Payday Loans

Payday Loans are the easiest and quickest way to borrow anything between around $100 and $1000. Payday loans are especially useful in unexpected or emergency situations, something which could happen to anyone anytime. For instance, you might suddenly have to pay for urgent home or car repairs or you receive a bill which requires immediate payment. Whatever the reason why you need money, payday loans can come to the rescue, with many providers offering cash in your hands within the next 24 hours. Payday Loans get their name because they are designed to tide you over until your next payday. As such, payday loans are a short term loan. In other words, the payday loan term is usually between 2 weeks and 31 days. Therefore, you will need to make sure you are ready to pay the loan back pretty quickly. The terms for Payday Loans are usually very basic and the credit checks are often minimal. Use the table below to compare payday loans. Please note: Short term loans can be expensive and may not solve your money problems. There may be cheaper borrowing options and/or other assistance available to you.

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COMPANYTYPE

TYPE

Lender / Broker

APR

APR

The term annual percentage rate describes the interest rate for a whole year (annualized), rather than just a monthly fee/rate

LOAN AMOUNT

LOAN AMOUNT

Amount you can borrow

MIN TERM

MIN TERM

Minimum borrowing period

MAX TERM

MAX TERM

Maximum borrowing period

ID REQUIRED

ID REQUIRED

ID required for borrower

TERMS

TERMS

Terms and conditions of loan

SUITABLE

SUITABLE

Applicants the loan is suitable for

RESTRICTIONS

RESTRICTIONS

Restrictions regarding potential borrowers

MORE INFO

Dollars Direct
Dollars Direct

Lender48% per annumUp to $202564 days100 days - Refinance option availableIdentification

Identification

Driving licence number and Passport number

Suitable For

Suitable

For occasional, urgent and short-term cash needs

Terms

Terms

You must be currently employed for over a month, be at least 18 years old and have an active bank account.

Restrictions

Restrictions

1. You must have an active bank account
2. You must be currently employed for over a month
3. You must be a current resident of Australia.
4. You must be at least 18 years of age

Dollars Direct
DollarsDirect is dedicated to providing you with a reliable solution to meet your immediate money needs. As a finance broker, they use their panel of lenders to find appropriate online cash advances that are a quick and easy solution for covering emergency money needs. Perhaps you have an overdue bill or credit card payment? Maybe you need extra cash to help pay for an emergency car repair? Rely on us as your online connection to quick cash! You can complete the simple, hassle-free online application form in minutes and if approved by 2:30pm Sydney time Monday - Friday, you may qualify for same-day funding. Their online application makes it easy to get the money you need quickly. DETAIL INFORMATION >>Services

Services

1. The maximum loan amount for Australian residents will be $2025.
2. Loan Term is between 65 and 100 days


Advantages

Advantages

1. Same-day funding available, conditions apply 
2. Borrow up to $2025 from the comfort of your home.
3. Online application takes just minutes to complete.
4. Exclusive Preferred Member program.


Disadvantages

Disadvantages

1. DollarsDirect $400 establishment for $2025loan.
2. Lenders typically charge interest of up to 48% per annum.
3. Short-term loans should be used for short-term financial needs only, not as a long-term financial solution.

Oz Loan Source
Oz Loan Source

LenderAsk on application (Between 10%-25%)$100-$1,5001 day30 daysIdentification

Identification

Passport details, driving license details, personal and financial information.

Suitable For

Suitable

For all those persons who need a short term cash fix, who are over the age of 18 and who have an active bank account and an income.

Terms

Terms

You must be over the age of 18, with an income.

Restrictions

Restrictions

1.You must be an Australian citizen. 2.You must be over the age of 18. 3.You must have an active bank account. 4.You must have a steady income.

Oz Loan Source
A payday loan is essentially here to help you through a tough and short-term financial period in which you need a lower-end cash loan. Oz Loan Source, a specialist payday loans company want to get you that cash advance you so desperately need. They do this by asking as little questions as possible and providing you with your loan with as little fuss as possible. OZLoanSource.com is your link to fast cash before your next payday. Their mission is to fulfil your need for cash in a timely, efficient manor which is easy and convenient for you to use when you need it most by matching you with a lender that best fits your needs. No long waiting time and no worries. DETAIL INFORMATION >>Services

Services

A great, online application service which means you can do all your applying from the comfort of your own home.


Advantages

Advantages

1.You can apply in a few minutes online. 2.You do not need to send in any physical documents. 3.The money will be distributed into your bank account,normally on the same day. 4.You pay the whole loan back within 30 days so there are no long term repayments. 5.You will be considered for a loan even if your income is provided by the state. 6.People with bad credit ratings are still considered for loans as the checks are made on your present ability to pay back the loan, rather than your past credit history.


