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Cash Advance Loan in Australia
Taking out a cash advance loan has never been easier in Australia today. With the market having countless cash advance lenders, they are all competing for the custom of people in need of quick cash. Perhaps the easiest way to take out a cash advance loan today is through the Internet. What exactly is a cash advance? Though this term is used a lot in relation to credit card transactions wherein you get cash through your card, for the purposes of this article, cash advance is used to refer to a short term cash loan without the use of a credit card.
As a short term cash loan, a cash advance needs to be paid in a few weeks, usually 2 to 3 weeks. This term can be extended depending on the cash advance loan provider. However, extensions would incur more fees.
Applying for a cash advance has been made easy by electronic transactions. Anyone can apply from a computer terminal connected to the Internet. In general, you would not be asked for any documentation but you may have to fax copies of your latest pay slip stub and bank statements. This is only for verification purposes and is usually asked for after the cash advance is approved.
How much can be borrowed using a cash advance loan? It really depends from lender to lender but in general, you can borrow any amount from $100 to $1500 in any city in Australia. The requirements for a cash advance are quite simple. One has to be a citizen or a resident of Australia, at least 18 years of age, and has proof of a stable job or regular source of income. More so, one has to have an active bank account in good standing.
Another advantage of a cash advance is that it normally does not require the borrower to undergo a credit check. As such, if you have bad credit, you do not have to worry about being approved for a cash advance. This is because your next paycheck is used as security against your loan. That is why it is of utmost importance that you can show proof of your regular income when applying for a cash advance.
As with any loan, however, you have to pay back a cash advance at the agreed time. When taking out a cash advance, bear in mind that you should be able to afford to pay it off in a short amount of time.
Axis Bank Home Loan Documents
Today, there are a number of avenues available for procuring a home loan; Axis Bank being in the forefront. Having said that, there are certain documents that you must present to the bank upfront. These documents assist the bank to ascertain the viability of extending the loan. One must make a checklist of all the documents required for home loan to make the process smooth and easy. Here is a list of documents that you would need to provide to Axis Bank along with your home loan application.
Income Proof: The bank asks a salaried person to provide salary slips for at least the past 3 months. If self employed, the bank requires you to provide the profit and loss statements for your business. In some cases, the bank can ask for these documents for an extended period (more than 3 months) to better gauge your earning profile. You should keep in mind that if your income has gone up considerably in the past year, you should have an explanation to prove it to be stable rather than just a one-time abnormality. If you fail to provide sufficient proof, your loan eligibility may be considered against a lower average income.
Bank Account Statements: The bank requires you to present the account statement for the last 6 months. In case of salaried individuals, account statements help the bank analyze the ratio between your income and expenses. And if you are self employed, your account statements help the bank to know the extent of your business activity.
Form 16 and Income Tax Return: As an additional proof of the income that you have earned and the amount of tax levied on it, the bank will ask you to provide Form 16 obtained from your employer for the past 3 years. If you are self employed, you are required to provide the income tax returns filed by you in the past 3 years.
Residence Proof: The bank will ask you to provide a proof of your current and permanent residence in order to both identify you and maintain correspondence in the future.
Identity Proof: In order to identify you as the loan applicant, the bank will ask you to provide a valid identity proof. This allows the bank to look into your credit history. Some of the documents that are considered to be valid proofs of identity are diving license, voter ID card, PAN card, passport, ration card, bank passbook, etc.
Passport Size Photographs: You will need to attach passport size photographs on the loan application. Usually, 2 to 3 passport size photographs are required by the bank.
Apart from the basic documents listed above, certain supporting documents may also be required. The bank would require you to submit the documents showing your ownership of the property in question. These would include documents like original sale agreement, registration receipt, copy of title deed, allotment letter, possession letter, lease agreement etc. In addition to these you may also be required to submit post dated cheques for your EMIs. Documents required for home loan may vary depending upon the current rules and regulations. But generally speaking, the bank would seek the above mentioned documents, so it is advised to arrange them upfront.