Indeed, you can get payday loans in Australia, and some require you to be an Australian resident. As an Australian resident, you don’t have to worry anymore about your insufficient paycheck.
You can always get a payday loan in Australia to help you when you finish your money before the month ends. As you may have projected, millions of people in Australia and across the world at large live from paycheck to paycheck. And that’s where payday loans come into play.
I usually say that bills grow day by day, but in most cases, paychecks take a more extended period to grow. And that’s where external funding comes into place.
But wait, before you take a payday loan in Australia, you have to exercise some precautions first.
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Think first before you take a payday loan in Australia
No one would like to keep on cycling in debts. And that could be the main reason that you should first consider before you get a payday loan. In most cases, payday loans have very high interest rates that can keep harming your financial stability.
Consider the following before you can get a loan:
Do you need the funding?
Yes, that’s a very crucial question to ask yourself whenever the thought of getting a loan crosses your mind. Always ensure that you make sound decisions before you can apply for any loan. For example, taking a loan for an unavoidable emergency is better compared to buying unnecessary outfits.
Consider some other options
As much as you may need funding, you can consider borrowing from friends and family because some may not charge you any interest rates. But you better be careful when trading with friends and relatives, as you may end up costing your relationship over the debt.
Consider starting a savings account
Indeed, if you start to save money today, you may not require payday loans for emergencies in the future. Learn about how you can start saving money as a beginner, and you will be able to grow financially in a short while.
Now, since you understand the options to consider before taking a loan, I will guide you to get the best payday loans in Australia.
The best Payday loan lenders in Australia
Viva Payday Loans
Viva Payday Loans is an online lender that can give you a payday loan in Australia. The lender also can provide loans for people with bad credit reports. Apart from bad credit loans, you can also get debt consolidation loans on the platform.
Terms of Viva Payday Loans
- Has a limit between $300 and $5,000
- You can repay in 9 to 36 months
- There is an establishment fee of between $0 and $1000
- Interest rates are between 6.69% to 48%
- You will get a decision within one hour
Viva Payday Loans lenders in Australia also accept to lend those with lousy credit scores. So, do not worry anymore about who will lend you money with your bad credit history.
Fair Go short term loans
You can get a payday loan in Australia through Fair Go finance. The platform will fund your money within hours.
You will get a payday loan ranging from $500 to $2000 on the Fair Go Short-term loans. In addition, you will repay the loan within 12 months—which is better than ordinary payday loans.
Furthermore, having a bad credit history should not limit you because the platform will consider helping you with a loan. Fair Go finance usually charges its borrowers a 0% establishment fee. However, there is a monthly fee of 4% that you pay.
DollarsDirect
DollarsDirect is an Australian lender that gives you a payday loan of up to $2025, and you can repay it in 100 days. You can download their application and start filling out the forms that they need.
All you have to do is prove that you can repay the loan by providing proof of active income sources. In addition, you can also get a loan on the application if you have a bad credit history.
The app charges you an establishment fee of $300 and a monthly fee of 4% of the principal amount.
Perfect Payday
Perfect Payday is yet another platform where you can get a payday loan in Australia. You will get a payday loan starting from $250 up to $2500 on the site.
The good thing is that you will make all applications online, and you get your cash to your bank after a short while. And that makes this platform a perfect way to sort out your emergencies.
Sunshine loans
In this Sunshine payday lenders in Australia, you will get a loan of up to $2000 that you can repay within 4 -5 months. Spreading the loan repayment over such a period makes it easier to repay the loan in full.
Sunshine lenders will approve your loan application within 30 minutes, making it suitable for solving emergencies. The loans cost a 20% fee plus a monthly fee of 4%.
Nimble short-term loans
With Nimble short-term loans, you will get a payday loan of up to $2000, and you can repay in 1 year. Nimble payday loans cost 20% and a monthly fee of 4%.
Once you apply for a short-term loan on the platform, you will get it to your bank account within one hour.
CashToday
With this Australian lender, you can get a payday loan of up to $500. To qualify for the CashToday loan, you have to be having a job that can help you repay the loan. The loan costs 20% plus a 4% monthly fee.
Failing to pay back the loan will subject you to pay a 1% fee of the principal amount plus another 1% for administrative charges.
My Take
At all times, payday loans are always expensive. And you should always ensure that you take the loan once you need it.
However, you can also consider some other payday loan alternatives that can have better interest rates. And remember always to repay your loan in time to avoid revolving in debts.
