Payday Loans in AustraliaUpdated April 2019

Payday loans can be difficult to choose, luckily here at Mammoth Investor we’ve compiled all the information you need on one page.

Website Loan Amount Loan Duration Interest Cash Deposited In Visit Site

www.credit24.com.au
$500 - $2000 6 - 12 months 20% of loan amount + 4% of loan amount each month Same day – conditions apply Visit SiteView Larger Loans

www.nimble.com.au
$300 - $2000 62 days - 2 years 20% of loan amount + 4% of loan amount each month 1 hour - conditions apply Visit Site
View Larger Loans

www.ferratum.com.au
$500 - $1900 3 - 6 months 20% of loan amount + 4% of loan amount each month Same day - conditions apply Visit Site

www.walletwizard.com.au
$500 - $2000 Up to 2 years 47.8% Annually 3 hours - conditions apply Visit SiteView Larger Loans

sunshineloans.com.au
Up to $2000 9 - 15 weeks 20% of loan amount + 4% of loan amount each month 30 minutes - conditions apply Visit Site

www.fairgofinance.com.au
$500 - $2000 3 - 12 months 10% of loan amount + 2% of loan amount each month 1 Business day Visit SiteView Larger Loans

www.capfindirect.com.au
$500 - $2000 6 - 12 months 20% of loan amount + 4% of loan amount each month Overnight Visit SiteView Larger Loans

www.360cashloans.com.au
$150 - $5000 2 months - 2 years 47.83% Annual Repayment Rate (varies - check your specific loan amount) Same day upon approval Visit SiteView Larger Loans

We hope our detailed list of Payday Loans providers in Australia helped you, for more information on each feel free to click through and view their FAQs or contact their support team. We highly recommend doing your own research and use a financial guidance website such as MoneySmart. Seeking help from a financial advisor might be the best course of action as loans can often get you in a more complex situation.


Melissa

Mammoth Investor
Founder

Choose Wisely

Make sure to research each provider and what they are offering. If you can't find any solid information and they aren't upfront about their charges and interest structure then they are likely much higher than competitors.

It's important to get a lay of the land and make sure you are choosing a loan amount that is reasonable and realistic to pay back on time. In our table, we've displayed the basic information about each provider but we urge you to do more research on their website, contact their support team and come to a final decision.

About Payday Loans

If you have ever experienced a cash emergency, you may have considered or even made use of a payday loan to help you get through difficult financial situations. At first glance borrowing money may seem like a good idea or a necessity even; however, it can become easy to rely on these types of funds to help get you through the month resulting in large interest rates and potential penalties.

Thus, it is important to fully understand what payday loans are and how they work. Additionally, you will also need to know your responsibilities pertaining to the repayments of the borrowed funds before you commit to making use of these types of loans.

What Is A Payday Loan?

A payday loan is a short-term type of loan where the lender advances you a certain amount of credit that is expected to be repaid in a short amount of time (usually after your next payday). Hence the name payday loans.

These types of quick money facilities are often accompanied by high interest rates that are based on your credit score and income level. Payday loans are also referred to as cash advance loans or check advance loans.

Payday loans allow you to quickly acquire credit within a short period of notice assuming that you meet the requirements of your lender. These requirements are often determined by your age, employment status and income.

Additionally, these factors also determine the interest rates that you will be expected to pay upon the settlement of these loans.

The Benefits Of A Payday Loan

There are many potential benefits of these cash advance services that can help you deal with unforeseen circumstances and acquire the necessary funds when you may need them. From medical emergencies to simply avoiding embarrassment, payday loans can help you in various times of need.

They are designed to see you through difficult financial times until your next payday. Thus, here are a few potential benefits of payday loans.

Convenience

Unlike larger long-term loans that may require long application processes and a plethora of paperwork, payday loans offer a much simpler solution for you to acquire credit.

Applying for this type of credit can also be done conveniently online, often even from your smartphone device. Essentially they allow you to apply for funds practically, anywhere, and at any time.

Instant cash

One of the biggest benefits of payday loans is that they provide you with quick access to funds when you need it. Due to the high convenience and ease of access to available credit, you are able to quickly acquire cash making it ideal for emergencies and other unforeseen circumstances.

Applying for and acquiring money in this way can be done within a few hours making small, short-term funds conveniently and quickly available.

