How to Find the Best Loans Payday Providers in Australia

Finding the best loans -payday category- is no easy feat if you don’t know what to look for. What even makes a payday loan “the best” among its competitors? More importantly, where do you go to get these best-rated payday loans?

In this article, not only will we explain what a payday loan is, but we’ll also tell you all the features you should consider when choosing a loan provider.

What this article covers:

• What Are the Best Payday Loans in Australia?
• How to Choose the Best Payday Loan Company
• How to Compare Payday Loans Australia
• What’s the Easiest Place to Get a Payday Loan?

What Are the Best Payday Loans in Australia?

To get the best payday loan in Australia, you first need to understand what makes a good payday loan. It should be cheap, fast, and easy to get.

For instance, payday loans are notoriously known for being on the more expensive side. While loan fees and interest rates are generally capped at a fixed value, a good payday loan would have lower-than-average fees.

It also shouldn’t be too hard to get, be it for good or bad credit clients. And finally, a good payday loan should have minimal turnaround time, allowing you to use the loan funds as soon as you need them.

How to Choose the Best Payday Loan Company

When it comes to choosing your loan provider, the first thing you should do is ask about their reputation. A reputable payday lender can make a world of difference. 

Unfortunately, the loan business involves some shady people who do nothing more than take advantage of people in need. They can set ridiculous fees and interest rates with no consideration of how their client will repay them. And they may also impose short loan terms that make loan repayment for the average person near impossible. 

When choosing a payday loan company, make sure to research it thoroughly, be it by reading reliable reviews or asking around on the market. 

Also, check whether the company is licensed by looking through the ASIC’s registers. Any company that doesn’t have an Australian Financial Services (AFS) licence should never be among your top picks. 

If you decide to use Orange Loans for your payday loan, you can generally skip this step. This is because we only deal with trustworthy lenders, so you shouldn’t be too wary of the lenders we put you in touch with (though it never hurts to double-check their licence). And this, among other reasons, is why Orange Loans is one of the top ten payday lenders in Australia.

How to Compare Payday Loans Australia 

When comparing the various payday loans available in Australia, you need to consider three things:

• Fees
• Loan terms
• Turnaround time

Let’s see how each of these factors will affect your decision. 

Fees

As for fees, you first need to know that payday loans don’t normally exceed $2,000. Any loan equal to or less than $2,000 is subject to a maximum establishment fee of 20% and a maximum monthly fee of 4%. 

Some lenders may try to charge you more than the maximum limit but know that they’ll be going against the law if they do so. Some may also try to charge you an annual interest rate, but that’s not possible for such a small-sized loan.

That isn’t to say that all lenders are crooked. Most do adhere to the ASIC rules and regulations, but they do tend to go with the highest possible legal fees. However, a few companies may offer lower fees, and these are the ones you should be looking for. 

You should also consider late payment fees when comparing lenders. Late payment fees are extra fees if you repay your loan after the agreed-upon schedule. Many lenders make use of these fees, which ultimately means you’ll be in severe debt if you don’t stay on top of your loan payments. 

Loan Term

All payday loan terms generally range from 16 days to 1 year. The exact timeframe for repaying the loan is typically left up to you. 

But what happens if you repay your loan before the loan term is up? 

Paying the loan early means you won’t need to pay the remaining monthly fees. However, some lenders don’t like it when you do this because they won’t be able to make as much money as initially planned. So, they attach what’s known as early repayment charges, which can be pretty steep. 

But there are payday loan organisations that waive the early payment fee. Some won’t even list it in the loan contract. Since the early payment fee policies can largely differ from company to company, you need to check with each lender what their policy on early loan repayment is. 

Turnaround Time

Turnaround time is how long it takes for you to receive loan funds. Some lenders will get you the money in less than an hour. A few may require a couple of days before giving you the final approval.

If the timeline doesn’t make much of a difference, feel free to choose any lender you like. However, if you urgently need the money, you need to verify with the lender how long it’ll take for the money to reach your bank account.  

What’s the Easiest Place to Get a Payday Loan?

Getting a payday loan can be a hassle if you’re going about it the traditional way. Not only do you have to fill out multiple forms and submit numerous documents, but you also have to take a chunk out of your day to get to the lender’s office and wait for your turn. 

That’s why many individuals now prefer applying for safe online payday loans.

In fact, the best payday lenders all have online applications available to their clients, Orange Loans included. Without breaking a sweat, you can get a payday loan in as short as 60 minutes. All you need to do is fill out an online application, attach a soft copy of the required documents, and voila!!!

FAQs

Can There Be an Interest Rate on Payday Loans?

Payday loans don’t have an interest rate because they’re usually repaid in a year or less. They’re meant to be repaid by your next payday, hence the name. Since lenders can’t calculate an annual rate for such a short-term loan, payday loan interest rates don’t exist (unless the loan is over $2,000).

What Are the Advantages of a Payday Loan?

Payday loan advantages are quite numerous. For one, payday loans are straightforward to get, only having minimal requirements. This means that almost everyone can get approved for this type of loan, even people with bad credit. Payday loans also have no interest rates, and their loan terms are relatively flexible.

Is There a Limit on How Many Payday Loans You Can Get?

Not really. You can borrow as many loans as you want, provided you pay each one in full and on time. Consider these factors if you are to borrow more than 2 payday loans at once.

How Much Can You Borrow With a Payday Loan?

Payday loans rarely go over $2,000. However, some lenders can push it to $5,000 (and a few even go up to $10,000).

How Much Does a $1,000 Payday Loan Cost?

If you’re going by the maximum establishment and monthly fees, a $1,000 payday loan that’s repaid in 1 month will cost you $1,240 ($200 establishment fee and $40 monthly fee).

Conclusion

Finding the best loans payday is very much possible if you use Orange Loans. Once you fill out an application, we’ll find you a trustworthy lender that’ll hopefully provide you with the best loan conditions on the market. If you agree to the loan terms, all you have to do then is sign the loan contract.