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Getting by can be tough for low-income individuals and families, especially when it comes to managing bills and debts.

Write comment (0 Comments) " ["fulltext"]=> string(4778) "

When push comes to shove, you may consider taking out a small loan to meet your financial responsibilities.

What is a small loan?

A small loan is a type of loan that allows you to borrow a small amount of money – typically ranging from $500 to $2,000 – for the short term. Some small loan providers can allow applicants to borrow as low as $200.

Payment terms can range from as short as your next payday up to 12 months. However, the usual payment terms are three to six months with monthly fees and charges applied.

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Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat.

This is also known as small personal loan, fast cash loan and cash advance loan, among other names.

Am I eligible for a small loan?

Lenders require applicants to satisfy the basic eligibility requirements han 50 per cent of your income

• Have an Australian bank account (if money will be paid out directly to your account)

If you satisfy the conditions above, you may be eligible to take out a small loan. However, approval of your loan application still depends on your current circumstances.

Where can I get a small loan?

You can get a small loan anywhere in Australia, either through a physical lending facility or through online lenders. Simply run a search for small loans that are available in your area and you will immediately see different lenders that offer small cash loans – even to applicants with a bad credit score.

There are many lenders to choose from, but it’s important to be aware that there are no industry standard when it comes to the fees and charges that lenders apply. This means that borrowing the same amount of money from different lenders can still result in varying monthly fees and total amount payable.

How to apply for a small cash loan

The loan application is easy once you’ve found a lender whose terms are acceptable to your current financial circumstances.

You simply need is to identify the amount of money you will borrow and provide your personal information and any document that the lender requires. Afterwards, just simply need to wait as the lender processes your application. If your application is approved, the lender will send the money to your account or give you the cash.

How much does a small loan cost?

As previously mentioned, there is no standard amount for the fees that lenders charge. They are also disallowed by the government from applying interest on the loan. However, all small loans apply the following fees:

• One-time establishment fee
  The government limit is at 20 per cent of the total borrowed amount
• Monthly fee
  Maximum is 4 per cent of the loan amount
• Default charges
  Up to 200 per cent of the loan amount, including repayments plus default fees
• Enforcement expenses
  This is only charged if you fail to pay off the loan and the lender takes you to court

The fees and charges that lenders apply to the loan can determine how high you will be charged each due date, so make sure to look for lenders with reasonable fees before signing any contract.

When should I take out a small loan?

While taking out a small loan may seem convenient, especially for those who have a bad credit score, it’s highly recommended to research information about other options before applying for one.

If you simply need to catch up on utility bills, there are several options for managing bills to consider.

One option is to contact your service provider and request for a hardship provision or negotiate a debt repayment plan to help you manage your bills.

You may also seek the advice of a professional who can suggest other options according to your personal circumstances. The National Debt Helpline (1800 007 007) also provides free debt management advice from financial counsellors.

The superannuation fund's help Australians save up for retirement, ever wonder if you can borrow money from your super fund, explore more at Nestegg smsf borrowing rules.

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Getting by can be tough for low-income individuals and families, especially when it comes to managing bills and debts.

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• Aliquam accumsan est vitae fermentum laoreet. Donec velit tellus, sollicitudin dictum accumsan et, convallis in tellus. Pellentesque tempus turpis sed urna bibendum, nec cursus mauris vehicula. Curabitur ullamcorper vitae libero laoreet condimentum. Sed eu ornare urna. 
• Fusce convallis quis eros vel auctor. 

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" } } ["link"]=> string(60) "/borrow-money/personal-cash-loans/where-can-i-get-small-loan" ["image"]=> string(48) "images/article-826x550/loan-application-2-ne.jpg" ["image_alt"]=> string(55) "Where to get a small loan when you need to borrow money" } [1]=> object(stdClass)#3932 (56) { ["id"]=> string(5) "12832" ["title"]=> string(46) "Three big credit changes to know about in 2019" ["alias"]=> string(29) "three-big-credit-changes-2019" ["introtext"]=> string(349) "

This year, changes to the financing market will take effect, and there’s some big items on the horizon in a post-royal commission world.

Write comment (0 Comments) " ["fulltext"]=> string(4406) "

The world of finance, particularly credit, is looking at a once-in-a-generation chance to reshape how the industry in Australia works. 

The three biggest drivers of this will be the changes to how credit cards are assessed, open banking and the ongoing implementation of Comprehensive Credit Reporting. 

Each shifts the balance away from the way things used to be done. 

For brokers, these changes will mean more chances to show value to clients through educating them on what it means, as well as being able to take advantage of the opportunities these present.

