Can you get a cash payday loan in Wollongong? Read on to find the answer.
Just a stone’s throw from the hustle and bustle of Sydney, Wollongong is viewed by many as a beachfront escape. However, you may find yourself in Wollongong on the wrong side of the due date on an unexpected bill, or unable to pay for a sudden expense.
If you find yourself in a situation where you are considering a short term loan in Wollongong, this guide is for you.
How do short term loans work in Wollongong?
You can apply for a short term loan in Wollongong at a storefront lender or online, depending on what suits your situation. Online lenders can approve you in minutes and have the money transferred to you in 24 hours, while storefront lenders can offer one-hour turnaround for cash-in-hand. However, there might be fewer store-front lenders to choose from in Wollongong due to the size of the city.
Short term loans are usually between $100 and $2,000 and repayment terms can vary from one or two months up to a year. While you may be able to borrow up to $5,000 with some lenders, you will pay a higher cost. Find out more about fees and rates below.
Cash loans available in Wollongong that you can compare today
- Bad credit applicants considered
- Fast approval service
- Borrow up to $2,000
100% confidential application
Sunshine Short Term Offer
A short term loan with a fast and easy application available to those with good or bad credit. You can apply today and get approved for up to $2,000.
- Loan amount: $2,000
- Loan term: 9-15 weeks
- Turnaround time: 30 minutes (conditions apply)
- Fees: 20% of borrowed amount + 4% of borrowed amount each month
- Bad credit borrowers OK
- Quick and easy Approval
- No Credit Checks
How to compare your loan options
There are many ways to compare lenders, but here are a few key things to keep your eye on while looking around for a payday loan.
- Fees. Lenders offering loans of less than $2,000 will not charge an establishment fee of more than 20% or a monthly fee of more than 4%. There is no interest attached to these loans and this is the maximum fee you will be charged. Compare your options as you might find a competitive loan.
- Interest rates. Loans below $2,000 do not come with interest rates. If you apply for a loan above this amount you will be charged a rate of up to 48% p.a., as well as certain fees, depending on how much you borrow.
- Repayment terms. How long do you need to pay off your loan? Keep in mind the longer you take to pay it back the more you will be charged, but the more manageable the repayments may be. Use a payday loan calculator to determine your repayments.
- Amount you need to borrow. Make sure the lender you choose offers the loan amount you need. Also, some lenders offer a lower borrowing amount to first-time borrowers, so be sure to check this before you apply.
Benefits and drawbacks of a payday loan
There are many benefits and drawbacks to getting a payday loan:
- Quick access to money. Some lenders offer same day turnaround once your loan has been approved.
- Flexible repayment terms. Lenders offer flexible repayment options and the majority allow you to repay your loan early.
- Flexible loan criteria. Depending on the lender you opt for, you may still be considered for a loan even if you have bad credit or if you’re on Centrelink payments. It usually comes down to your ability to afford the loan.
- High cost. Short term loans come with a notoriously high cost so this is something to keep in mind before you apply.
- Repayment issues. If you’re having loan repayment issues, you may be charged high late fees which can add on to the cost of your loan and make repayment even more difficult. Make sure you consider your ability to afford the loan.
Areas of the Wollongong area you can get a payday loan
With access to the Internet, you can get access to a whole variety of online lenders that may be willing to overlook your bad credit history in order to get you the money you need. You may be able to get loans from lenders in the Wollongong CBD, Warrawong, Figtree, Mangerton, Tarrawanna, Corrimal and Albion Park Rail.
Questions to ask before applying for a payday loan
There are a few questions you should ask yourself before applying for a payday loan:
- Can I afford the repayments? This is vital to consider because not making repayments on time will negatively affect your credit history.
- What are the loan terms? How long do you need the loan for? This is important to know before going into a lender.
- Will they check my credit history? If you’ve got a bad credit history, it’s good to know which lenders will accept your payday loan claim. Every time you apply for a loan it affects your credit history so you need to make sure you only apply for a loan you are eligible for.
Once you’ve asked these important questions and figured out the answers, you’re well on your way to getting that payday loan you need.