Payments don’t require a credit report

Most payday loans do not require a credit report. This can be greatly beneficial if you have recently been in any unfortunate financial situations. Many other loans and lenders will not extend you credit if you have a bad credit report, making it difficult for people who have gone through any rough patches recently to acquire loans.

Downsides Of A Payday Loan

Although there are many benefits of payday loans, they can, unfortunately, be accompanied by a few downsides too. These may include:

High interest rates

The most apparent downside of payday loans is that they are often attached with high interest rates partly due to the risk factor involved for lenders. Interest rates can range anywhere between 15 to 24 percent.

Due to these high interest rates, payday loans should not be used as a permanent solution for financial difficulties, but rather as a temporary solution in times of need.

Small loan amounts

Due to the repayment process and conditions under which payday loans are given, lenders of these types of loans mostly only provide you with small credit amounts. Although the amounts can sometimes be increased depending on your credit history with the lender, it is often not enough to make large payments or settlements.

Payment penalties

When you have gone through a rough patch it can sometimes be difficult to pay back the full credit amount including interest. Therefore, you may incur penalties depending on how late your payments are. The short nature of the loans does not make it any easier to settle the amount timeously in dire situations, and unfortunately, the result is added penalties.

How Do Payday Loans Work

The first step in understanding how payday loans work is understanding how you obtain them. The loan providers are typically small merchants that extend small amounts of credit for a short period of time. These merchants usually operate with a physical location and sometimes offer online services as well.

To acquire one of these loans, you need to provide the lender with pay slips from your employer showing your income amount. In addition to this, you need to provide proof of identity such as an ID number to ensure that you are at least 18 years or older as well as provide a recent utility bill.

Once you have obtained a payday loan, you should carefully plan how you will use these funds as well as how you will repay them. This is done to avoid paying penalties should you be late with your payment.

These loans should be used for unforeseen circumstances such as a medical or car expenses and not as a substitute for long-term or ongoing financial payments.

Lenders usually require you to pay back advanced funds shortly after the loan has been granted. Typically this gives you enough time to settle the loan by the time you receive your next paycheck.

In addition to the repayment of the borrowed amount, you will be required to pay an interest fee depending on the amount borrowed and perceived risk of the loan.

Is Repeatedly Making Use Of Payday Loans A Bad Idea?

While there are certainly some benefits in repeated use of payday loans, there are also potential pitfalls that you can fall into if you make continuous use of them. Thus, it is important that you regulate your borrowing and try to use them only when you really need to.

Repeatedly making use of loans can lead to lenders increasing the amount that you may borrow, as well as offer quicker funding options.

However, these loans are designed to be short-term solutions towards potential cash deficits due to unforeseen circumstances. Therefore, continuous use of this short-term solution to try remedy long-term problems is not an effective strategy and should be avoided if possible.

How You Can Repay Your Payday Loan

The first thing you should do when trying to repay your current payday debt is to stop applying for these emergency fixes. Rather wait until your current debts are fully paid off to avoid falling into a cycle of debt.

You should also check with your lender to see if it is possible to make the payment in two installations rather than just one.

The next thing you should do is try to identify your major and critical expenses such as food, rent, utility expenses etc. Try to keep a certain amount of money aside to pay these expenses.

Once this is completed, you should try to temporarily cut back or minimise unnecessary spending. After critical expenses have been paid, use your available funds to repay your payday loans as quickly as possible.

If at all possible, do some part-time work or other activities that generate income to raise a little extra money to help repay your loan as quickly as possible. You can even sell old household items or appliances that you no longer use or need to help raise some extra money quickly if needed.

How To Avoid Excessive Payday Loans

Although sometimes regardless of how well you plan, unforeseen circumstances in life happen. Some of these unpredictable events can disrupt all your planning and require you to make last minute decisions to salvage bad situations. However, there are ways to avoid the need to rely on payday loans and become less dependent on them.

The first thing you can do to avoid excessive use of these loans is simply by setting aside a certain amount of money each month as an emergency fund. Should you ever be in a difficult financial situation or another emergency, you can use your established emergency fund or turn to manageable short-term loans.

Additionally, you can consider making a few lifestyle adjustments to cut back on costs and free up funds should you need it. You can do this by seeking cheaper alternatives such as cutting back on how much you eat out, or by making better use of public transport that cuts back on fuel costs etc.

Payday loans can be an effective tool to help you deal with financial emergencies but only when used in moderation. Use them wisely to avoid long-term financial issues that you might struggle to deal with if you do not plan accordingly.