Payday and Short-Term Loans in Australia
Payday and Short-Term Loans in Australia is second to None when it comes to quick digital credit facility in case of emergency by employee to offset their immediate bills before the next payday.
With Payday Loan, you can borrow money at low interest rate with no documentation or collateral needed. it is usually a small amount short-term, high cost loan, typically based on how much you earn, and you usually have to provide a pay stub when applying for one.
payday loan is usually repaid in a single payment on the borrower’s next Payday. The due date is typically two to four weeks from the date the loan was made. The specific due date is set in the payday loan agreement.
Before obtaining payday loan or Short Term Loans, check withe lender term and condition which include interest rate, charges and tenor to enable factor out risk or benefit involve.
We need to dive more on lenders in Australia that offer competitive Payday loans and Short Term Loans in this post.
List of Payday and Short-Term Loans Providers in Australia
1. OZ Payday Loan
The lender offer Fast Cash Loans to regular income earner in Australia, the loan amount range from $200 to $4,500 in $50 increments. The repayment is up to 10 Weeks when approved
To be eligible for OZ Payday Loan, you need to be 18 years old, an Australian resident receiving a regular income. Application process is done online.
2. Sunshine Short Term Loans
Borrower can get up to $2000 into their bank account fast within 30 minutes. The short term loan can use to finance Car Repair, Holidays, Medical Emergencies, Emergency Cash, Bad Credit and pay bills
The establishment fee is 20% of the amount borrowed. The monthly fee is 4% of the amount borrowed. Other fees may apply.
3. Credit24 Short Term Loan
The Australia lender offers short term loan loan up to $2,000 with 12 months repayment period. Borrower can also Borrow up to $10,000 for a maximum of 36 months. Choose the loan amount and how long you want to pay it back. If approved within business hours, money could be transferred to your bank account on the same day (depending on your bank).
To be eligible for a Credit24 loan you must:
1. Be a Permanent Resident
2. Be aged 18 years or over
3. Be employed and get paid into your bank account
4. Have a reasonable credit history
5. Earn at least $1,000 per month
6. Bank account’s online banking service with the last three months of statements
Credit24 loan application simply 100% online service
4. Nimble Short Term Loan
Nimble offer two kinds of loans in this category: small loans and medium loans. Small loans are for $300 to $2,000, while medium loans can get you from $2,050 up to $5,000 fast. Both loans come with fast approval.
This kind of loan is available to any Australian citizen who is over 18, has an active bank account, and doesn’t get more than 50% of their income from Centrelink. The loan tenor ranges from 62 days to 9 months for small loans (depending on the your loan amount) and 62 days to 22 months for medium loans.
It has 20% of loan amount + 4% of loan amount each month for small loan and Application fee of $400 + 47.6158% p.a.for medium loan –Comparison rate:** 65.6597% p.a.
Establishment Fee for small loan goes for 20% of loan amount while medium loan fees is $400
How to apply
To apply for Nimble loan you must be an Australian Resident,over 18 employed. : visit their online portal to apply via: https://nimble.com.au/s1/get-started-amount-term/
5. Safe Financial Small Loan
Safe Financial offer mini loans from $1,000 to $5,000. New clients – must work and earn $500+/wk to apply. The loan tenor is 22 – 52 weeks with $35 arrears fees. Example: if you request for loan amount is: $1,000 -Your repayment is: $65.45 over 22 weeks
6. Fair Go Finance Small Loan
This Australia largest non-bank personal loan lenders. The offer personal loans That are designed for people with bad credit through to good credit. Borrower can easy get a personal loan from as little as $500 to $10,000. Whether you need a quick, same day cash loan or a larger renovation loan.
The bad credit loan come in two form SMALL Amount Loans and MEDIUM Amount Loans both gas the following features
Bad credit SMALL Amount Loans
Loan Amounts $300 – $2,000
Average Term 1 – 12 months
Typical Establishment Fee $0 – $400
Monthly Fee $0 – $80
Interest Rate Per Annum (APR) * N/A
Comparison Rate ** 40.08% – 73.06%
Bad credit MEDIUM Amount Loan
Loan Amounts- $2,050 – $5,000
Average Term- 6 – 24 months
Typical Establishment Fee- $394 – $771
Monthly Fee- $9
Interest Rate Per Annum (APR) *-17.20% – 29.90%
Comparison Rate ** – 39.61% – 64.52%
7. Ferratum Cash Loans
Ferratum offer quick, fast and cash loan,the short term personal loans is up to $500 to $1900 with repayment periods over 3 to 12 months.
THE loan application system is very quick and efficient, which means customers get their cash loans the same day once Ferratum receive all required documents. The beauty of a quick loan online is that it has a relatively quick repayment period, so unlike the credit card, you have a fixed date for when your debt will be paid off.
How to apply
Apply online for Ferratum Cash Loans and get approved in a little as 15 minutes: Visit online portal: https://www.ferratum.com.au/apply/plusloan-lite
Other payday loan lender on the list are:
1.Jacaranda Finance Personal Loan
2. Cash Converters Loans
12. Aussie Payday Cash
13.Buddy Loans Personal Loan
18.Cash Now Ferntree Gully
25.Fast Access Finance
27.Funda Custom Credit Solutions
28.Good to Go Loans
40 Perfect Payday