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Payday loans:
What you need to know

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Valentine’s, Mother’s Day, and Wedding Anniversaries are just some of the occasions where extra special celebrations are expected. If you don’t have the money, you can get a short term loan in order to not disappoint your loved ones. Yes, it’s that important.

Payday loans have been in the news a lot recently, but not all short-term loans carry the same risks. LendUp Loans are an alternative to traditional payday loans from a licensed lender. A typical payday loan is exactly that: You borrow money against your next paycheck.

Thanks to payday loans, those who have a bad credit rating or poor credit history can now borrow money and sometimes there is even a guaranteed approval process. When you take a payday loan, it’s usually for a small amount of money ranging from $100 to $1000 depending on who the direct lender is.Remember to compare your options before availing of a short term loan. Cash advances and payday loans offer different interest rates and terms. Take a look and see which one is best for your needs.

Payday loans online are given by a lender to someone with bad credit or no credit history in the Australia. They are for borrowers who have bad credit scores. Examples of this loan type are loans with payday loans Australia and no credit check loans. You can usually obtain this type of loan if you are employed.

Sometimes people only need to borrow money for a short period of time, and for a small sum. These are called “cash loans” and are typically repaid when you get your next pay cheque or income from employment. If you are not employed you may still qualify for loans for Centrelink. This is where you can get loans to payday.

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Payday Loans - What are they?

A payday loan is a small and short-term loan that's ideal for emergency payments, paying bills you can't afford this month, or making small purchases in advance. You can get payday loans for $1000 or less, but the amount you can borrow depends on how much you earn and your credit rating. Payday loans are unsecured loans, meaning you don't need to place any collateral to qualify for it. However, because of this, payday loans tend to have higher interest rates than your conventional mortgage or personal loan.

Payday loans are designed for individuals to borrow small amounts with little effort. Borrowers need to partially or fully repay these loans when their next paycheck arrives, hence the name. However, several payday loan providers or lenders allow borrowers to spread their repayment over a couple of months.

Depending on your location, you can get payday loans through physical storefront payday loan lenders or the internet.

How Does it Work?

Payday loans function very differently from traditional personal or other consumer loans. Depending on your area, you can get it through a physical branch with a payday lender or online. Different nations have different laws surrounding payday loans, limiting how much the payday loan provider can charge in interest and fees or how much you can borrow. Some areas prohibit payday loans entirely.

Payday loan lenders have only minimal requirements for approval, and most don't even run a credit check or require borrowers to have the appropriate means to repay the loan. All customers will need a bank account in good condition, identification, and a steady paycheck.

Once you get approved for a payday loan, you can receive the amount you're going to borrow in cash, check, or deposited into your bank account. You will then need to pay back the loan in full with the finance charge's additional fees by its due date, usually within two weeks or by your next 'payday.' Payday loans come with finance charges, based on your loan amount.

Keep in mind that because payday loans have short repayment terms, you can be paying a lot more than you borrowed, translating into a steep APR (Annual Percentage Rate).

What's the Best Use for Payday Loans?

Payday loans are a fast way to get funds for different situations, helping you deal with unexpected or urgent expenses. It's a small personal loan that can help individuals deal with all kinds of financial issues. The most common use for payday loans include:

  • • Car repair fees
  • • Car registration costs
  • • Emergency medical expenses
  • • Unexpected veterinary bills
  • • Personal gifts for loved ones
  • • Additional spending cash during holidays
  • •Unanticipated high water and electricity bills
  • • Car accidents
  • •Rent fees

Whatever your reason, maybe, if you're having a hard time finding emergency funds, getting a payday loan is the fastest way.

The Costs of Payday Loans

Payday loan fees are usually set by your local laws, with costs ranging from $10 to $30 for every $100 borrowed. For instance, if a customer borrows $100 under a two-week payday loan, and the payday lender charges $15 for every $100 borrowed. That translates to a 15% interest rate, giving you a daily interest cost of $1.07.

How Much Can I Borrow with a Payday Loan?