These changes are simple but drastic. In a big move from ASIC, in 2019, credit card providers will need to assess eligibility based on being able to service the full card limit (e.g. $10,000) in three years rather than just the minimum monthly payment (MMP).

We believe this will mean people who would have previously been eligible for a $25,000 limit in 2018 (under an MMP of 2 per cent) will now only be able to access $13,000 from January 2019. 

The Senate inquiry into credit cards found credit cards were “unsuited as long-term debt facilities”, while ASIC’s report reads: “A period of three years (assuming a credit card limit of $10,000) might appropriately segment the market so that those consumers needing larger loans with longer repayment options could move into lower cost products, such as some types of personal loans.” 

The opportunity for brokers is to help guide their clients through this process whether this means consolidating credit card debt into a personal loan or mortgage, adjusting expectations or reducing credit card limits ahead of applying for a new mortgage or personal loan.

2019: The real effect of CCR hits home 

CCR has been a slow burn. From September in 2018, more banks and credit unions started reporting, joining forward-thinking lenders like MoneyPlace in reporting CCR. Currently, around 50 per cent of accounts have been loaded; at the end of this year, it will be 80 per cent. 

This will continue to have an impact for borrowers through 2019. 

CCR has so far predominantly covered personal loans and credit cards. But through 2019, it will also begin to include mortgages. We hope lenders will use this data to improve their mortgage lending decisions in the same way MoneyPlace has done for personal loans.

We will continue to see how data can be used to improve credit ratings, with smart brokers helping borrowers to take advantage of better rates available to them through personalised interest rates.

Likewise, some customers will need more guidance to help move up the credit ladder, continue to pay on time and improve their credit rating over time to access personal loans and mortgages.

July 1: Open banking begins 

While the full launch of open banking has been delayed until February 2020 to enable testing and data security, the government is encouraging data holders to begin participating sooner through a pilot. 

If CCR is any indication, we will see industry leaders start participating in the second half of the 2019 before all four major banks come online in February 2020. It would not be unexpected for one of the big four banks to jump the gun on its peers. NAB did this and has taken a leading position with CCR.    

Open banking will begin to shift the balance of power over data to consumers and, ultimately, with client data more accessible and easier to transport, create a more streamlined and frictionless process for brokers to lodge deals with lenders. 

The risk will be that open banking may make it easier for customers to shop around themselves. 

Brokers will need to continue to provide extra value to their clients, providing expert advice and guidance to find a solution at the best price available without the hassle of applying themselves. 

All three of these changes bring clear challenges and opportunities for brokers this year.

Stuart Stoyan is the CEO and founder of MoneyPlace, former chair of Fintech Australia and member of the Data Standards Body Advisory Committee.

 

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This year, changes to the financing market will take effect, and there’s some big items on the horizon in a post-royal commission world.

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Close to half of Millennials have signed up for a personal loan, greater than any other age cohort, with cars and holidays leading the charge for funding.

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New research by finder.com.au has found that 46 per cent of those aged between 24 and 38 have signed up for at least one personal loan, greater than any age cohort.

Cars are the main reason why Generation Y have loaded up on a personal loan, with 19 per cent attributing it to financing a vehicle, while 5 per cent took up a loan for holidays.

Conversely, only 5 per cent of Millennials have taken out a loan for unforeseen expenses such as medical emergencies, car accidents and household mishaps.

Kate Browne, personal finance expert at finder.com.au, said that while Millennials were driving borrowing, it was vital for them use loans responsibly.

“Personal loans can have a lower interest rate than credit cards and a repayment schedule means your debt comes with an end date,” said Ms Browne.

“That said, taking out a personal loan for a consumer-driven shopping spree is very different to taking out a personal loan for a renovation which will add value to your home.

“They are entering a stage in their life they’re starting to earn more money and have to build up a credit history that appeals to lenders.”

Further, a survey of 2,011 Australian adults showed that two out of five Australians have taken out a personal loan, with 37 per cent having used a personal loan for planned purchases such as cars, holidays, renovations, education and special occasions such as weddings.

Ms Browne said the dwindling reliance on loans for emergencies may indicate we’re getting better as a nation at saving.

“Planning for the unplanned is key to ensuring a personal loan is not your only option when things go wrong,” said Ms Browne.

“Given only a small portion of Aussies are relying on lenders for financial help when things turn pear-shaped could mean we’re getting savvier with our money.”

 

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Close to half of Millennials have signed up for a personal loan, greater than any other age cohort, with cars and holidays leading the charge for funding.

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A personal loan could be preferable to a credit card for some, but there are five things borrowers should know before applying, a personal finance broker has said.

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“Credit cards can be a trap. Many people can’t stop spending if there is available credit which means if you lack self-control, a credit card is the worst thing you can get,” the founder of You’re Welcome Finance, David Lennon said.

