PayDay Plus Payday Loans & Cash Loan Advances
Review of PayDay Plus Payday Loans
If you’ve ever looked for a payday loan or cash advance you’ll no doubt be aware how many different companies there are offering the service, but which one should you choose? If you don’t fancy wading through the dozens of offers on the market then why not get a broker like Payday Plus to do it for you?
You cannot always plan how things will work out in life. These days many families are struggling to pay their monthly bills on time. They have little to no money left over at the end of the month and the slightest thing could cause them to plunge into financial trouble. If this sounds like you then there is an option available. If you ever find yourself in financial difficulty before payday is due, a payday loan can help.
There are so many payday loan lenders available that it can be difficult to know which one to go with. If you are an Australian resident then Payday Plus loans could be the best place to turn. First things first however, what exactly is a payday loan?
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- Loan Amount: $1000
- Loan Term: 25 days
- Turnaround Time: 1 Business Day
- Total Cost of Borrowing $100: 33
- Bad credit Ok
- Same day cash loans
- No security needed
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| Description | Loan Amount | Term of Loan | Turnaround Time | Requirements | Total Cost of Borrowing $100 | ||
|---|---|---|---|---|---|---|---|
Payday Plus |
Apply for a fast-tracked loan now. Just fill in simple application form and Submit it online for quick approval. | $1000 | 25 days | 1 Business Day | You need to be Over 18 years old, Employed either full or part-time, Take home more than $1,000 a month, Have a bank account | 33 |   |
Understanding a Payday Loan
A payday loan is basically a loan amount that you borrow until your next payday. The typical term of a payday loan is up to 30 days. They are never usually longer than that. The amount that you can borrow will usually be anything up to $1,000 depending upon the company.
Some payday loan lenders will enable you to borrow up to $2,000. However, the main thing to remember is that the entire loan needs to be paid back on your next pay day.
This means that if you borrow $500, you need to pay $500 plus additional interest back on the day that you get paid. You don’t pay it in instalments; the money automatically gets taken from your account by the creditor on the date specified.
In order to get a payday loan you will need to have a bank account. You will also usually need to be at least 18 years of age.
You will find that different payday lenders have slightly different rules. Some will require you to be 21 and some will have different maximum amounts that you can borrow. Some will also carry out credit checks, while others will lend money to you no matter what your circumstances.
Generally a payday loan is much easier to get than any other type of loan.
This is because credit checks are rarely carried out and the levels of interest on payday loans can be ridiculously high. This means that not many people would risk paying their loan back late.
If you think that a payday loan might be the answer, you then need to take your time to compare the different lenders available. If you don’t have the time to look at and compare the different lenders then Payday Plus Loans can help.
Who Are Payday Plus Loans?
Payday plus Loans is run by Credit Central Pty. The company is a financial broker who offers services for people around Queensland and Australia. When you submit an application, it will be matched to a third party lender. Your circumstances are taken into account and the lender that is chosen will be the one that best suits your needs.
While the company will find you a loan, the agreement that you take out will be with the third party. You are not guaranteed to be accepted and you will need to meet various criteria. Payday Plus loans basically does all of the hard work to find you the best suitable loan.
If you do get the loan that you need and you are approved, a broker fee may be taken. You are guaranteed that any information you do give to the company about yourself, is completely confidential. They operate in accordance to the National Privacy Principles which are ruled out in the Privacy Act 1988.
The Costs Involved
One of the main questions that you’ll likely have is how much will a payday loan cost with Payday Plus Loans? Unlike many other lenders, Payday Plus Loans does not charge varying rates.
Basically for every $100 that you borrow, you will pay back a $33 broker fee. So if you were to borrow $300 you would have to pay a $99. For $1,000 you would have to pay a $330 fee.
One thing that you will notice is that the APR is really high. This is the same with all payday loans.
Your APR will be worked out when you send in an application. Payday Plus Loans aims to show you exactly what you will be paying back clearly. Many lenders will try to mislead you by not giving you accurate information. This company doesn’t do that and they are 100% honest about what you will be repaying.
The thing to remember with the APR is that you very rarely pay the figures stated. You only have to worry about the APR of the loan if you miss the repayment. Providing that you repay the loan on the specified date, the amount that you pay back will be relatively low. If you skip it then you could find yourself in a lot of financial trouble!
You should find that there are no hidden charges applied. The fees that do apply include:
- $35 late or missed payment fee
- $0.99 direct debit collection fee
- $10 for a default letter
- $35 direct debit failure fee
- $50 arrears management fee
- $25 re-schedule payment fee
The above are the only fees, other than the broker fee, that you will have to pay. This is quite reasonable when you compare it to other lenders and brokers.
How to Apply for a Payday Plus Loan
If you would like to apply for a loan with Payday Plus Loans, it is quite a simple process. Firstly you need to make sure that you meet the minimum requirements. You need to be 18 years of age and earn a minimum of $1,000 a month. Finally you will need a bank account and be employed full time. If you meet all three requirements you will have a good chance of being accepted.
You could even get the money the same day that you apply. You will receive an instant decision and you can borrow up to $1,000. The actual amount that you are offered will depend upon your circumstances.
Firstly you need to fill in the short application form online. Once submitted, the details will be reviewed by a panel of lenders. It will take less than a minute to let you know whether you have been approved. If you have been then the lender will send you a loan agreement which you will need to e-sign.
In some cases it is worth noting that your details may not be verified in under a minute. You may need to fill in some email documents to confirm who you are. These will be sent on the same day that you have applied for the loan.
You will have set a specific date for the money to be debited and your loan will automatically be repaid on that date.
Other Information You Should Know
The minimum amount that you can borrow is $200. Most payments will be made on the same day, but in some cases the loan may take one working day to clear. It will be deposited into your bank account.
It is also worth noting that the lenders will carry out a credit check. However, if you do have bad credit then you will still be considered. Therefore don’t let that put you off applying.
There are times when people have taken out more than one payday loan at a time.
Payday Plus loans will not allow you to do this. They are a responsible lender and they like to make sure that you can repay the loan amount. So you will not be able to request another loan while you have one out. However, you may be able to extend the loan by another month. Be aware that this will incur you additional charges. It is always worth paying off as much as you can at the end of the month.
If you do find that you are having problems paying the loan, contact the company. They will be able to discuss the problem with you and come up with an affordable solution.
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