Hi OzBargainers.
I need to borrow around $9000 and have access to it within the next 5 or 6 days. I have around $90,000-$100,000 in assets. The Bendigo Bank can't get me a credit card in less than 10 days to 2 weeks. What are my options?
Thanks for any advice.
If you go to the link, type in the loan amount, duration, security & state, and then click "Compare Loans", it'll show you your options.
(I found the site behaves strangely on my Firefox browser. If the same thing is happening to you, and you get a blank page, then trying moving the cursor around on the white space, or closing the tab & opening a new one & trying again.)
Thanks
They said a personal loan takes longer to approve than a credit card.
Then use your cc
I don't have a credit card.
Do they have some crazy interest rate?
They're expensive, but depends on whether producing the 9k in 5 days are worth it,
If you have a fine credit rating and you service without problem you are looking at around 20% interest.
If not they may still approve it at a higher interest rate depending on your scenario.
You can go from application to funding from 24 to 48 hours normally.
edit - if it is only a short term requirement make sure you make sure there are no early payout fee's
@Baa: Does that mean if I can pay it off quickly the interest will be a lot lower or they penalize for early payments?
@BluebirdV: It depends on who you borrow with. Many out there will be fairly favourable for short term loans for people with decent credit ratings.
The worse the rating the less favourable deals/borrowers you will have access too.
I personally wouldn't use these types of lenders, if you have to avoid Nimble in particular. These lenders are not covered by the responsible lending act so always use care and only if no other option is available.
Everything you have typed in this thread leads you to this sector of the market.
You've told us some vague assets, but not how you will even pay the loan.
You've left things too late to go through regular channels, pay day loans or maybe ratesetter.
These are ruining people's attempts to get credit lately. The minute a payday lender gets mentioned, lenders run.
Absolutely only a worst case scenario option!
Pay day lenders don't appear as a credit enquiry only on a bank statement FYI.
that is most definitely incorrect….
Assets don't mean too much. Lenders are more interested in stable employment and history.
"I need to borrow around $9000 and have access to it within the next 5 or 6 days."
Or they'll break your legs?
No.
Then they'll take your thumbs?
Or they'll send dogs with bees in their mouth?
Lol, i thought this too!
I thought <$9999, 1 Leg?
Deflationary pressures and brought the prices down.
What are the assets?
Land, Van, car and motorbike.
What are you using the funds for?
Hookers for year 12 formal!
Sell one of them
His car is worth less than $1000 his bike less than $3000. His 2002 Kia Pregio is worth $4000 at most.
Selling all three wouldn't even get him to $9000.
They aren't worth 90k realisable value.
How does land + car +van + motorbike only equal 90 to 100k? Do you co-own these assets?
Hold on why is no one asking this guy what's his employment status? Assets don't matter/matter very little. So, OP, do you have a stable job with verifiable income? Can you provide past 2 months payslips?
Edit: nvm, found this info after scrolling more. Good luck.
I've always found banks are fast to approve loans if you get them everything they need asap. Go into a branch tomorrow ANZ/Commbank/NAB etc and apply for one and you should get it in time.
Tomorrow is Saturday, they are closed. How about online?
there are branches open saturday around for most of the big 4
just search their sites for whats near you
I can loan you the 5 grand
Depends how quickly you'd be paying it back… If quickly , then I'd likely hit up family as an option (depending on family I guess)
Otherwise I would think you could get a personal loan from one of the big banks in that time if you walked in with all the required paper work and submitted the application on the spot.
Family or friends?
If you have the income and a clean credit history then applying for an overdraft on your existing savings account may be your best bet.
At many Banks, the money is available to be withdrawn from your savings account as soon as you get the approval. (ie. your savings account balance will go negative once you withdraw your approved overdraft limit.)
Really, do they allow $9000 overdraft?
Yep. Subject to the usual credit checks of course.
Just one example: Personal overdrafts
A personal overdraft is connected to your CommBank Everyday account, so you can enjoy easy access to extra funds once approved – from $100 up to $20,000.
This isn't financial advise… overdrafts are very useful, but take self control.
If you go this route, pay it down, then go back to the bank and remove the overdraft from your account.
Sell your assets?
See if the $9000 payment can be delayed or paid in instalments.
You're asking for a PL Assets don't mean much
Land, Van, car and motorbike.
Pawn shops? You'll have to look around and see if they'll take a vehicle as collateral. e.g Megacash
I know you're in VIC and I'm sure you could find a pawn shop there. Not sure if it's the same in Australia but in Pawn Stars (US show), you can either pawn (take a loan, your asset becomes collateral and you'll need to repay the borrowed amount and a fee within a certain timeframe to get your collateral back) or sell (more cash than pawning but you will no longer own the item).
Does anyone know a similar one to Megacash in Victoria? Cash converters are advertising personal loans but only up to $5000.
Cash converters do loans over $10k, once they have a regular client, they keep enticing them with bigger offers
I need to borrow around $9000 and have access to it within the next 5 or 6 days. I have around $90,000-$100,000 in assets. The Bendigo Bank can't get me a credit card in less than 10 days to 2 weeks. What are my options?
You haven't said anything about your ability to pay it back. Your assets are irrelevant for an unsecured loan.
Harvest worker, at the moment only getting parenting payments. Have a job starting next month.
No income = No Loan.
