Personal cash loans

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ASIC has announced a ban on a short-term loan model that saw consumers able to be charged fees that added up to almost 1,000 per cent of the original loan amount.

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It’s the first time that ASIC used its product intervention power to ban a model of lending in the short-term credit industry, it has been reported.

According to the regulator, the lending model has been found to cause significant consumer detriment, and it had been targeted for the charging of fees by the short-term credit provider and an associate under separate contracts.

Short-term credit providers remain exempt from credit licensing, conduct and responsible lending obligations under the National Consumer Credit Protection Act 2009 where fees charged for a loan of up to 62 days do not exceed 5 per cent of the loan amount and 24 per cent per annum interest.

ASIC has reported that the credit business model in use by Cigno, Gold-Silver Standard Finance, MYFI Australia and BHF Solutions saw the short-term credit providers charging costs within the legislative limitations.

However, its associate charged significant upfront, ongoing and default related fees under a separate contract for management and administrative services in relation to the loan.

ASIC outlined that when the contracts are combined, the fees charged can add up to almost 1,000 per cent of the loan amount.

Considering the product as able to cause “significant consumer detriment”, ASIC commissioner Sean Hughes noted that the regulator is “ready and willing to use the new powers that it has been given”.

The order that has been applied is an industry-wide order made by legislative instrument and therefore will apply to any person that attempts to use this short-term lending model or variations of the model.

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From financing a credit card debt to deciding on a home loan, Nest Egg’s got your back! " ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["check_access_rights"]=> int(0) ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["displayDate"]=> string(19) "2019-09-13 02:00:37" ["slug"]=> string(50) "13750:short-term-predatory-lending-practice-banned" ["event"]=> object(stdClass)#8637 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(132) "

• Yes

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ASIC has announced a ban on a short-term loan model that saw consumers able to be charged fees that added up to almost 1,000 per cent of the original loan amount.

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While it’s common knowledge that lenders will look at an individual’s credit report when an individual is applying for a home loan, less people are aware of the type of information their credit report actually contains, or some of its other uses.

" ["fulltext"]=> string(2932) "

According to CreditSmart’s Geri Cremin, “If you are applying for a credit card, a personal loan or even applying to change your mobile phone provider, your credit report can make or break your application.”

She explained that a credit report is “a snapshot of your credit history and current credit health – so lenders do look at your credit report, and you should too”.

“Your credit report is a way for lenders to see how you handle the credit you currently have and assess whether the credit you’re applying for is right for you,” Ms Cremin said.

“Better still, a good credit report might open the door to better deals,” she continued.

By law, your credit report can only be accessed by others in limited circumstances.

“For example, your credit report can’t be accessed by a real estate agent when you apply to rent a house, an insurer when you apply for a car or home insurance or by a potential employer when you apply for a job,” she outlined.

According to the spokeswoman, “lenders look to your credit health to determine your attractiveness as a customer, so it is important to know where your credit health stands”.

As a result, Ms Cremin said it’s important to take charge of your individual credit health.

She highlighted that a great first step is to check your credit report to “understand what’s on it and get on top of your monthly repayments”.

What information does my credit report contain?

At a minimum, a credit report will include identifying information, such as your name, birth date, address and employment history.

CreditSmart has flagged that more importantly, a credit report will also include the following:

• A list of any applications you’ve made for credit over the last five years, regardless of whether an application was approved or not. This information is marked as an “enquiry” by the credit provider you applied to and includes the type of credit applied for.
• A breakdown of current credit accounts, such as a home loan or credit card.
• Up to 24 months of repayment history to show your monthly repayment behaviour on financial credit accounts. According to CreditSmart, phone and utility companies don’t report on repayments, so this won’t be included on your report.
• Any defaults listed by a credit provider on financial loans, as well as telco and utility accounts.

CreditSmart has noted that defaults can occur where a person has missed a payment of at least $150 by at least 60 days, with these defaults staying on a credit report for the next five years.

As a result, Ms Cremin has recommended checking your credit report annually.

“Really treat it as an asset that will help you access the right credit if and when you need it,” she concluded.

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From financing a credit card debt to deciding on a home loan, Nest Egg’s got your back! " ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["check_access_rights"]=> int(0) ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["displayDate"]=> string(19) "2019-08-19 02:35:46" ["slug"]=> string(48) "13551:the-make-or-break-nature-of-credit-reports" ["event"]=> object(stdClass)#8648 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(132) "

• Yes

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While it’s common knowledge that lenders will look at an individual’s credit report when an individual is applying for a home loan, less people are aware of the type of information their credit report actually contains, or some of its other uses.

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["alias"]=> string(26) "where-can-i-get-small-loan" ["introtext"]=> string(127) "

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

" ["fulltext"]=> string(4836) "

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.

---

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.

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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From financing a credit card debt to deciding on a home loan, Nest Egg’s got your back! " ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["check_access_rights"]=> int(0) ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["displayDate"]=> string(19) "2019-06-16 22:24:19" ["slug"]=> string(32) "13801:where-can-i-get-small-loan" ["event"]=> object(stdClass)#8659 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(1722) "

• Yes
• Video URL: https://player.vimeo.com/video/429175257
• Image Caption / Video description: 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.
• Status: Active
• Essential information:
  • 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
• Embedded Video:

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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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Some small loan providers can allow applicants to borrow as low as $200." ["rawvalue"]=> string(219) "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. 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• 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

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• 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

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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" } [3]=> object(stdClass)#8162 (57) { ["id"]=> int(12832) ["title"]=> string(46) "Three big credit changes to know about in 2019" ["alias"]=> string(29) "three-big-credit-changes-2019" ["introtext"]=> string(160) "

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.

" ["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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From financing a credit card debt to deciding on a home loan, Nest Egg’s got your back! " ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["check_access_rights"]=> int(0) ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["displayDate"]=> string(19) "2019-02-08 01:58:51" ["slug"]=> string(35) "12832:three-big-credit-changes-2019" ["event"]=> object(stdClass)#8670 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(132) "

• Yes

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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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• Yes

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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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• Yes

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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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