“I strongly believe personal loans are the best way to consolidate debt and borrow money for life experiences and purchases.”

However, borrowers may run into difficulty in a complex market, he added, noting that choosing between banks, credit unions and payday lenders can be a headache in itself.

“This also probably explains why the number of complaints received by the Financial Ombudsman Service in 2016/2017 was up by 11 per cent on the previous year with teenagers as young as 18 being lent large sums of money. Most of the complaints were about personal loans provided by banks.”

He said there are five rules borrowers should follow when choosing a personal loan.

1.       Does it have a good interest rate?

Mr Lennon said the first rule is to make sure you’re receiving the best interest rate for the loan as even small differences will add up over time.

2.       Set-up fees and charges

He said borrowers should ask whether potential lenders charge administration fees for setting up the loan.

3.       Early repayment penalties

With some loans, borrowers are penalised for paying off their loans early as it means the lenders miss out on the expected interest, Mr Lennon said.

4.       Late payment fees

Borrowers could also cop penalties for late repayments, Mr Lennon said. It’s critical to make repayments on time, but borrowers can also face unexpected difficulties in servicing the loan so it’s important to assess the size of the fees for late repayments.

5.       Find a good broker

Mr Lennon argued a broker is the “best way to go about sourcing a loan product”, as they can help clarify requirements and obtain the best product without having to undertake multiple applications.

He said he hopes borrowers’ confidence in brokers is healing, thanks to revelations made in the royal commission.

“While the royal commission has uncovered concerning behaviour in the finance sector, it has also helped to clarify that brokers disclose all of their payments and commissions to clients unlike bank employed lending officers who are not required to disclose what type of bonuses or financial benefits they receive for writing business for their employer.”

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A personal loan could be preferable to a credit card for some, but there are five things borrowers should know before applying, a personal finance broker has said.

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Money received from loans are tax exempt, but they can be subject to income tax under certain conditions. Nest Egg provides a quick guide on personal loans and taxes.

Write comment (0 Comments) " ["fulltext"]=> string(4260) "

Learning what incomes to pay tax on is important because the Australian Taxation Office (ATO) penalises taxpayers who incorrectly lodge their income tax return. With the large number of rules concerning financial transactions and taxes, a person receiving loan money could get confused about their tax responsibilities.

Does money from loans count as income for tax purposes? It depends on which role the person in receipt of the money takes up and what they get out of the loan.

Here’s how to determine whether a borrowed money is taxable.

Borrowers: receiving money from a loan

Borrowers are not taxed on the loan amount received since it is considered as debt. The borrower has the prerogative on the use of the loaned money. However, borrowers do not ‘own’ the money and are required to pay the lender back in full, with or without interest as ownership of the amount remains with the lender.

Tax exemption for borrowers depends on how the loaned money is used.

• If the borrower uses the money for any income-generating event, the borrower is liable to pay tax on any profit or gain, but not on the principal loan amount.
• If the loan amount is used to pay for necessities or decrease other debts, the borrower does not have to pay tax.
• If the loan amount is forgiven or turned into a gift, the borrower can be freed from paying the full or partial loan amount. Both parties must provide legal documentation to serve as proof of the change in the debt’s nature.
• If the money is used to purchase income-generating investments, such as dividend-paying shares or rental property, the borrower must include the investment returns as part of their assessable income and will be taxed at their marginal tax rate.
• If the money granted for a personal loan is linked to an individual’s business or income-producing activities, ATO considers it as payment for services rendered. Borrowers may be taxed on the loan amount depending on the situation.

Lenders: securing loan repayments

While lenders own the loan amount, the principal amount is included as part of their taxable income only if they gain profit from the transaction. Other monies incidental to the principal loan can be included in the tax return.

Tax exemption for lenders depends on what use the loaned money is applied:

• If the lender receives interest payments, then they are required to include interest as part of their assessable income, which is taxed at their marginal tax rate.
• If the terms of the loan do not require the borrower to make interest payments, lenders may be exempt from income taxes on the loan.
• If lenders decide to forgive the loan or give it to the borrower as a gift, lenders are exempt from paying tax since Australia does not have a ‘gift tax’ even for large sums of gifted money, unlike in other countries.

The ATO does not define what a ‘large sum’ of money is, but can consider tax exemption if the lender does not receive benefit from the gift or donation. Benefits may be in cash or kind, such as services rendered or a return gift or any value

Are there any non-loan gifting limits?

The only limit on gifting a lender or donor may face is if they receive Centrelink payments, which imposes a $10,000 per year or $30,000 over a five-year period gifting limit. If lenders choose a five-year gifting, the donor must also not gift over $10,000 in any year within the five-year period.