The amount you can borrow will depend on your local government's law and your financial capability. Most nations that allow payday lending cap the borrowing amounts around $300 to $1,000. A payday loan provider will also consider your expenses, income, and payday lending history to see how much you can reasonably pay back.

Who Can Get Payday Loans?

Virtually, almost anyone with a steady income can be approved for payday loans, giving you peace of mind the next time you need emergency funds. To receive a loan, you must have:

The Right Qualifications
While you don't need to go through a credit check, you still need a few things to be eligible for a payday loan. These qualifications include a government-issued ID, a good standing bank account, and a steady paycheck.

Little or No Credit
If you have other credits or savings at your disposal, it's better to avoid the risk and choose alternative options. However, for individuals with poor or no credit and can't get a conventional personal loan or credit card, payday loans are a great choice.

Other additional requirements include being 18 years of age or older, receiving regular paychecks or income three months before applying for the loan, a citizen or permanent resident, and is not bankrupt.

Applying for a Payday Loan

Applying for payday loans is a simple and straightforward process. Depending on the availability of payday loan providers in your location, you can apply for these loans at physical branches with payday loan lenders or via their official websites. The processing for applications for payday loans can be done at any time of the week, so you can submit your request for a payday loan any time you need.

Anyone with a steady income can get payday loans, all you need to do is submit the following requirements when applying for it:

Personal Details
You will need to provide necessary personal information with the payday loan application, including your name, address, and contact information, including phone number or email address.

Bank Details
Unlike with traditional personal or other consumer loans where you need to provide physical bank statements, payslips, and other paperwork, most payday loan providers speed up the application process by using state-of-the-art technology to verify your expenses and income instantly.

Recurring Income
To get a payday loan, you will need to have a regular source of income. It can come from jobs or government payments.

After submitting your payday loan application, the payday loan lenders will process it using proprietary technology, giving you an immediate verdict about your eligibility. In most cases, you can know if your application is approved in less than a few minutes, and once approved, the lender will transfer the funds to your bank account.

Repaying for Payday Loans

Most lenders will require you to repay your payday loan in full with a single payment when you receive your next paycheck. Because payday loan lenders have different repayment terms, ensure you ask them for the specific due dates or check for the date indicated in the agreement to avoid paying unnecessary additional costs.

And before agreeing to a loan, most payday loan providers will request you to set up a recurring payment policy or continuous payment authorities to minimize their risks. It allows them to take what you owe them directly from your bank account. Although handy, it can be risky as it can leave you with not enough money in your account for your other bill payments, like rent or mortgage.

If you feel that a CPA agreement will not leave you with enough control, ask the lender if you can pay them in other ways. Depending on the payday lender, you may have several options to pay off your loan, including:

  • • Direct debit from your bank account
  • • A paycheck on your next payday
  • • A postdated check when you apply for the loan
  • • A different form of credit
  • • Paying online through the payday lender's website

When you miss a payment, or there isn't enough cash in your bank account for your payment to be debited, you may request for dishonor fees from your bank. However, most payday loan lenders can assist you with this problem with their respective customer services.

The Benefits of Payday Loans

Getting a payday loan is a common way to obtain a few hundred dollars during an emergency. Below are some of the benefits that you can enjoy when availing for a payday loan near you.

Payday Loans are Fast

Payday loans are one of the fastest ways you can get money into your bank account. Most payday loan lenders aim to provide you the fund within 1 to 2 hours of application approval, helping individuals pay for any pressing emergencies, including car repairs and rent fees. However, the speed of the application approval will depend if you have fulfilled and provided all the correct requirements the lender needs.

The application process for getting payday loans is straightforward and easy. Customers can even apply online and receive a decision instantly, and depending on their qualifications; they can receive their funds on the same day. In comparison, when you avail of standard personal or other consumer loans, it can take several weeks before you receive your funds, which is not ideal for emergencies.

Payday Loans Only Have Minimal Requirements

Unlike traditional lenders that require photo identification, proof of income, credit checks, verification of your ability to repay a loan, and your social security number, payday loans have fewer requirements to apply. These include government-issued IDs or a social security number, regular job, or a steady source of income, a good standing bank account, and be at least 18 years old.

