PAYDAY LOANS AUSTRALIA: USEFUL INFORMATION FOR THE FIRST-TIME USERS
What you need to Apply: In order to get payday loan, you must be permanently employed, you must be an Australian resident, and you must be over 18. You will need to provide proof of your employment and home address. You will also need to supply your bank details if you are looking for electronic transfer of payments. If you are not applying online you will need to deposit post-dated cheques to the lender. The cheque will be for the total amount borrowed, plus interest.
What If I have Bad Credit? If you have a bad credit history, do not worry as payday loans are short term, unsecured loans and most lenders are only concerned about your current repaying capacity, not your record.
How Much Can You Borrow? The maximum limit of a payday loan application is $1000. If you are a first time payday loan applicant you will have a far higher chance of approval if your application is for less than $500. After repaying this first loan on time, lenders will be convinced of your credibility, so you will be able to get a higher cash advance payday loan on your next application.
When Do You Repay: You will have to repay the payday loan when you next get paid. Money is usually automatically deducted from your bank account, or a post dated cheque is cashed. If, for whatever reason, you can’t repay the loan on payday, you can choose to roll over the loan amount until your next payday. If this happens, it can get expensive as you will have to pay extra fees, plus the interest rate on the roll over payday loan amount.
How Much Do Payday Loan Providers Charge? Payday loan providers in Australia generally charge $10-$30 per $100 borrowed if paid back on your next payday.