Disadvantages

Disadvantages

1.You will not get this loan if you do not hold an active bank account. 2.You will not be accepted for a payday loan if you do not have a regular and steady income, whether from being employed or from the state. 3.You cannot apply for a payday loan if you are already paying off another one. 4.A payday loan is not given to you if you are using your overdraft to pay for one.

Nimble Payday Loan
Nimble Payday Loan

LenderAsk on application$100-$800 (up to $1600 for returning members)16 days60 daysIdentification

Identification

Name, address, phone numbers, employment status and income

Suitable For

Suitable

For occasional, urgent and short-term cash needs.

Terms

Terms

You need to be employed full-time or part-time — so if your primary source of income is Centrelink benefits, you won’t be eligible to borrow from Nimble. Fees: Establishment fee (20% of principal amount), Monthly fee (4% of principal amount)

Restrictions

Restrictions

They carry out a credit check as part of our assessment of your first application.

Nimble Payday Loan
Why do thousands of people choose Nimble? It's a totally new way of borrowing money. Simple apply online and once approved, you get the money within 60 minutes. Get a loan from Nimble for a short amount of time - right when you need it. Pay it all back over just a few weeks and get on with your life. Applying with Nimble is super simple. There’s no messy paperwork or painful face-to-face meetings. Just a straightforward online application you can do from home or on the go. They transfer your first cash loan straight into your back account within 60 minutes of confirming your loan during standard banking hours. DETAIL INFORMATION >>Services

Services

1. Apply online - this only takes 5 minutes.


Advantages

Advantages

1. Application is online.
2. Paperless application and no need for a fax machine - Nimble are totally hassle-free.
3. They don't tempt you to borrow more than you need, leaving you with years of debt over your head. They're a fast and simple solution to get a small amount of money right when you need it, and you pay it all back within a few weeks.
4. If you need help, their award winning Customer Care team is just a phone call away. They are also ready on email, live chat, Facebook, and SMS.


Disadvantages

Disadvantages

1. You may not be eligible for the full $600 if you are a first time borrower
2. Credit checks apply

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Compare Payday Loans

Payday loans can be an important lifeline but before you take one out make sure you know the risks.

What is a payday loan?

Payday loans are very popular. These types of loans are unsecured short term loan. They are called payday loans because they way they work is that you borrow a small amount of money, usually between $100 and $1,000, that you repay plus interest on your next payday. These types of loans are designed to tie people over until they get their next t pay cheque comes in. Payday loans are also extremely fast. You can apply, get approved and have the money in your account often on the same day. Some lenders can even get the money to you in as little as 15 minutes!

Once you have the money you can use it however you please. However, you should only take out a payday loan for an emergency. For example, if you need to pay for home repairs that cannot wait or you need to urgently pay off a bill before you risk have your electricity shut off or you want to avoid a fine, then payday loans can be important lifelines. They are also useful if you need a small cash injection just to get you by until your pay cheque comes through. However, a payday loan should only be used as a last resort because there are risks involved.

Am I eligible to get a Payday Loan?

Payday loans are extremely popular because almost anyone can get one. There are minimal credit checks required so you can get one whatever your financial history. This means even if you have bad credit score or have been refused a loan elsewhere you will be eligible. In general you will find that the only requirements are that you are over 18 and have an Australian bank account.

What are the risks?

Payday loans should be treated with caution. The main disadvantage is that the interest rates on these loans can be very high because you can get one whatever your credit history and you do not have to put up any assets to secure the loan. This makes them very expensive. Remember that payday loans are for short term borrowing and should never be used to solve any even long term financial difficulties you might have. As the interest rates can be very high if you fail to make repayments on time you could end up in deep financial trouble. Late charges and interest fines can easily accumulate. Also with payday loans by missing payments you can risk damaging your credit score which will be used against you in the future when applying for financial products.

Finding a Payday Loan

As payday loans are so popular there are many lenders vying for your business which can make finding a good loan difficult. It is definitely worth taking the time to research the market to see what is on offer. You can use the table above to find the right payday loan for you by comparing different loans and lenders against each other. Before you take out a loan make sure you understand what happens if you miss payments and always read the terms and conditions fully so there are no surprises. If you have any questions don’t be afraid to ask the lender.

Payday Loans - Latest News News and Charts

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Ever Thought Of Getting A Payday Loan

01 August 2012 22:00
Phoebe Robinson

A pay day loan is in essence a cash advance; a payday loan is a loan that is given to the person on the understanding that they will repay using their next income. Applying for a payday loan has become very easy today, especially with more financial firms coming up with online loans for their users.

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Why Are Payday Loans So Popular?

30 March 2012 09:00am
Mark Maffia

Payday loans are really convenient and easy to get hold of as no credit check is required which makes them a really popular for New Zealanders who need to get out of a tight financial corner.

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