cashfaster.com.au Features

CashFaster.com.au offers a streamlined set of features designed to facilitate quick access to small, short-term loans. The focus is heavily on speed, ease of application, and straightforward fee structures, which are all characteristic of the payday loan market in Australia.

Fast Application Process

The primary feature highlighted is the rapid application and approval process.

• Online Application: The entire application is conducted online, removing the need for physical paperwork or branch visits. This accessibility is a major convenience for users who need urgent funds.
• Minimal Documentation: While not explicitly detailed on the homepage, the emphasis on “quick” and “easy” suggests that the documentation requirements are kept to a minimum, often involving bank statements and identification.
• Instant Decisions: The promise of “access cash in minutes” implies an automated decision-making process, likely relying on algorithms to assess eligibility based on provided financial data. This contrasts sharply with traditional loan applications that can take days or weeks.
• User-Friendly Interface: The application portal, which pops up upon clicking “Apply Now,” appears designed for ease of use, guiding applicants through step-by-step inputs. This reduces friction and makes the process less intimidating for first-time borrowers.
• 24/7 Accessibility: The ability to apply and potentially receive funds at any time, day or night, is a significant advantage for those facing unexpected emergencies outside of standard banking hours. This round-the-clock service caters to immediate needs.

Flexible Loan Amounts and Terms

CashFaster advertises a range of loan amounts and repayment periods.

• Loan Range: Loans are available from $300 up to $5,000, catering to various small-scale financial needs. This range allows for addressing minor cash flow issues or slightly larger unexpected expenses.
• Repayment Terms: The loan terms span 4 to 12 weeks, indicating very short-term repayment schedules. This structure aligns with payday loans, where repayment is typically aligned with the borrower’s next salary cycle.
• Weekly Repayments: The calculator explicitly shows “approximate weekly payment,” suggesting that repayments are structured on a weekly basis, which can make managing payments easier for some, aligning with typical pay cycles.
• Customisable Calculator: The interactive slider allows users to visualise different loan scenarios instantly, providing transparency on the total repayable amount and weekly instalments based on their chosen principal and term. This feature empowers users to plan their budget more effectively, although the high cost remains.
• Example Calculations: The concrete example provided ($1,000 loan, 12 weeks, $1,320 total repayable) gives a clear illustration of how the fees accumulate, which is important for informed decision-making, even if the core product is problematic.

Eligibility and Screening Process

The website details clear eligibility criteria, which also serve as a screening mechanism.

• Age and Residency: Applicants must be over 18 and an Australian Citizen. This ensures compliance with local lending laws and targets the intended market.
• Financial Stability: Requirements include not being bankrupt, receiving ongoing income above $30,000 p.a., and Centrelink payments not exceeding 20% of income (benefits only not accepted). These criteria aim to filter out individuals who may be at higher risk of default, indicating a level of responsible lending within their operational model.
• Income Source: The need for an active bank account where “pay goes into on regular paydays” confirms their reliance on stable income for repayment capacity assessment. This directly ties into their ability to confirm income and manage direct debits.
• Digital Presence: Requirements for an active email address, active mobile with confirmed number, and access to a device with internet connection highlight the digital-first nature of their service. This facilitates electronic communication and identity verification.
• Risk Mitigation: The statement “Do not spend 10% or more of their income on High-risk Merchants (Sportsbetting, Gambling etc)” is a crucial screening step. This indicates an attempt to identify and exclude individuals engaged in financially risky behaviours, which is a positive from a risk management perspective. This also aligns, perhaps coincidentally, with some ethical financial principles of avoiding certain activities.