Need extra money to see you through? Find out how you can receive approval for a $1,200 loan.
Trying to find a way to cover emergency cash shortfalls can be stressful. You might start looking for a loan, only to see you don’t meet the criteria because of your credit history, income or employment status. No matter what your financial circumstance there are options available to you, whether it be a lender with less stringent criteria or a no or low-interest loan.
What are the $1,200 loan options available?
If you have bad credit
Loan options are more limited when you have bad credit. When it comes to a $1,200 loan, many payday lenders will consider you even if you have negative marks on your credit file. What you need to show is your ability to manage the loan repayments, whether this is through Work and Income payments or regular employment.
Bad Credit Loan Options
If you have good credit
There are more options available if you have good credit. If you need the money urgently, check if your bank offers same-day personal loans to existing customers. If it doesn’t, an overdraft can usually be set up from your transaction account within a day, giving you access to a line of credit. While you have the option of applying for a conventional personal loan, these are usually available for amounts upwards of $5,000.
If you’re eligible for a low or no-interest loan
- Have a Community Services card or pension card
- Have resided at your current address for more than three months
- Show a willingness and capacity to repay the loan
- Not be using the loan to pay rent, bills or a holiday
The loan is usually designed to finance essentials, which includes household items such as furniture, washing machines and fridges, and some medical, dental services and educational necessities like computers and textbooks.
How you can compare and find the right loan for you
- Know what you’re eligible for. You may be acceptable for some lenders and not others, so check the minimum eligibility before you apply. You need to meet requirements for income, age and residency, and there may be restrictions if you receive Work and Income benefit.
- Check what the fees will be. Ideally, check out the cost on the loan providers website before you apply, or on your loan product disclosure statement (PDS).
- What are your repayments? While your repayment terms, such as how long you have to repay the loan, may vary, your provider will usually structure the repayments according to the frequency of your pay.
The costs of borrowing $1,200
For a loan under $2,000, you typically have to repay it within a term of 2 days to one year.
Harmoney offers a range of loans, so to find one that suits your requirements and to view the terms and conditions, see its website. An example of a $1200 loan with Harmoney, can be taken out over a year with an interest rate of 16.49% p.a., and monthly instalments of $109.16. However check out its other costs, e.g. this loan has a hefty $500 application fee.