DollarsDirect Pay Day Loans
Most people have experienced that frustrating and devastating realisation that there are more bills due (and overdue) than your current bank balance will cover and if you wait until your next pay day services will be cut off or collection agencies will be contacted. While the short term need for funds isn’t always so dire ‚Äì you may simply have an emergency expense and you want to avoid using your credit card ‚Äì taking advantage of pay day loans can turn into a dire circumstance if you don’t use them properly.
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- Loan Amount: $1500
- Loan Term: 8-42 Days
- Turnaround Time: Next Business Day
- Total Cost of Borrowing $100: $125
- Bad credit Ok
- Same day cash loans
- No security needed
- Quick Approval
- Confidential and secure!
- No paperwork and no phone calls required
- Nothing to Fax, No Extra Paperwork
| Description | Loan Amount | Term of Loan | Turnaround Time | Requirements | Total Cost of Borrowing $100 | ||
|---|---|---|---|---|---|---|---|
Dollars Direct |
Need cash today? Simply complete the short Apply Now process and get your online decision within seconds!. | $1500 | 8-42 Days | Next Business Day | You must earn a minimum of $350 per week net (after tax), you must be in full or part time (receiving holiday and sick pay)employment and you have been employed for at least 3 months. | $125 |   |
Apply for a DollarsDirect Loan
Who is DollarsDirect?
Dollars Direct is a brokerage company which works to match you to a lender who will be able to provide you with a short term personal loan solution. Dollars Direct is also registered with the Australian Securities and Investment Commission which allows them to operate as a broker.
What are the dangers of payday loans?
As with any lending and debt there are dangers if it is not managed correctly, and payday loans are no exception. However, payday loans can be so much more dangerous because the interest rates are higher and the terms are shorter so the consequences are realised sooner and must be dealt with immediately.
When you are considering a Dollars Direct personal loan, beware of:
- A short term solution to a long term problem. If you have been struggling with your finances and are resorting to a payday loan to smooth over this month’s bumps then you need to be sure that you are not adding more bills and more debt to an already extensive list. Instead, make sure you can responsibly manage the repayment of your Dollars Direct loan rather than simply putting off creditors for a few weeks, only to create a larger debt down the track.
- Rollover or refinance. If the due date of your personal loan from Dollars Direct is approaching and you don’t think you can afford to repay it, you are able to refinance the loan, or rollover the loan amount into a new short term loan to be repaid later. This adds to the interest charges and you are charged new broker fees.
- Your employment history. Dollars Direct requires that you have been employed for just one month to be eligible for a payday loan, however, you need to consider whether you will still be employed in another month to repay your debt. For example, you may have just started a new job and be within a trial period and the short term loan you take out to cover new suits will have to be repaid, whether your employer decides to keep you or not.
- Your credit history. Dollars Direct will aim to secure a loan for you even if you have a bad credit rating and you need to beware of getting into more debt, and making your credit report even worse if you have a history of not being able to manage your finances.
How do Dollars Direct personal loans work?
- You can borrow up to $1,500.
- You apply entirely online in minutes.
- You pay a broker fee of $25 per $100 you borrow and a flat $7 lender’s fee.
- If you secure approval before 6 pm AEST from Monday to Friday your funds will be sent to your account the next business day.
- Repayment is due in full on your next payday which is between 8 and 40 days from your loan being approved.
- Your loan repayment will be debited from your account automatically.
What is the refinance feature of a Dollars Direct personal loan?
If you can’t pay your loan amount in full you can request a refinance up to two business days before your due date. You must pay the minimum amount due, which is the broker fee and the interest which has accrued.
The remaining principal amount is repaid with a new loan and your new loan attracts another broker fee and new interest charges. You can refinance up to four times.
How do you apply for a Dollars Direct personal loan?
Applications for a Dollars Direct personal loan are completed online and approved once your income has been verified. To verify your income you can email or fax a payslip or bank statements, or you can have Dollars Direct call your employer’s Human Resources department to verify your income amount.
To be eligible for a Dollars Direct personal loan:
- You must have an active bank account.
- You must have been employed for more than one month.
- You must be an Australian resident.
- Residents of the ACT are excluded.
- You must be at least 18 years old.
Who should apply for a Dollars Direct personal loan?
Facing an emergency car repair or a surging power bill can be very stressful and it may seem that a short term loan is the only way out. However, a payday loan should be used as a last resort only, only after contacting your creditors, your power company, your credit card company or your home loan lender and explaining that you have an emergency and need more time to pay.
In most cases your creditors will allow you an extension on your bills and other debts because they don’t want you to default or be under financial pressure, because if you were, they wouldn’t get their money.
Therefore, a short term personal loan should only be considered if:
- You need a short term solution and you are not in the habit of paying your bills late or running out of money between paydays.
- You have a good credit rating because a payday loan application will show up on your credit report and can make existing black marks appear worse as it shows an ongoing inability to manage your finances.
- You can repay the loan in full before or on the due date to avoid doubling up on interest charges and fees from Dollars Direct, and to avoid multiple short term loans on your credit report.
For more information about personal loans from Dollars Direct, view the Personal Loan Finder comparison tables, or follow the secure link to the Dollars Direct website to complete your application online in just minutes.
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