How Does cashfaster.com.au Work?

Cashfaster.com.au operates on a simple, three-step process designed to provide rapid access to short-term loans. The mechanism relies heavily on digital technology to automate approvals and disbursements, catering to individuals who need urgent funds without the delays of traditional lending.

Step 1: The Online Application

The initial phase is entirely digital and aims for speed and simplicity.

• Accessing the Application: Users initiate the process by clicking one of the prominent “Apply Now” buttons on the website. This typically triggers a pop-up application form or redirects to a dedicated application portal (e.g., app.cashfaster.com.au/).
• Personal and Financial Details: Applicants are prompted to provide a range of personal information, including their name, contact details (email, mobile number), residential address, and employment details. This is standard for any loan application.
• Income Verification: A critical part of the application involves securely providing access to bank statements. CashFaster states they use “the same technology as your bank,” implying the use of secure third-party financial data providers (like illion or Experian) to instantly verify income, expenditure, and financial habits. This automated process removes the need for manual statement uploads.
• Eligibility Assessment: Based on the submitted information and verified bank data, the system performs an immediate assessment against their eligibility criteria. These include:
  • Over 18 years of age.
  • Australian Citizen.
  • Not currently bankrupt.
  • Receiving ongoing income above $30,000 p.a. (they cannot lend to beneficiaries).
  • Centrelink payments not exceeding 20% of income (benefits only not accepted).
  • Have an active bank account where pay is regularly deposited.
  • Access to a device with internet, an active email, and a confirmed mobile number.
  • Crucially, “Do not spend 10% or more of their income on High-risk Merchants (Sportsbetting, Gambling etc).” This last point is a responsible lending measure aimed at identifying financial risk.
• Employer Checks: The process also mentions “Pass our employer checks,” which might involve automated verification of employment details or a quick call to confirm employment status, though the speed suggests a largely automated approach.

Step 2: Approval and Loan Offer

Once the application is submitted, the system quickly processes the information.

• Automated Decision: Due to the “instant” nature of the service, the loan decision is largely automated. The system evaluates the applicant’s financial health, income stability, and risk profile based on the data collected.
• Loan Offer Presentation: If approved, a loan offer is generated, detailing the principal amount, the exact fees (20% establishment, 4% monthly), the total repayable amount, and the weekly repayment schedule. The example on their site is “$1,000 (Principal Amount) + $200 (20% Establishment Fee) + $120 (4% Per Month Service Fee Over 12 Weeks) = $1,320 total repayable in 12 weekly instalments of $110.”
• Comparison Rate Display: The maximum comparison rate (e.g., 199.43%) will also be prominently displayed as part of the offer, as required by Australian consumer credit law, ensuring the applicant is aware of the true annualised cost.
• Acceptance of Terms: The applicant must then review and digitally accept the loan offer, including all terms and conditions, privacy policy, and credit guide. This step signifies agreement to the financial obligations.
• Digital Contract: The entire contract is likely formed digitally, with electronic signatures or confirmations serving as legal acceptance.

Step 3: Fund Disbursement and Repayment

The final stages involve getting the money and then repaying it.

• Instant Fund Transfer: Upon acceptance of the loan offer, CashFaster boasts “Access cash in minutes” and deposits the money “instantly – 24/7” into the applicant’s nominated bank account. This uses secure bank transfer protocols to ensure rapid disbursement.
• Automated Repayments: Repayments are typically set up as direct debits from the applicant’s bank account on their regular paydays, as indicated by the “approximate weekly payment” calculator. This automates the collection process.
• Repayment Schedule: Adherence to the agreed-upon weekly repayment schedule is crucial. Failure to have sufficient funds in the account on the due date can result in dishonour fees from both CashFaster and the applicant’s bank, further escalating costs.
• Customer Support: While the process is largely automated, CashFaster provides contact information for support, likely through email or a contact form, for any queries or issues that may arise during the loan term.
• Loan Completion: Once all scheduled repayments are made, the loan is considered closed. However, borrowers might find themselves in a position where they need to reapply for another loan to cover ongoing expenses or to repay another high-cost loan, which is a common pattern in the payday lending industry.

In essence, cashfaster.com.au works by offering a highly efficient, technology-driven solution for immediate short-term cash needs. Its appeal lies in its speed and accessibility, but this convenience is directly tied to a very high cost of borrowing, making it a financially risky proposition.

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