This information has been sourced from the Australian Taxation Office and Department of Human Services.

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Financially troubled borrowers can get approved for a loan when they have a house to borrow against or a guarantor to co-sign the loan, but what happens if they have no access to either?

Write comment (0 Comments) " ["fulltext"]=> string(6037) "

There is another option, even for borrowers with a bad credit rating, because some lenders approve loans regardless of credit score as long as the loan is secured against an owned asset, such as a car.

Certain conditions, of course, apply before the loan is awarded, but providers of these secured loan products are usually more “generous” with their approvals.

Despite this, borrowers should understand that they can lose their asset if they miss payments, which is the biggest caveat for this particular type of loan.

Here’s a quick look at loans secured against cars — and why borrowers may want to steer clear of them, unless there are truly no other options left.

Why borrow against your car?

Borrowers may take out loan refinancing to take advantage of better interest rates from other lenders. However, refinancing is not usually the main reason why they use their car as security. In most cases, the loan can be attributed to a combination of financial need, lack of other assets and a bad credit score.

Lenders that offer a secured car loan usually don’t run a credit check prior to approval, which means borrowers with a bad credit standing have a high chance of getting approved.

Two ways to borrow money using your car as collateral

There are two other types of loan that car owners have access to. Here’s how they work:

Auto equity loan
An auto equity loan works like a reverse mortgage in a sense that the borrower is using the equity to their car. 

Lenders usually require that the borrower fully owns the car before granting an approval. However, some lenders will make exceptions if the owner’s equity to the car is greater than the remaining loan repayments or if the car is almost fully paid off.

Lenders may take the borrower’s car until the loan is repaid or allow them to keep using it until all debt and fees are paid off (on time). If the borrower defaults, the car is repossessed.

Auto title loan or pawn loan
This type of loan requires the borrower to leave the original title of their car with the lender until the loan is repaid.

Lenders usually charge higher interest rates for auto title loans because many approve loans without checking the borrower’s credit score. This means even people with an exceptionally bad credit rating, and even bankrupt individuals, can apply for and get approved for this loan.

Lenders with online application platforms for auto title loans usually register their security interest with the Personal Property Securities Register (PPSR) at the start of the loan.

Borrowing requirements

Lenders have different requirements depending on the loan product a borrower applies for, but there are a few similarities with the basic requirements. Generally, the borrower must:

• Be 18 years old or above
• Be a permanent Australian resident or have a proper visa as proof of residence
• Have a valid driver’s licence (proof of identity)
• Provide a proof of vehicle ownership
• Be employed

Each lender has its own list of additional requirements for the borrower and/or the vehicle. For instance, some lenders only accept vehicles up to certain model years (ex. up to 2010 MY), while others will simply base their maximum loan offer on the vehicle’s market value. The length and status of employment may also be considered in loan decisioning.

Most of these loans are short-term, which means borrowers must be able to pay the loan, interest and other fees the lender charges within the given term.

The ups and (mostly) downs of secured car loans

The biggest advantage of secured car loans is that lenders rarely base their approval on the applicant’s credit rating. Some lenders are also flexible with payment schedules and will take the borrower’s paydays into consideration.

Some even create a payroll deduction arrangement to help ensure that the borrower would be less likely to default on the loan and lose their car.

Another advantage is that, because lenders are not as strict and selective with loan approvals, those in tight financial situations and in need of a short-term loan can still get approved. They also receive the money in a matter of days, because loan applications can be processed from a few hours to three business days, depending on the applicant’s submitted requirements.

However, those who take out auto title loans usually end up paying more than the amount they borrowed. This is because, compared to standard bank and other personal loans, auto title loans have very high interest and annual percentage rates — usually over 20 per cent. One example from a lender’s website shows that a borrower would end up paying $496 for a $400 loan — and this is just for those who can pay on time.

If the borrower fails to make repayments, their car would be repossessed and sold at an auction where either of two things can happen:

1. If the sale price of the vehicle (after fees) is higher than the outstanding balance, the lender gets to keep all profits from the sale.
2. If the car is sold at a loss or the sale price is not enough to cover the loan balance, the borrower must still pay the difference between the sale price and the remaining loan amount.

The Australian Securities and Investments Commission requires lenders to practice responsible lending, but borrowers must also consider the higher risks that these types of loan products pose to their financial wellbeing.

As with any dealings with financial services providers, it’s best that borrowers look at the pros and cons of the product being offered and read the loan terms first, before signing anything that can further hurt their finances and credit rating in the long run.

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Financially troubled borrowers can get approved for a loan when they have a house to borrow against or a guarantor to co-sign the loan, but what happens if they have no access to either?

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