That's pretty much it
Yeah, helps if the op provides useful details from the start.
So how do you intend to pay back the loan?
You don't even have to answer me, but you'll have to answer to whoever you want to borrow from. In general, if you don't have an income source, there's no way you'll get a loan.
My only suggestion now is to see family/friends or to start selling off your assets.
I think he means that he has a job starting next month and would be able to start paying the loan next month.
No loan for you!
Do you have payslips ?
They are 4 or 5 months old. I'm a harvest worker who took time off while my wife was having a baby. Now I regret not working during that time.
I used these guys on Ozbargain.
https://www.ozbargain.com.au/node/488185
Took about an hour all up from when I sent them an email to call me and refinance a loan.
This was on a Monday at 9AM though
My advise is to get moving on it ASAP!
Your best answer is to Google it.
Mr Google always has the answer.
Now get cracking!
I've got $9k currently offsetting my mortgage but wouldn't touch this short term interest bearing option with a barge pole.
You considered loaning the 9K to the OP ?
if enough security was offered I would, im talking about enough assets I wouldn't have to stress about finding the right buyer to recoup loaned amount though, so significantly more than 9k ( in my eyes), if all he has to offer is car/bike.
im with combank and i needed $5000, i applied online and received the funds in about 3 days.. try applying for a loan with your bank?
If you had a stable job and the OP does not, the results will be very dfferent and the failed application may affect credit rating.
apologies i did not read the post properly, my first post and i have dishonoured my family
How soon can you pay it back?
How healthy is your kidney?
Bikies.
Try Westpac, you can accept contract online and money will be in your account in couple of hours if you have a Westpac account, else 2 days for other banks. Your chance of getting an approval is high if you are an existing Westpac customer.
How is chance of approval high if op has no income? Also a wife who isn't working and a dependent.
As others have mentioned, no work = no loan. Your best bet is to pawn your assets off and let the lender hold them as collateral, have you watched PawnStars or Hardcore Pawn? They will hold your pawned asset for a agreed upon period before they try and sell it off.
Maybe you can contact this guy?
https://www.ozbargain.com.au/node/488293 : Credit Card Offer to Spend $6000 to Meet Bonus Requirement
Op don't have a job = no loan / credit cards
How about your wife? Maternity leave can get a loan.
I'd give up on trying to get a loan and sell those assets below market to generate some cash quickly. No bank is giving you a loan without employment.
If it's bikies, I'd be hitting up friends/ family for a little bit each.
Depending on what it is you might also be able to unlock a portion of your super early due to hardship. But that may take longer…
Is this money to pay the ATO? Have they asked for payment by iTunes gift cards?
Unfortunately being only on Centrelink you would likely limited to second tier finance companies. Have a look at money3 or fair go finance.
Just expect an invasive application process and high interest rates.
Yeah, Money3 / FairGo are the best options.
OP can also do a google search for something like "loans for people with no job" to look at other options.
The ATO don't call up asking for payments, especially in gift-cards.
If you think your computer has malware, take it to a local computer shop and ask them for help, should be about $150, don't use remote tech support. Microsoft, Google, HP, etc will never call you directly to offer tech support.
You haven't won or inherited anything, especially if they need $9000 to release the funds.
The man/woman overseas who you've been chatting to for a few weeks doesn't exist, and certainly doesn't need money for medical treatments, a flight to Australia it any other urgent reason.
Hackers haven't got a video/photos of you fapping via your webcam.
And even if they've sent you proof and got your social media accounts, simply close the accounts and don't respond to the threats (they won't bother following through with posting the pics).
If you pay, they'll keep asking for more.
Comments like this are not really fair.
Sometimes, people have genuine emergencies & they need money.
I'm not shitposting at all this time. I didn't make fun of OP anywhere in this^.
These things happen more often than you'd think, and people really lose a lot of money.
I've even seen it myself, an above-average intelligence white collar professional with a degree and in her mid 20's left the office crying while heading out to buy I tunes vouchers for the "ATO".
OP didn't say what the money is for, and any of those scam scenarios I mentioned (some of them a little less common) could cause this sudden need for a loan.
If that's the case, and OP reads my comment and sees what's happening to them, it could prevent a scam from happening.
If the personal reasons of medical related here you can do a hardship application on early Super release of up to 10 k per annum. Generally speaking you need to be on new start or social benefits for at least 26 weeks before this point or have a clinical history. To be honest someone hasn't worked for 4 to 5 months and has a motorbike and a van should sell one and repurchase when times are better.
I was going to also suggest this but very unlikely they will process an application in OPs time frame.
What's the money for?
I see only 4 options :
- Sell bike/car/ van.
- Borrow from parents, SO or mate.
- negotiate an installment plan for the $9000.
- be realistic and face the consequence of not being able to front up with those $9000.
i'd assume you'll be paying very high interest rates if you got a loan from a business in such a short time frame.
ask a friend or relo or pawn your possessions.
If you have no job/income, the chances of getting a standard loan through are bank in a week are slim to none.
Got any nice relatives that could lend it to you?
what is the $90,000-$100,000 in asset you are willing to use as collateral? Is there a loan against this so call asset?
Ask your mum
Is this needed to help a Nigerian prince with something?
pawn unwanted item? try maxicash or cash converter?
What is the money for?
Personal Loan
https://www.canstar.com.au/personal-loans/