Fast Payday Loan

With a range of different online loans available it can be difficult to figure out what loan is best for you and your financial circumstances. One of the most common short-term loans that you may have heard of is a payday loan, but what exactly is it? A payday loan is a loan with repayments that align with a borrower’s payday, whether it is weekly, fortnightly or monthly. These loans are usually under $2000 and require repayment within 16 days to 12 months, depending on a borrower’s financial situation and are a fast way to get small sums of money. Because loan repayments occur on a borrower’s payday it allows for a more manageable payment schedule as a pre-arranged amount is withdrawn at regular intervals.

Unlike other countries, Australia has industry specific legislation regarding payday loans that cap interest rates, preventing lenders from increasing rates during the repayment period. The most standard rates for providers include a 20% establishment fee and a 4% monthly fee. Most Next Payday loans are around 30 days in duration; however, because of the repayment plan structure payday loans can be longer based on the borrower’s record, financial situation and loan amount. Keep in mind that just because there is a capped limit on the rates that lenders are able to charge it does not mean that all lenders are the same. In fact costs such as fees, charges and penalties all differ between institutions, which is why it is important to find the best payday loan lender for you. A universal practice for all lenders is to charge a late fee for unmet repayments; this fee is based upon the lender’s policy.

Next Payday charges a $35 rate for unsuccessful direct debits, which covers the associated bank fees, direct debit fees and the cost of rescheduling. However, we know that late repayments can be a result of technical errors, miscommunication or just general human error, so if your payment is made within 48 hours, the fee will be waived. However, if circumstances arise that change your financial situation, contact straight away to develop a manageable repayment plan that suits you in order to prevent your loan spiralling out of control.

Next Payday conducts a review of a potential borrower’s financial situation in order to comply with responsible lending procedures. This includes a review of transactions from the previous 90 days of your income receiving bank account. Additionally, Next Payday only accepts borrows that are Australian residents over the age of 18 years with employment and a regular, steady income stream. We also assess whether a potential borrower is suffering any financial hardship that may impact their ability to make repayments.

Why would you need a payday loan? Well, our payday loan customers all have regular incomes, earn more than $500 a week and generally use these loans in order to cover temporary cash shortfalls over the course of a month, such as unexpected bills, whether it’s utilities or medical. However, payday loans can be used for a wider range of personal needs such as holidays, expensive periods of the year such as school holidays, car repairs and many more. We always aim to ensure that our loans are manageable and affordable to our consumers so we provide more flexible repayment plans should unavoidable circumstances occur or to repeat customers with a proven record of sound repayment.