Aussies Stretch The Truth When Looking For Credit.
Recent figures from the Galaxy Research group have revealed a worrying trend across Australia.
Australians have been forced into providing false information regarding their personal finances when applying for credit.
According to the figures provided by Galaxy Research, 1.06 million Aussies have understated their personal expenses in applications.
328,000 overstated their income, and 427,000 understated the amount of money that they currently owe on credit cards, etc.
Payday Loans and Bad Credit
But there are several options available for those with a less than perfect credit history, such as cash loans and payday loans.
Galaxy Research's figures state that of the aforementioned 1.06 million, 28% are likely to apply for more credit within 6 months. A further 14% have admitted that they've missed a minimum bill repayment.
It can be difficult to keep track of long term credit and loans, which makes cash loans a preferable option for many.
Boost your Budget with a Payday Loan
One of the main advantages of payday loans is that the repayments are generally one-offs and therefore easier to budget for.
Financially, things have been fairly tough across the board in recent years, and it can be difficult to make ends meet.
Managing Money
Stringent budgeting will only get you so far, and there are always money sinks lurking ahead in the future that we can't anticipate.
So naturally, sometimes the only available option is to rely on credit and loans. But with the economic strain, debts can quickly build up.
Aussie Credit
According to the credit agency Veda Advantage, 1 in 5 (a whopping 21%) of Australians are finding it hard to keep up with the payments on mounting debts.
Veda Advantage also state that 1 in 10 Australians have had to lie about their personal financial information in their applications for credit.
But with cash loans and payday loans, there's no need to bend the truth regarding your cash situation.
A large portion of the blame for the situation lies squarely on the shoulders of Australia's outdated credit history system. Many experts have called for reforms to update the system and make it more similar to those in place in other economically developed countries across the globe.
Currently, Australia operates under a negative reporting system, meaning that lenders can only see if applicants have defaulted in the last 5 years and the number of credit enquiries they've made.
Keep on Top of Costs with Payday Loans
As a result, lenders are unable to tell if credit applicants are stretching their finances too far so many people are being given long term credit loans that they are unable to pay back, doing more harm than good.
With more short term cash loans and payday loans, it's far easier for applicants to guage whether or not the repayments are affordable.
When compared to long term credit loans, cash loans are a much more viable option for many working Australians.
There's less long term strain on the monthly budget, and repayment options are more easily taken care of and budgeted for.
Payday loans provide a better option for those situations when you need some extra cash quickly, and ensure that you can plan ahead and handle the repayments.
