Everything You Need to Know Before Applying for a Personal Loan


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Personal Loans are available to all states of Australia. Most of our customers are from Sydney, Melbourne, Brisbane, Perth, Gold Coast and Sunshine Coast areas.

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Everything You Need to Know Before Applying for a Personal Loan

Personal loans are a great way to achieve your dreams. Whether you want to make a down payment on your dream house, buy a car, pay off your debts or even go on a vacation, a personal loan can help finance all your needs, wants, and desires. However, to increase your chances of getting a personal loan, you must know everything about the process.

In this blog, we will discuss your options for personal loans and give you some beneficial insights into the application process. Some words may seem new to you but do not worry; everything will start making sense as you progress.

So, without further ado, let’s see what you need to know when applying for a personal loan.

What is a Personal Loan?

A personal loan is a basic form of a credit loan that is used for a specific purpose. Let’s suppose you want to renovate your home but do not have all the money to do so. You can take out a personal loan by borrowing money from a lender or a lending institution and make regular payments out of your budget to them till the end of your loan contract. A loan contract period lasts for 1 to 7 years or until the loan is repaid in full.

For the lender, the personal loan brings in income in the form of interest. You not only have to pay the loan back in full, but you also have to make regular interest payments while paying back the amount.

Personal loans sound pretty much like all other loans, right? However, interest rates on personal loans are flexible and can be easily negotiated with the lending institution.

Types of Personal Loans:

  • Fixed Loans: As the name suggests, fixed loans have a fixed interest rate ad, your repayments will not vary over time. With fixed loans, certainty is guaranteed, and you know exactly how much you will have to pay back, so it will be easier for you to make room for repayment in your budget.
  • Variable Loans: When you take a variable loan, be aware that the interest rate is subject to change, and your repayments can vary throughout your loan contract. You can make extra payments for your security when the rate is low, so you don’t have to worry later.
  • Secured Loans: In a secured loan, you need to provide some sort of security to the lender, so they don’t suffer if you are unable to repay. You can keep your car, jewelry, or any such valuable asset as security. If you are unable to repay, the lender will have a right to forfeit your asset and sell it to recover their money.  Secured loans have a lower interest rate since they are less risky for the lender.
  • Unsecured Loans: Such loans do not require you to put up any security. However, the lender still has a right to take legal action against you to recover their money in case you are unable to repay. Unsecured loans have a high interest rate because they are too risky for the lender.

What to Look for in a Personal Loan

1. Flexibility in Repayment

When applying for a personal loan, look for one that will allow some repayment flexibility. If you have extra money for a few months, your loan repayment schedule must allow you to pay a lump sum to pay off your loan earlier. However, be aware of any charges you might incur on extra payment. It is always a good idea to ask your lender about this beforehand.

2. Interest Rates

Your personal loan’s interest rate will be determined by the lender based on the type of loan you choose and your credit history. The higher the risk for the lender, the higher the interest rate, and vice versa. Interest rates are set, so the lender does not suffer a disadvantage in case the borrower defaults.

3. Loan Fees

Different personal loans have extra loan application fees. Usually, the loan fees for a personal loan can range from anywhere between 0 AUD to 400 AUD, again depending on your type of loan, length of the contract, and the principal amount borrowed. These fees can make a significant difference to the total amount you are borrowing, so ask your lender about all hidden fees or charges before you make your decision.

4. Lender’s Services

When applying for a personal loan, you must look for a lender that has a good customer service team. You should be able to make your repayments online from the comfort of your home and avail online banking services.

The lending institution should have a useful helpline, so all your questions and concerns are answered promptly. Cash On Your Mobile has one of the most trusted team of lenders in all of Australia and an exceptional customer service team that can address all your money problems quickly.

Useful Tips to Apply for a Personal Loan

1. Make Sure You Fit the Criteria for the Loan

Before applying for any loan, make sure you meet the requirements, so you do not waste your time or your lender’s. To apply for a loan in Australia, you must be at least 18 years old, hold an Australian or New Zealand citizenship, and have a permanent residency or an eligible Australian visa.

You must meet the necessary income requirements, live in Australia, be employed, and have a good credit history. If you are going through bankruptcy or have a poor credit history, you will not be considered eligible for a personal loan.

2. Ensure You Have a Good Credit Rating

To improve your credit rating, you must have as little debt as possible. If you pay your bills like phone, rent, and electricity on time, chances are you will have a good credit rating. Any outstanding dues or arrears can negatively impact your credit rating, so make sure you take care of those before applying for a personal loan.

3. Apply for the Right Loan Amount

Applying for an unrealistic amount that you will most likely not pay off can affect the lender’s decision while granting you a personal loan. Given your lifestyle and income, go for an amount you will be able to repay.

Lenders usually give you this information after using their comprehensive borrowing calculators, so make sure you ask your lender about your borrowing limit before putting down an amount on the contract.


Applying for a personal loan may take a long time, but the process can be more straightforward if you have the right assistance from lending institutions. At Cash On Your Mobile, we take pride in our emergency cash loans and personal loan facilities. Apply for a personal loan by visiting our website today and fulfill all your dreams!


What is a Cash loan?

A cash loan is a short term loan which can be paid off over a short period of time upto 12 months

How much can I borrow?

You can apply for $400 to $2,000. The lender will tell you how much you qualify for when you application.

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Eligible Borrower:


A payday loan or cash advance is a short term loan. It provides the consumer with the needed cash to use until their next payday, or over a 12 month period. The loan, plus any applicable fees, is paid back on the consumer's next payday (This can be extended if required)

  • 18 years of age or older.
  • Australian Permenant Resident.
  • Valid check or savings account with direct deposit.
  • Regular income of at least $1,000 per month.
  • Bad Credit or Centrelink Customers are welcome to apply. (Centrelink)
  • *All Loans are subject to an assessment of suitability and affordability.

If approved, electronic transfer can be in as little as 4 hours. Most bank transactions will be received within 1 business day, although certain banks can take up to 48 hours to show the credit

Before you get started

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Register online from home on your PC or from anywhere using your mobile device

If your application is succesful you will be presented with a loan offer subject to terms and conditions shown on the offer.

We are a Licensed Finance Broker. We do not provide any kind of credit facilities. Your request will be referred to a third party that you can deal directly with.

You will be advised of the 3rd party lenders fees and charges before signing your contract. We may receive a small fee (amount unascertainable) from these third parties for the referral.

It is recommended that you take independent legal and financial advice before taking up any products that you are referred to.

Frequently asked questions

Normally within 24 hours of application approval. Bank holidays, weekends and certian banks can impact delivery time up to 48 hours

Our lenders costs are the same for all states. They charge an establishment fee which is 20% of the loan amount you borrow plus a 4% monthly fee.

Yes you can. Your credit score does not always play a factor in most of our lenders decisions.
All our lenders will perform credit checks but bad credit will not always preclude you from obtaining a loan

The loan amount and any fees will be electronically deducted from your bank account on the due dates. You do not have to do anything.

Please speak directly with your lender if you have any issues paying back the loan.

Fill out the easy online application and submit it. You are under no obligation at that point. You will be able to see the loan offer before agreeing to it.

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