer leaselending, reverse mortgages and small amount, high interest, short-term loans.The Enhancements Bill aimed to regulate this last category, colloquially knownas payday loans, through the introduction of caps on interest rates, fees andcharges, and by prohibiting multiple lending and refinancing of existing loans.These legislative reforms were to be complemented by additional strategiesaimed at reducing borrower reliance on payday loans, including increasing theavailability of affordable credit alternatives such as microfi nance and low and noavailability of affordable credit alternatives such as microfinance and low and nointerest community loan schemes.These laws were developed to protect the Australian consumer, particularly those who are unemployed or had poor credit, from being taken advantage of with short-term, high interest loans.Below is a table showing the income levels of consumers taking out Cash Converter’s Cash advance and Personal Loan Products Net Income (pa after tax)Cash AdvancePersonal Loans$0-$11,99914.76%8.93%$12,000 – $23,99934.19%34.66%$24,000 – $35,99926.74%32.63%$36,000 – $47,99915.36%15.52%$48,000 – $59,9994.96%4.78%$60,000 – $71,9991.95%1.85%$72,000 – $83,9991.00%0.82%$84,000 +1.04%0.82%Source: Regulation Impact Statement: Regulation of Short Term, Small Amount LendingBelow, we will go over the individual state legislation in regards to short-term loans, and any other state specific guidelines which may be of interest.Note: These laws have since changed, and, at the time of this writing, are governed by The National Credit Code, which went into effect on 1st of July, 2013. However, for historical reference, I will outline a brief history of the individual state laws below.Instant cash loans: MelbourneTrying to find a payday loan in Melbourne used to be an easy task. Up until recently all short-term loans or small amount lending had a 48% interest excluding fees and charges. In 2011, the Commonwealth government intervened and took control of all short-term lending. They put in place specific legislation to regulate short-term loans, and to protect consumers.What the Commonwealth government found was that the majority of people applying for short-term loans were people whose incomes were below the poverty line. Generally these people had no other options are no one else to turn to if they needed to borrow money. Most of the loans that were taken out were used to pay for living expenses, like bills, rent, food, and especially surprise maintenance on Cairo’s around the house.It was also found that people who used short-term loans on a regular basis rarely did so based on price. Generally, much higher importance was placed on the speed that a loan could be approved.Victoria has now committed in line with the rest of the nation, and short-term loans are now covered under the National credit code.Instant cash loans: PerthThe short-term loan industry in Perth, Western Australia, have also undergone similar changes to those in other states. Previously, there was no interest rate In Western Australia. This means lenders can charge whatever interest rates they chose. Statistics had shown that borrowers in Western Australia were in line with the rest of the nation. Between 40 to 50% of short-term loan customers had an annual income of less than $24,000. That number is stretched to nearly 75% of consumers whose annual income was less than $36,000.What this data had shown, is that payday loans in Perth needed to be regulated. The simple fact that there was no interest rate cap meant that lenders could charge whatever they wanted, and people in need of payday loans were always willing to pay.Instant cash loans: AdelaideAdelaide is similar to Western Australia in that it did not impose a cap. That being said, the sheer numbers of payday loans in South Australia being approved every year was amazing. Cash converters, one of the leading pay day lenders, grew faster in Adelaide than any other pirate of the country. When the legislation changed in 2013, the industry took a massive hit. Whilst this is for the better, people who had grown accustomed to taking out payday loans were sometimes left with no options.Instant cash loans: BrisbanePayday loans have always been popular in Queensland. Brisbane, and the rest of Queensland, were governed by the Consumer Credit Queensland Special Provisions Regulation 2008. Part of the regulations included and all inclusive 48% On interest rates. What this means is that any charges that were above the 48% were not allowed, and could actually be recovered from the lender.Instant cash loans: SydneySydney, and the rest of New South Wales, made major changes to their consumer credit laws. This started on 1 July 2010 when the Australian Securities and Investment Commission (ASIC) began regulating all consumer credit. Not only did this include short-term loans and payday loans, it also included home loans, credit cards, lines of credit, overdrafts, and personal loans.On 1 July 2013, this power was expanded and directly affected short-term loans and payday loans, specifically the maximum percentage rate of interest. Prior to this, the New South Wales government had set a maximum percentage rate law on all short-term loans and payday loans in place that capped the maximum interest percentage at 48%.Not only did this bring New South Wales in line with the rest of the nation, it also freed up the New South Wales fair trading, who no longer had to mediate disputes between lenders orders and borrowers. Now, with the new ASIC laws in place, credit providers and finance brokers must all be licensed. It also means that there must have consumer dispute processes in place for all of the credit products and services.Instant Cash – No Credit CheckNational Credit CodeThe Australian National Credit Code underwent major changes over the last five years and has been done to protect borrowers by putting in place strict consumer credit rules. These new rules took effect in 2011. These rules include changes such as:Shifting the current consumer credit regulation from state governments to Commonwealth government regulationA new licensing structure, which was put in place for all lenders and anyone giving financial advice.Compulsory membership in an ASIC approved dispute resolution programme.A compulsory “warning notice” which must be displayed online, in the store, and clearly communicated over the phoneAenders are no longer allowed to start new loans to borrowers on small loans who are already in defaultChanges to the maximum percentage of interest that lenders can charge. At the time of this writing, lenders are only able to charge 20% upfront and 4% per month over the life of the loanThe reason for the change was obvious. During the 1980s, payday loans became very popular. Estimates of the total consumer debt nationwide rose from $30 billion to over $220 billion in 15 short years. That is a massive 700% increase in consumer credit; something had to be done.Payday loans became the norm, and you could find lenders popping up all over the capital cities. You could literally walk into a shop, fill out an application, and walk out the door with cash in hand. The downside to these particular types of loans was the extremely high interest rates charged, as well as the various fees and penalties involved for any missed or late payments.Now that these laws are in place, consumers should understand not only the laws, but also the protection put into place by the Commonwealth government. The fines that can be placed on lenders for violation to the new legislation started at $55,000 and can go well over $1 million. But you also need to trust that when you apply for a payday loan or rash instant cash loan, the lenders must all meet strict criteria. So you should always feel safe when applying for a loan of this type. And remember whether you’re approved declined, it is done based upon your ability to repay the loan. So why wait, apply for your quick instant cash loan today.