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May 3, 2020

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Payday Loans in Australia

You can always use payday loans in Australia whenever you need to fix your short-term financial needs. Take for instance; if your car broke before your next salary, and you don’t have ready cash to repair your vehicle. In such cases, payday loans are of significant advantage.

This article will help you learn more about payday loans in Australia. Check it out!

The History of Payday Loans in Australia

Generally, the rise of payday loans in Australia became evident towards the beginning of the 21st century. Consumers looking for easy and fast cash have been running to payday lenders.

Financial experts highlight that the increase in demand for payday loans is attributed to the low incomes and the amplified casualization of the labour market. It is estimated that over 7 million people are not eligible for bank credit in Australia. Thus, most of them prefer using payday loans to solve their monetary needs.

Although the Australian government encourages residents to get loans from Banks, Australians still find payday loans helpful to them. A recent study shows that most of these borrowers are the consumers excluded from the mainstream credit.

In the past two decades, payday loans have been rampant in Australia. Studies reveal that since the year 2012, over one million Australians use this loan every year.

What are the Regulations for Payday Loans in Australia?

Payday loans are legal in Australia. However, with the rise of consumer violations by many personal lenders, the Australian government has laid out several restrictions to control all payday lenders. For instance, the government limits the fees charged by payday lenders for loans below 2,000 dollars. Loans fees may differ between lenders and also depends on the loan amount and term.

Payday lending companies in Australia are controlled by the National Consumer Credit Protection Act of 2009. With the establishment of this Act, other rules have been outlined to ensure that payday loans are fair to the consumers. For example; the legal charges for payday loans include;

  • Fee charge that shall not exceed 20% of the amount borrowed.
  • The account management fee should be 4% or below.
  • A government fee or tax charge.
  • Rollover charges. this is a fee charged when the borrower fails to repay the loan. Lenders are also allowed to take them to court.

In the year 2013, Australia’s payday laws banned loan terms of 15 days and below. The legal terms for payday loans are 16 days to one year. The Australian government has always been working towards reducing the cost of these loans to protect its citizens.

Moreover, all payday lenders in Australia are required to have an Australian Credit License to offer payday loan services. The law also requires the lenders to evaluate the ability of a consumer to repay the loan before approving them. This helps in enhancing the responsibility of the borrowers.

Facts and Statistics of Payday Loans in Australia

Facts about payday loans in Australia

10 Best Payday Loan Websites in Australia

Numerous money lending companies give payday loans in Australia. Most of them have a website that is accessible in 24 hours. The following websites are considered the best;

  1. My Cash Online

This is Australia’s payday loan number one Lenders. They provide short-term and flexible loans to all eligible Australians. The dispensation time is short and is done online. They can fund you up to $2000.

  1. Cash Today

Cash Today is another lending company in Australia that gives quick cash. If you need to get the loan the same day you apply, you should make your application before 2 pm AEST. They give $100 to $500.

  1. Viva Payday Loans

Viva Payday Loans is a site that helps any Australian to get fast and secure loans. You only need to be eligible for your loan to be approved. The loan amount is $100 to $5000.

  1. Cash train

This is also a great lending company that offers great deals to their customers. Any Australian in need of instant payday loans can benefit from this website. The loan amount is $200 to $2000.

  1. Swift Loans

This website is mobile -friendly and you can apply for a loan anytime any day. Your loan limit on this site depends on your last 90 days bank statement. The loan amount is $300 to $4500.

  1. Perfect Payday

This is a private lending website. Customers need to choose the lenders of their choice on this site. The loan amount ranges from $100 to $2000.

  1. Swoosh

The loan application on this website is easy and fast. They focus on ensuring that all the needs of their customers are fulfilled. The loan amount is $200 to $4,581.80.

  1. Australian Lending Centre

This is a website that has connections with a range of trusted lenders in Australia. They simplify the application process and make it more secure for borrowers. Their main aim is to create a steadfast trust with their customers. The loan amount is $100 to $5000.

  1. Australia Payday Pro

Australiapaydaypro.com provides reliable services to any Australian looking for a payday loan. The site functions under the operations of Pingtree PTY Ltd. The loan amount is $100 to $1000.

  1. Quickle

This is five-star online payday lenders in Australia. They give salary-based loans at an affordable cost. Any borrower can fill their application form online or call direct to Quickle representatives. The loan amount is $300 to $2000.

If you are looking forward to applying for a quick loan in Australia, remember to consider the information provided in this article.

 

 

Sources

https://www.mrlender.com/blog/payday-loans-in-australia/

https://www.theguardian.com/australia-news/2019/nov/12/more-than-30000-payday-loans-targeting-the-financially-vulnerable-taken-out-each-week

https://www.finder.com.au/history-of-payday-loans

https://www.finder.com.au/payday-loans

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