Applying for a payday loan in Australia
The end of the month approaches slowly and suddenly a big unexpected expense pops up out of the blue. The problem lays in the fact that there are not enough sufficient funds in our bank account in order to cover the sudden unwelcome surprise. This scenario most defiantly sounds familiar to most people. Every one has been there at one time or another during their adult life.
The good news is that there is no need to panic! Since there is a special type of loan that can be delivered to a persons bank account with in 1 hour from application and the loan can be up to 600$. Sounds good, right?
What exactly is a payday loan?
It is called a payday loan or sometimes a payday cash advance; it is designed in order to bridge an individual's financial needs with his next upcoming payday check. It is a short term - the whole point of the payday loan is to help in times when money is tight. A small amount can do wonders to a cluttered financial situation. For example- the car broke down, a severe tooth ache that demands a doctor or simply just not enough money to pay the rent. The loan may also be available to those that have a negative credit record and by regular loaning standards would not be eligible for a loan at all. The procedure of obtaining this loan is quite user friendly.
If online, all that needs to be done is to fill out an application and enter in the requested information. There is no need for a fax, since there is no need for documentation (provided that what information is requested on the application is given). If approved, with in 1 hour the loan will be transferred to the borrower's bank account. To repay the loan not many actions are needed. On payday, the loaning company will automatically deduct the amount borrowed (plus interest) from the account. In a case where there is need for more time in order to repay the loan, an additional 14-18 days of extension are permitted although accompanied with higher interest as well.
However, with this loan's great advantages, it is smart to take into consideration that payday loans have higher interest then regular loans. Check to see what are the pros and cons and what is worthwhile for you. Sometimes paying high interests has a lower financial cost then paying a bill with a high fine (for not paying on the due date)…
Payday Loan CriteriaThe criteria's of eligibility for a payday loan might slightly change from company to company, although all share the following in common:
We have established the fact that receiving a payday loan is not complicated and neither are the criteria's. All that needs to be done now for obtaining the loan, is to turn on the computer find the best interest rates between the different companies and enjoy the great benefits of this quick and hassle free loan.Back to Articles >
Implications of Non-PaymentWe always recommend repaying on time, and our representative examples assume that you will. If you are unable to pay on time, each lender has their own policies with regards to fees and interest, and how they collect outstanding debts. Most will contact you by phone or letter in order to rearrange payment. Non-payment may result in charges and/or raised interest. We suggest contacting your lender as soon as you are aware there is a problem, as otherwise, it may be noted on your credit record.
Renewal PolicyIf you wish to renew your loan, you should contact your lender in advance. Most lenders will charge the same rate of interest and fees for another month on the entire amount owed. In the event of non-payment, a loan renewal/extension could be automatic and further interest and/or charges may be added to your account.
Nonpayment may affect your credit score. Some lenders may pursue claimants by legal means in the event of repeated non-payment. All of the above varies between lenders. More responsible lending information.
Maximum funded amount of loan depends on qualification criteria. Same day funding
may be available depending on lender and time of application approval.