Instant Cash Advance

Instant Cash Advance

Instant cash advance loans are short-term loans provided by banks, alternative lenders, or credit card companies. They are ideal for those looking for quick cash loans provided by finance and loan companies with fast approval processes.

However, many risks are associated with these types of instant decision loans. At SocietyOne, we provide our customers with smarter opportunities to empower their financial futures through our various personal loan offers.

Will an instant cash advance loan show up in my credit history?

Instant cash advance loans don’t show up on your credit report, but they do affect it in various ways. To better understand this, it’s important to note that one of the most common ways people take out an instant cash advance loan is through a credit card issuer.

An instant cash advance taken through a credit card will raise your credit utilisation ratio, the ratio of your outstanding balance to your credit limit. In addition to indicating credit risk, high credit utilisation rates can negatively impact your credit score when you exceed a certain percentage. Taking a cash advance can also damage your credit score if it puts you over the card’s credit limit. While you may get your money right away, the risks of instant cash advance loans tend to outweigh the benefits.

When taking out other types of loans with different lending companies, the application process appears on your credit report. However, if you fulfil your monthly repayments on time, you may actually boost your credit score and show lenders you are responsible with credit.

What is the average interest charge on cash advance loans?

Instant cash advance interest rates are usually higher than other types of loans due to how fast the funding can be issued. In addition, cash advance loans typically don’t offer grace periods, so the interest on your loan begins to accumulate immediately. On top of steep interest rates, instant cash advance loans charge an application fee – either a flat rate or a certain percentage of your advance amount.

As long as you have a good credit standing, SocietyOne gives you the opportunities to take out personal loans with low interest rates. We suggest checking out our personal loan repayment calculator to get an idea of the loan offers we can provide you. Input all your preferred loan details, and we can have a loan quote for you in as short as two minutes.

In addition, SocietyOne won’t charge any extra or hidden fees. You won’t have to worry about monthly charges, early repayment fees, or balloon payments.

If you have bad credit, we can offer you tips on improving your credit score. You can sign up for our free Credit Score Club, where we give our members access to credit score improvement guides and information on growing your financial literacy.

For our customers who aren’t sure what their credit scores are, you can run a quick credit check on our website. Have your driver’s licence or passport on hand, as we’ll need it to verify your identity and access your credit report from Experian, an official credit reporting agency in Australia.

Is it possible to get two payday loans?

Yes, you can; however, the approval for two or more payday loans may be stricter. Applying for a second payday loan may raise questions about your ability to repay the first loan. Loan companies could identify you as a risk and reject your application for multiple instant cash advances.

Instead of multiple payday loans, you may opt for personal loans with more flexible financing and longer terms. At SocietyOne, our minimum loan amount is $5,000, while our maximum loan amounts depend on the type of loan you take out. You can choose between either secured loans or unsecured loans.

With unsecured loans, you may borrow up to $50,000, with repayment terms of two, three, or five years. If you have an eligible asset, you can use it as collateral for a secured loan, where you can loan as much as $70,000 and repay in two, three, five, or seven years.

If you’re balancing multiple cash loans, you can also consider loan consolidation, which simplifies your debts and consolidates them into one regular repayment. SocietyOne offers debt consolidation personal loans to help manage your finances and make budgeting easier with more flexible loan terms.

With SocietyOne, you can take advantage of various secure personal loans.

At SocietyOne, we work hard to provide our Australian customers with smart financial options through our flexible personal online lending offers. Whether it’s a wedding loan, motorbike loan, or student loan, we’re here to help you.

When applying for a personal loan with SocietyOne, these are the information and documents you need:

• Personal documents containing name, address, date of birth
• Passport or driver’s licence
• Proof of address, such as credit card or utility bill
• Proof of income, such as payslips or bank statements
• Details about your daily expenses and other debts

Apply online for a loan with SocietyOne today, and get your funds transferred to your bank in as little as one business day upon loan approval!