It can be expensive to borrow small amounts of money and borrowing may not solve your money problems. Check your options before you borrow:
* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.
Make any day your payday and get the cash you are urgently in need of by applying for payday loans. These are short term loans designed to bridge cash shortfall between paydays. So, no matter in what financial shortfall you are trapped in, make a smart choice by applying for these loans today.
These are small loans and offered for short tenure. They should not be considered to fix long term debts. For this reason these loans are meant to be repaid back within a couple of weeks. Interest rates of these loans are high. Lender may also charge processing fee.
You will need to repay back these loans in one go on the due date. Delaying the repayment can cost you extra and affect your credit status. As far as qualifications are concerned, applicants need to have a regular employment and a bank account.
In Australia payday loans companies charge 24% per AU$100 borrowed along with a 20% establishment fee and a 4% monthly fee. Go through the comparison rates at The Loans Point to find out the approximate cost of your payday loan. Do not forget to check out the extra features and benefits offered by each lender ahead of making the final decision.
When you fail to pay back payday loan on time defaulting happens. This will cause your credit score to fall, future loans to have high interest rate and your wages to get garnished. Lenders may also turn over your loan to a debt collector who will try every tactics to get you to pay back your debt in full.
Lenders never use the information contained on the credit reports to grant or deny a payday loan and they also never report your payday loan activity to the major credit reporting agencies. They do not report your timely payments either. This simply means that a payday loan is never going to have a positive effect on your credit score.
Though payday loan agencies never report a missed or late payment to the reporting agencies, there are a few ways that can negatively affect your credit score. If you are unable to pay the payday loan on the agreed date, the lender may sell the loan debt to a third party debt collector, who can report it to one or more of the major credit bureaus and that can have a negative effect on your credit score.
There are a few steps that you can take to get out your payday loan debt fast. You can start by looking at all your debts together and prioritize high interest debts. You can also opt for extended payment plan, refinance it, and get payday loans debt assistance. The very first step to get your finance back on track is to figure out how you can get out of your payday loan debt.
Although most lenders allow paying off a loan early, some may charge an early payoff fee. To avoid such a fee, carefully review the loan agreements before deciding to pay off early. If a lender allows repaying early then you can save money in fees and make your budget easier to manage.