Online Payday Loan Providers in Australia
When you’re thinking of applying for a payday loan, the best option you have is to apply online. It is quick, convenient and you will find hundreds of different lenders to choose from. After filling in a few quick details you could end up with the money that you need within a few hours.
There are many different online payday loan lenders in Australia. Most are reliable and will give you the money with no problems. However, there are a few online scams out there that you need to be aware of. Getting a payday loan is a big decision and it should be one that you take your time to make.
Featured Payday Loan
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Comparing the Different Lenders
Your first step should be comparing different lenders. With so many available it would be a good idea to see which one would best suit your needs. They all have different interest rates and requirements. You may not be suitable for a variety of payday loan lenders which is why you need to shop around, and see what the terms and conditions are with each lender.
Will there be any hidden fees involved? Some companies will tell you outright what you will be expected to pay. However there are online payday companies who hide some of their fees.
These include application processing fees, and a penalty if you repay the loan sooner than it is actually due. You only find out about them once you have agreed to the loan amount and by that time it is too late to cancel. That’s why it is so important to look at your options carefully before making a decision.
Online Payday Loan Requirements
While each lender will differ, it is still important to realise what the general criteria is for taking out an online payday loan. You will typically need:
- To be over the age of 18
- To have your own bank account
- To be an Australian resident
- To earn a minimum monthly salary
The most important thing to consider is the fact that you do need your own bank account. This is how the loan is repaid. You give your bank details and select the date that the loan can be taken from your account. It’s like a direct debit.
As soon as the date arrives the money is automatically taken from your account. Obviously if you don’t have a bank account then this cannot work!
Most companies will require you to earn a minimum amount too. This is often $1,000 per month, though in some cases it may be higher. It will all depend upon how much you want to borrow.
The lender wants to make sure that you will have sufficient funds to repay the loan. It isn’t like a standard loan where you make a few monthly repayments. Payday loans need to be repaid in full at the end of the month or whenever your next payday is.
One of the main advantages to a payday loan is the fact that there is often no credit checks carried out. This means that even if you have quite a bad history, it will not be taken into account. However, there are some lenders who will still carry out a credit check.
Read the small print and understand whether the lender will be looking at your history. If you are worried then opt for a company which will not make a check before they give you the money.
Looking Into Customer Service
One thing that you may want to look into before you take out an online payday loan is customer service. What if there is a problem with your loan? Maybe something happens and causes you to be unable to afford the loan repayment at the end of the month. Would it be easy to get in touch with customer services? If so then how friendly will the staff be?
The last thing that you need when you have financial worries is a lender hassling you. So read online reviews and see which online lenders consumers recommend. Take your time to choose the right payday lender to suit you. Applying online can be a great option, but it can also be risky if you don’t research the different lenders.
Featured Personal Loans
| Personal Loan | Details | Min Interest Rate | Min Comparison Rate | Min Loan Amount | Min Loan Terms | Apply Fee | |
|---|---|---|---|---|---|---|---|
 ME Bank Personal Loan | A low rate personal loan from ME Bank with no application fee for a limited time. | 13.59% | 13.81% | $5000 | 1 year | $0 |   |
 Aussie Personal Loan | A smart way to consolidate your bills to save time and money so you can pay for your holiday, a wedding or renovate the house. | 13.90% | 14.84% | $3000 | 1 year | $199 | |
 Sugar Money Personal Loan | Fixed rate personal loan with flexible options to get you funds when you need it. | 13.99% | 15.00% | $3000 | 2 years | $250 | |
 bankmecu Personal Loan | A convenient and fast way to purchase a car or debt consolidation with affordable rates and fees. | 13.49% | 14.55% | $1000 | 1 year | $150 | |
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