PayDay2Day Payday Loans & Cash Loan Advances
Review: PayDay2Day Payday Loans
If you need cash in a hurry and pay day is still a couple of weeks away then don’t despair. A payday loan or cash advance could get you out of trouble until your wages arrive. Take a look at what leading micro loan provider Payday2Day could offer you, and see why they could be your best option.
It’s fair to say that life can be unpredictable. Especially when it comes to our finances. How many times have you come home to find your water tank has sprung a leak, or had your car breakdown on you in the middle of rush hour?
What are you going to do if payday is still a few weeks away? Unless you’re in a position where you have a “war fund” set aside or a savings account you may not have the money available to sort things out.
The concept of the payday loan was born from these very types of situations, and now there are a number of companies offering small short-term loans to help you during your time of need.
Welcome to the world of the payday loan!
Get a Cash Loan up to $1,000 Paid Today!
Apply for a fast-tracked loan now. Just fill in simple application form and Submit it online for quick approval.
- Loan Amount: $1000
- Loan Term: 4 Weeks
- Turnaround Time: Same Day
- Total Cost of Borrowing $100: 48
- Bad credit Ok
- Same day cash loans
- No security needed
- Quick Approval
- Confidential and secure!
| Description | Loan Amount | Term of Loan | Turnaround Time | Requirements | Total Cost of Borrowing $100 | ||
|---|---|---|---|---|---|---|---|
PayDay2Day Payday Loans |
Apply for a PayDay2Day Payday Loan and get a fast cash loan today!. | $1000 | 4 Weeks | Same Day | You must be over 18, are in full time employment and earn over $1000 a month. | 48 |   |
What Are Payday Loans and Cash Advances?
This type of credit product is known as a Micro loan and is designed to be paid back within a short period of time. The idea is that consumers will borrow the money with a view to pay it back with money from their next pay packet.
They’re normally offered by independent financial companies, and the interest rates on these loans can often be significan’tly higher than those associated with longer term loans, and credit products offered by actual banks and building societies.
Although many micro loan companies are very fair and professional, there are some unscrupulous operators around who can charge extortionate fees for using their service. That’s why it’s vital you do plenty of research when you look for this type of loan, and that you stick to a company with a proven reputation in the industry.
One of the biggest and best companies around offering these kinds of loans and cash advance products is Payday2Day. Let’s take a look at what they offer.
Who Are They?
The first thing to note is that Payday2Day is not a small company. They’re a trading brand of First Stop Money who are one of the biggest and best known short term loan providers in the whole of Australia.
The other thing to note is that they are totally regulated by National Consumer Credit Protection Act 2009, and the Privacy Act of 1988. This means they are regularly checked and monitored in order top ensure they stick to strict industry guidelines, and that they provide a high quality and fair service to consumers.
It means you can apply knowing your back is covered should anything go wrong.
How Does It Work?
Due to the nature of the product, the application process is designed to give you a quick and easy decision so you can get hold of the money you need as soon as possible. In fact, once you fill in the online application you should receive acceptance in a few seconds.
The application process is very easy and they only really require the most basic information from you. You’ll need to give them your name, age, present address, details of your current employment status, and finally (but probably most importantly) your bank details so they can pay you!
Once the application is complete you’ll be guided through the final steps and if your application is successful you then officially accept and finalise your loan. At this point the deal becomes legally binding and you’re obliged to pay the debt back.
Payday2Day will then send you a cheque the same business day, unless you need the funds instantly in which case a bank transfer can be arranged. Bear in mind there will be an additional cost for this so if you can wait for a cheque it’s well worth it.
Lifelong Benefits
Payday2Day believe in building relationships for life and so once you are accepted for your first loan with them your details will be kept safely on file. This way if you ever need to apply for another loan or cash advance you won’t have to fill in many forms.
Customers who pay back their loans on time will also be reviewed with the possibility of increased borrowing. Something worth noting is that if you pay these small loans off quickly and without any lateness or defaulting your credit record will show you as a good customer, and this could help you in future applications.
How Much Does It Cost?
Like any loan, your credit comes at a price. Payday loans and cash advances of this type are known for having much higher rates of interest so it’s important you pay things on time. The Payday2Day rate of interest is currently 48% APR which is considerably more than you’d pay on the high street. This is generally because the loan is short term, and your credit history is less important meaning they take on customers who may struggle to get a loan elsewhere.
Although there are no arrangement fees to pay there are certain charges to watch out for. They mainly relate to payments that are missed so if you pay on time you shouldn’t be affected. Here’s a list of the fees and charges to avoid:
- Late payment or missed payment charge – $38.50
- Direct Debit Collection Charge
- Direct Debit Failure Charge – $38.50
- Letter of Default – $10
- Re-schedule Payment Charge – $27.50
- EFT Funding Charge – $44.75
- Arrears Management Charge – $50
Payday2Day are a very fair company and if you feel you’re going to find it difficult to pay the loan back for any reason you should contact them straight away to let them know.
Does It Matter What The Money Is For?
You may be wondering whether this type of loan is only available under certain circumstances, or if you need the money for a particular reason. The good news is that whether you need to money to pay an unexpected bill, or to buy a pair of concert tickets you can access the product.
As long as the details provided on your application are correct and you make your payments on time the reason for the loan is largely unimportant.
As you can see if you need a loan in a hurry or just to help you through until your next payday, a payday loan or cash advance could be a very sensible solution. Just keep in mind the higher rate of interest and the possible charges. With that in mind let’s try and answer some of the commonly asked questions about the Payday2Day payday loans.
How much money am I able to borrow? The smallest amount you can borrow is $200. If you become a regular customer with a good record it’s possible to borrow up to $1000 at a time.
What criteria is there to apply? You just need to be over the age of 18, in constant full time employment, and be earning at least $1000 a month. That’s it! There is no other requirements to meet.
How long does it take to get the money? Normally as long as your loan is underwritten by 3pm you will have a cheque sent to you that very day. If you need the money urgently a EFT can be arranged but this will be subject to an extra fee.
Does Payday2Day credit check me? Yes they do and this is standard for any financial company. The good news is that even if you don’t have a squeaky clean credit history there’s still a very good chance you’ll be accepted.
Can I have more than one loan at a time? You are only permitted to be running one loan at a time. This is really to ensure you don’t borrow more than you can afford to pay back. However as soon as one loan is paid back in full you can apply for another straight away.
There’s also a very helpful customer services team on hand to help you if you have any questions or concerns about your account. Sometimes in life things go wrong and if you do run into any payment difficulty you should let them know as soon as possible so you can make an arrangement.
Conclusion
We’ve looked at a number of options for those in need of short term loans, and in terms of speed, cost, and general effectiveness payday loans are a very good option, especially when compared with taking out a risky credit card where debt can rapidly grow.
As far as companies go you can’t go too far wrong with Payday2Day as your loan or cash advance provider.
Ask A Question