How to Choose the Best Short Term Loan Provider

When it comes to sourcing short term loans in Australia, you need to make sure you’re choosing the best provider for your specific needs. There are many different lenders out there, all offering their own take on short term lending–so how do you choose the right one?

The lenders at Hodgestone Finance are here to answer all your questions regarding short term loans. While we believe we’re the best choice for helping you secure these types of loans, don’t just take our word for it–read on for helpful advice on what you need to keep in mind when choosing a short term loan provider.

What is a Short Term Loan?

Short term loans are designed to be obtained and paid back quicker than a traditional bank loan. These types of loans can be anywhere from a few weeks to many months, but they won’t usually extend longer than past a few years–hence the ‘short term’ name.

Due to the faster time you have to pay them back, short term loans usually have fixed rates instead of variable ones. Here at Hodgestone Finance, we offer our clients a few different short term finance options, which include:

• Short term bank loans
• Short term bridging and property loans
• Bad credit short term loans
• Private and 2nd tier short term lender finance
• Low doc and non-conforming short term finance options

No matter if you need short term loans in Brisbane, Sydney, Melbourne or any other major city, we can help!

Need Short Term Loans in Australia? Here is What to Look Out For

When searching for the right short term loan provider, it is important to consider all of the following points.

What is the Application Process Like?

When applying for a more traditional type of loan, you’ll need to collect all sorts of documentation that shows the bank you are a trustworthy client to take on. These can include multiple types of financial statements, tax returns and reports, BAS statements or a business plan, just to name a few!

On the other hand, short term loans don’t require nearly as much documentation. A provider may ask for your ABN (if the loan is for business needs) and a few other statements, but overall, you’ll find applying for this type of loan much easier and less stressful than other types of loans.

Look for a provider that is clear about what kinds of documentation you need to provide, so it’s easy to gather what you need. If you are very short on the required paperwork, then you may need to look into a low doc or no doc loan.

Flexible Loan Amounts and Terms

Short term loans can be really useful when you need quick cash to make an important purchase. Whether it’s a new property you can’t afford to miss out on, vital equipment for your business or just a payment to help you float the time between paychecks, short term loans can be just what you need.

A professional broker will help you find a short term loan that has an amount and terms that work for your situation. Whether you need a quick money boost for a few weeks or a larger loan to be paid back in six months, your short term loan provider should be able to make the loan happen as you need it, how you need it. When speaking to a potential broker, make sure to clearly outline your circumstances and the purpose of the loan, as it will allow them to tailor it to you–if they cannot, they might not be the right one for you.

A Quick Turnaround

Time is often of the essence when you need a short term loan. Due to the simplified application process, you can expect quick approval and fast turnaround from most qualified providers.

At Hodgestone Finance, we can help facilitate your settlement within one week, with no valuation needed. Our team is dedicated to serving you, so can expect quick replies and prompt action when  it comes to securing your short term loan.

Whether you need short term loans in Bendigo, Geelong or Shepparton, Hodgestone Finance is the team to trust. No matter if you live in a major cavity or a regional country town, you can find the perfect short term  loan for your needs with us!

Are you unsure if a short term loan is the best option for you? Find out more in our blog, ‘What Are the Pros and Cons of Short Term Loans?’. 

Red Flags to Watch Out For

If you are doing your research and come across any of the following attributes, beware! These signs indicate the lending company shouldn’t be trusted with your business:

1. Poor transparency: When organising a short term loan, you’ll need clear information about interest rates, fees, terms and conditions, and the rate at which you’ll be making repayments. If your provider skirts around answering these questions or flat-out refuses, run for the hills! It usually means that these details will severely impact you and make it difficult for you to pay back the loan on time.

2. No physical presence: A provider that won’t disclose their address or detailed contact information may not be legitimate. When browsing websites, check them thoroughly for physical offices you can visit and more than one form of contact (like an email address and an Australian phone number).

3. Deterring questions: You’ll probably have a lot of questions about the loan process, as it’s important you fully understand the terms offered. A reputable lender or broker will be happy to answer all your questions, but more importantly, they’ll have evidence (like testimonials or case studies) to back up their claims.

4. Non-personalised rates: Everyone will have a different situation they bring to the table and their own needs, so it stands that a good provider should offer you a rate that has been generated to suit you. If the provider won’t work with you to develop a personalised rate, then it can be a sign that they aren’t going to make much of an effort to ensure that the loan is the right type for your needs.

Keep your eyes peeled for these red flags, and make sure to do your due diligence if you notice them. One may not mean that you absolutely cannot work with that provider, but you will need to do some digging to find out why they have that policy and if it can be worked around.

Frequently Asked Questions Regarding Short Term Loans

Have a question about short term loans? Read more about them here, or see if it has been answered below!

1. What can I use a short term loan for?

Short term loans are best used for situations where you need a quick injection of money quickly. This could be to pay off a sudden bill, like a stay at a hospital, to purchase a piece of land or a property that has suddenly come on the market and is too good to pass up, to hire staff for quick growth in your business, or if you need money to stay afloat between payments from your job.

2. How quickly will I have access to the money from my short term loan?

While every provider will be a little bit different, most short term loans will be accessible to you very quickly. At Hodgestone Finance, you can expect access to your fund within two days!

3. I have bad credit–can I still apply for a short term loan?

At Hodgestone Finance, we specialise in providing suitable loans for those with bad credit, also known as ‘non-conforming clients.’ If more common financing pathways aren’t an option for you, like one of the big banks, then going with a lender like us may be your best path going forward.

If you still have queries, feel free to reach out to the friendly experts at Hodgestone Finance and we’ll do our best to answer your question in easy-to-understand terms.

Trust Hodgestone Finance for Your Short Term Loan

If you want a short term loan provider that meets all of these criteria, then you’ve come to the right place. Hodgestone Finance (Australian Credit Licence No. 482350) facilitates short term loans across Australia for personal, business and property-related uses. With reasonable rates and a wide network of bank and private lenders at our fingertips, we can always find the perfect type of loan for you!

You can get a quote by filling out our online form or get in touch with us directly by calling 1300 463 439 or sending us an email at info@hodgestonefinance.com.au. We have offices in Victoria and New South Wales but proudly serve clients across every corner of the country.