How Payday Loans for Quick Cash Can Help You

When you need a financial injection of just a few hundred dollars to bridge until the pay date, payday loans for quick cash can be a lifesaver. These small payday loans don’t burden your budget but come in handy when you’re short on cash but need it urgently.

What this article covers:

What Are Quick Cash Payday Loans?

Lenders offer loans (from several hundred to several thousand dollars) depending on your financial capabilities and needs. You can apply for this loan when you need money for everyday expenses, pilled-up bills, holiday purchases, or emergencies.

Repayment usually coincides with the arrival of your paycheck. For instance, you’ve borrowed $200 a week before your payday. The lender will deduct this amount from your account on the pay date, so the risk of default is almost non-existent.

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If you need to borrow more money, you can apply and agree on a loan tenure of up to a year or two. Since these loans are unsecured, there’s no need for an extensive credit check. 

The money usually arrives within the same day. But some direct lenders for payday loans offer even faster approval so that you can have quick cash in an hour. You can apply 24/7 for these loans, as some lenders work on weekends, too.

Who Can Get Low-Interest Rate Quick Cash Loans?

The great thing about these short-term loans is that any adult, employed person in Australia can apply and get approved no matter what. That means lenders won’t mind your income as long as it’s regular.

You can get a loan even if you’re on benefits. Centrelink is considered a regular income, and you’ll pay your instalment on the day you receive it. The only limitation can be the amount you can borrow, as Centrelink is usually lower than an average salary in Australia.

For instance, you can get a $500 payday loan with no problems, but if you need more money, maybe it’s better to consider alternatives to payday loans.

Benefits Quick Cash Loans

These loans bring many benefits to responsible borrowers:

  • You can get money before payday and use it any way you want.
  • Lenders allow you to choose repayment frequency and dates, so you can match them with your pay dates, whether they’re weekly, fortnightly, or monthly.
  • Lenders usually offer no credit check on quick cash loans, but that doesn’t mean guaranteed approval.
  • You can get fast cash loans in 15 minutes, even with below-average credit; just find direct lenders for applicants with bad credit.

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How to Get Quick Cash Now?

The application procedure is fairly easy since many direct loan lenders offer simple online applications. You can apply on workdays if you need money fast, but these services are available on Sundays, too.

You must fill out basic information and provide proof of identity, citizenship, and regular income. Lenders will also ask for your recent bank statement to check your financial activities. And if you’re applying for this loan on benefits, you have to provide a Centrelink income statement. The application is faxless since all documents will be collected online.

As there’s no extensive paperwork, they’ll review your information and get back to you soon. If approved, they’ll deposit money to your bank account, even if you ask for a quick loan on weekends. 

Costs of Immediate Loans in Australia

 You can’t expect payday loans to be cheap since they’re short-term and unsecured. Small payday loans of up to $2,000 carry no interest, but you pay fees on the borrowed amounts. Still, these costs can be high for short-term payday loans like this one.

Lenders usually charge fixed establishment costs and monthly fees on payday loans that can be up to 4% of the borrowed amount. Even for small amounts, these can be quite high. They can also ask for a default fee if you don’t make your payments on time – up to double the loan amount you got.

Payday loans of up to $5,000 will carry fixed interest between 10% and 40%, depending on the amount you borrow, tenure, and your creditworthiness. If your credit score is good, you can count on lower interest than bad credit borrowers.

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To Sum Up

Payday loans for quick cash can be a great deal when you need money fast but don’t want to commit yourself to long-term loans. You can use them to solve current financial issues, but these arrangements aren’t low-interest payday loans. Still, if you keep up with regular repayment and find a reliable direct loan lender, you can preserve your finances and good credit score.

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