Swift Loans: Instant Cash Loans for Australian Customers

Swift Loans proposes instant cash loans (where the amount is sent within 60 minutes) for Australian customers. This online service acts as an intermediary between borrowers and short-term lending institutions. The idea is to promote more flexible credit offers than those proposed by conventional banking institutions.

Through their new website, Swift Loans acts as an intermediary enabling Australian people to subscribe short-term loans, released instantly. They may apply using their computer or smartphone. They have to fill out an online form where they specify their details, reason for subscribing, as well as the amount and term of the loan. They also have to provide their last three banking statements.

Swift Loans lets the customer know the amount they may be lent in real time. This amount is then released by the Australian company Oz Cash Loans, or one of their other partners. Granted amounts may range from $200 and 4,500, to be repaid over 10 to 52 weeks. They are sent to the borrower’s bank account within 60 minutes after the signed contract is received.

This process helps applicants deal with unforeseen expenses faster, enabling them to be granted a cash loan easily, in a secure and transparent fashion.

Comments – Instant credit making further progress

Real-time offers have been gaining momentum among banking institutions, especially in the payment sector: see services by BPCE, Arkéa and Revolut, for instance. This new requirement is also making progress on the market for credit, allowing borrowers to be granted the amounts they apply for faster. Many players have started focusing on such offers, including BBVA and Banco Sabadell in Spain, LenDenclub and CASHe in India.

The point for these processes is to help customers if and when they have to face unplanned or emergency expenses, as the amounts are made available more quickly. By way of addressing the risk associated with these faster processes, only limited amounts can generally be lent.

Since they rely on an intermediary, Swift Loans can store their customers’ personal data when they first apply for a cash loan. These customers are then called “VIP”, and this status will apply in case they have to subscribe another loan.