Payday Loans are Convenient

Although there are physical branches with payday loan lenders, most providers are now doing their services online. The application process for payday loans is slowly becoming purely digital as the payday loans industry moves away from in-house and written application forms. Customers can now get their borrowed funds without having to leave their homes or offices.

The Payday Loan Industry is Continually Improving

Unfortunately, for years, the payday loan industry faced high costs and data-selling brokers. However, with its increasing popularity, many nations are now implementing stringent rules to offer and introduce loans, leaving only the most reputable and responsible companies operating. There's also a price cap in the industry with limited charges to make sure that borrowers don't have to repay double what they have initially borrowed.

Types of Payday Loans:

Conclusion

Before applying for a payday loan, think carefully about how and if you're able to pay it back on time to avoid additional costs. When you decide to get a payday loan, ensure you find a payday lender that's reputable and responsible, like the perfect payday loan regulated by the ASIC (Australian Securities and Investments Commission).



The eligibility requirements for a payday loan

The specific requirements will vary between lenders and products, but the criteria usually include:

  • Age. You must be at least 18 years old.
  • Income. Applicants must prove that they receive a regular income. If this includes support from Centrelink, they'll need to show that at least 50% of their income is from alternative sources.
  • Banking statements. To assess income and expenses, lenders usually require read-only access to at least 90 days of bank statements.
  • Liabilities. Applicants must provide details of any other liabilities including outstanding loans or credit card repayments.

As long as the eligibility requirements are met, people can apply for these loans online, though approval is not guaranteed. If approved, the lender may make the deposit within a matter of days.

Payday loans:
What you need to know

Payday loans:
What you need to know

Valentine’s, Mother’s Day, and Wedding Anniversaries are just some of the occasions where extra special celebrations are expected. If you don’t have the money, you can get a short term loan in order to not disappoint your loved ones. Yes, it’s that important.

Life is short and birthdays should be celebrated – no questions asked. You can borrow to treat the special people in your life and just worry about the payment on the next month. Alternatively, you can also buy yourself a present: a designer bag, or downpayment on a new car.

A short term loan can be very useful when you need to go on a quick trip and don’t have the cash for it. Even a weekend away can be rather costly, and you would need to have cash on hand apart from your credit card.

It may sound trivial, but it’s not. When your favourite band goes on tour again, you need to be absolutely present on the next show. You can get one for this and repay it soon after with a bit of interest. Better than missing the show!

Sometimes great deals just can’t be passed up. When sales happen, you have to have instant cash to be able to afford it.

Frequently Asked Questions About Payday Loans

Yes. That's because most payday loan lenders don't require credit scores when applying, allowing virtually anyone to avail for these loans. Although these lenders still note your credit score, they focus more on your current income levels and your ability to repay it. They focus more on a customer's financial history than previous endeavors, so even if your credit history isn't perfect, you are still eligible for this short-term loan.

If it's your first time taking out a payday loan, or any loan, it's essential to understand the application process before applying it. For payday loans, depending on your location's availability of payday loan lenders, you can either apply for physical or online branches. However, most payday provides now opt for holding the entire application online, so ensure you have the right documents and financial details.

There are many negative opinions when it comes to payday loans because of its more costly nature when compared to other loans. Payday loans aren't necessarily bad if you're capable of paying the fees at the right time. However, it's better to apply for other alternatives if you're not sure you can meet the payday loan's repayments' deadlines.

Most payday loan providers will allow borrowers to repay their loans early without any additional charges. However, customers still need to pay the full amount they borrowed stated on the credit contact. You can contact your payday loan lender if you need to organize early repayments to avoid any issue.

Most reputable payday loan lenders use secure online systems to secure their borrowers' data. Payday loan applications are carried out on secure online application forms, protecting the customer's privacy with its 128-bit secure servers and SSL (Secure Sockets Layer), ensuring all personal information is safe and secure.