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.
Before getting personal loans there are several things that should be considered, including how it will impact your credit. Depending on your credit profile, this loan can help boost your credit scores, especially if you have applied for it to pay down your existing or higher-interest rate debt. A personal loan can also make it easier for you to pay your bills on time as it will reduce the outflow of monthly payments.
Depending on your ability to repay back, personal loans can be both a good and bad idea. If repayment is regulated, taking a personal loan is always a good idea. It will help you to overcome a difficult financial situation in life when you are low on funds.
Before you decide to repay a personal loan early, go over to the loan agreement and check for prepayment penalty. When you pay off a loan early, it means the lender will be deprived of future interest payments and they will not be able to make much money and thus not all lenders allow it. So, be aware of such penalties before paying off your personal loan early.
Loan application varies from one lender to another. Before approving your loan request lenders will make sure these five areas are strong, which includes- monthly income, employment, credit history, loan security and list of your assets, debts and expenses.