Applying for a personal loan can be confusing, intimidating and time consuming and if you really need a cash loan, the fear of rejection can be terrible. However, applying or a personal loan doesn’t need to be a daunting experience. With some thorough research and a clear understanding of the process, as well as some tips for improving your chances of getting the loan, you can be a little more relaxed and confident when going through the cash loan application process.



Prepare your documentation

Usually you can apply for a personal loan via an online application or in person at your prospective cash loan provider. For the majority of personal loans, you need a relatively good credit history/rating, citizenship or permanent residency of Australia and an abode or address in Australia. You will also need to provide some accompanying documentation (some of which may have to be certified by a Justice of Peace), these documents can include:

  • Recent payslips (you may need up to 3 of these)
  • Bank account statements to show your regular income and expenses
  • Details about what fixed or liquid assets you have
  • Any other personal loans or liabilities you might have
  • Proof of identification, this may come in the following forms
    • Passport
    • Birth Certificate
    • Marriage certificate
    • Medicare Card
    • Drivers License
    • Citizenship certificate

When it comes to documentation, it always helps to have more rather than less. If in doubt, call your prospective cash loan provider before you even start the process so that you can be efficient in your document gathering. Before applying, make sure you are confident with the loan particulars for the cash loan you are after, including:


What can help my application for a personal loan?

When the lender assess your application they are mainly looking for your ability to repay the loan, so everything you state in your loan application should indicate you are a good credit risk and should be able to repay the loan easily (within the truth). Having collateral or property can be a great indicator of your ability to repay your cash loan. Also ensure the cash advance you are applying for isn’t too excessive for your current financial situation.

Here are a few tips that might help your application for a cash loan get approved:

  1. Use a personal loan calculator to check that the proposed repayments for your cash lump sum are reasonable and that you can repay the loan within the proposed time period. If you feel your finances might be stretched with the repayments, your lending institution probably feels the same.
  1. Check your credit history / score before even applying and then speak to who you are looking to get a cash loan from and explain your situation to them. They should be able to tell you relatively quickly if your credit history / score is in a reasonable range for your proposed loan amount.
  1. If you are looking to purchase a property, ensure that your cash loan isn’t more than 95% of the property value. This is a major red flag in the eyes of any loan provider.
  1. Before applying for a cash loan, make sure you are up to date on your payments of all your other liabilities (credit cards, overdrafts, mortgages etc.)
  1. Make sure you have passed your probation at your current employment as this can increase the chances of your cash advance being approved.

Don’t panic if your cash loan application gets rejected, there are always other lenders out there willing to help you if your circumstances change. Some cash loan lenders are also more lenient when it comes to taking into account your personal history and current situation, so don’t give up, your perfect cash loan might be one phone call away!


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