Payday Loans

What is the benefit of using a payday loan from NextDayPay?

Here at NextDayPay, we know to expect the unexpected! The greatest benefit of taking out a payday loan from NextDayPay is the speed of application and response. Once you have been approved, the money could be in your account within one hour, if you bank with the CBA. We are an easy to use, easy to talk to, and convenient service, available online 7 days a week.

Who cannot get a payday loan from NextPayDay?

NextPayDay is a responsible lender operating in Australia. We are regulated by the Australian Securities and Investments Commission (ASIC) and hold an Australian Credit License (ACL:450305). We are also a member of the Financial Ombudsman Service (FOS).  We have a number of requirements in order to be approved for a payday or quick cash loan, and decline far more applications than we accept. For the avoidance of doubt, we do not lend to:

1. Those who have a history of bankruptcy
2. Those who have had, or currently have a magistrates court dispute
3. Those who ask for multiple cash loans over a short period of time, making the repayments unmanageable
4. Those who are overly reliant on cash loans
5. Those who are soley receiving Centrelink benefit payments
6. Those who spend all, or a majority of the money received on their payday, leaving them unable to meet their other expenses if they were to have a payday loan repayment coinciding that same day.

What if I receive Centrelink benefit payments?

If you receive a majority of your income from Centrelink, you will not be eligible for a loan from NextPayDay. If you receive Centrelink benefits in addition to your regular employment income, then you are eligible to apply, as long as it is supplementary income only. An example of this might be the School Kids Bonus, or certain types of Family Assistance payments. Other specialist credit providers and various government sponsored programs exist that are more suited to borrowers on Centrelink income.

How long does it take to receive my approval after my application has been accepted?

Good question! NextPayDay has a quick and easy application process. We are a transparent lender and lend responsibly to hard-working Australians like yourself. If you are applying during business hours, you will receive notification of the status of your application within minutes, and pending approval your funds are transferred within the hour.

If you are with the Commonwealth Bank, your loan funds will be in your account within minutes of us sending it.

If you are with any of the other major banks, the money will be credited to your bank account usually within a few hours.

If you are with a smaller regional bank, the longest is overnight, just as long as your application is approved before 3:30pm that day.

What are the requirements to be approved for a payday loan?

NextPayDay has an automated identity verification and bank statement retrieval process. You may also undergo a credit history check. You must have a regular income, be an Australian resident, and earn over $500 a week in order to meet the minimum repayments. We assess the past 90 days transaction history from your income account for any defaults, reversals, other loan repayments, and Centrelink income. NextPayDay does not lend to those with a record of bankruptcy, magistrates court judgments, or where a majority of your income is from Centrelink payments.

When assessing your credit history, we understand that defaults remain on your credit file over 5 years, and that past history doesn’t always reflect who you are now - that’s why we review all the information to ensure we have an accurate picture of your current financial circumstances.

In what situation is a payday loan suitable?

There are many different situations that would suit getting a payday loan, and although each person and situation is different, here are some examples of the most common purposes.

• Your car broke down, or has been damaged, but is not covered by your car insurance. Car repairs can make quite a dent to your cashflow so our payday loans of $200 to $1600 usually provide enough room to cover most emergency repairs to your vehicle.
• Your phone bill is due. Who hasn’t gotten a bit of a fright after seeing the mobile data charges? One minute you’ve paid for it, and next minute it’s already due for the next month! Even if you’ve gone over your data package (who hasn’t?!) our $200 payday loan is quick and easy so you are worry free!
• A loved one has been hospitalized and requires medical assistance. Medical treatment can be quite costly, and medical bills can keep piling up. A lot of treatments are not fully covered by regular medical insurance so access to emergency credit of up to $1600 can help reduce stress in times of emergency.
• You’re on holiday and have run out of money. Last thing you want when relaxing on the beach is to start panicking because you’ve spent all your money! NextPayDay has a quick and simple online application and lending process with affordable repayments to suit every borrower.

What happens if I can’t afford a repayment, or something goes wrong?

If you miss a repayment, you can make it up straight away by making a direct deposit or debit card payment, thereby avoiding any additional costs. We understand that life doesn’t always go according to plan. Let us know what the matter is, how we can reorganize you schedule to suit you better, and we’ll do everything we can to accommodate you.

There are extra fees if a repayment fails, such as the $35 fee each time a repayment is dishonoured or loan extended, and further collection fees if we must send your loan to an external collection agency. These can all be avoided by keeping us informed, and working with us to clear the debt.

NextPayDay understands that sometimes bills can pile up suddenly, or dates may change, and that sometimes it is outside of your control. We are willing to listen to you and when warranted, we can reduce or waive fees.

Can I get a short-term loan of less than $2000 to repay in 15 days or less?

No. The National Consumer Credit Protection Act, otherwise known as the NCCP protects Australians from high interest on loan repayments. This is why short-term loans of less than $2000 to be repaid within 15 days or less do not exist in Australia anymore. These loans have been banned since the 1^st of March in 2013.

Are there any other options for me besides a quick cash loan?

In accordance with Australian Federal Government rules and regulations, as stated by the Australian Securities and Investments Commission, NextPayDay is required to provide all our customers and prospective borrowers information on  other borrowing options available within Australia.

When considering to get a payday loan, otherwise known as a quick cash loan, think of whether you can afford the repayment plan set by NextPayDay and if other financial options are better suited to you.

According to the Australian Federal Government and Investments Commission, some cheaper alternatives when you are experiencing financial difficulty in Australia include:

1. Negotiating with your utility provider. Many utility companies employ a hardships officer.
2. If you are part of a low income household, you may qualify for a no or low interest loan.
3. If you are eligible for Centrelink benefits, you may be able to get an advance payment on your benefits with no interest charges.