Finding a short-term loan doesn't have to be difficult – a guide to applying for easy payday loans.
If you've found yourself in need of a payday loan, no matter what it's for, the ease of receiving your funds is likely to be one of your main concerns. Borrowers who apply for payday loans apply for them because they offer quick applications that require little paperwork, a fast turnaround time and often automatic repayments. What else makes a payday loan "easy"? The guide below will take you through the features, and how to find a lender to make the process easy for you.
Sunshine Short Term Offer
This is a short term loan offer with a fast and easy online application for bad credit borrowers who are employed. You can apply today to get approved for up to $2,000.
- Loan Amount: $2,000
- Loan Term: 9 weeks
- Turnaround Time: 30 Minutes - conditions apply
- Total Cost of Borrowing $100: 20% of borrowed amount + 4% of borrowed amount each month
- Bad credit borrowers OK
- Quick and easy Approval
- No Credit Checks - Must be employed
Easy* payday loans you could apply for
Warning about Borrowing
It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.
Check your options before you borrow:
- For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
- Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
- If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94
The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.
* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.
Is there such a thing as an easy payday loan?
Easy payday loans are short-term and should ideally be paid back over a period of 16 days to one year. The application is usually automatic, with your income usually being verified using your Internet banking details. You may also have the option to submit your statements manually.
You will be assessed for loans of between $100 to $2,000, or sometimes up to $5,000 depending on your ability to repay the loan. This ensures your repayments are affordable, and promotes clear and responsible lending choices.
Easy payday loans come with fixed fees and interest and the repayments will be automatically debited out of your account on the scheduled payment dates. These are usually organised around the day you get paid.
Payday loans are also unsecured, meaning you can choose to spend your cash on any item or service that you need to. This can help you get back on top of urgent costs such as home and car repairs, or a forgotten bill.
What makes a payday loan "easy"?
- You receive fast approval
Payday lenders offer quick turnaround time with applications and also sending your funds to you. Most lenders offer instant approval and if approved can have your funds send to within 24 hours.
- You don't need good credit
These are short term loans for people who may have a less-than-perfect credit history. Successfully repaying a loan from a lender can also help you get your finances in order and work at being a more responsible borrower. No credit check payday loans are also available.
- Flexible repayments on your loan
By providing details of your income and finances in the application process, loans are chosen for your situation and they ensure you can afford your repayments before your loan is approved. Loan calculators are also available so you can select repayments to meet your budget.
- Low minimum loan amount.
A common tip for smart borrowing is to restrict your loan amount to the expense you need to pay off. The majority of payday loans start at $50 or $100. You could customise your loan for your particular borrowing need.
How much can you expect to pay?
Lenders offering these loans need to follow a fee structure that follows guidelines set by the Australian Securities and Investments Commission (ASIC). This structure is as follows:
Small amount credit contracts (SACCSs)
Loans under $2,000 with terms between 16 days and one year
- Establishment fee of 20% of the principal loan amount
- Monthly account-keeping fee of 4% of the principal loan amount
- A government fee or charge
- Default fees or charges
- Enforcement expenses
Medium amount loans
Loans of between $2,001 and $5,000 repaid between 16 days and two years
- A one-off fee of $400
- A maximum annual interest rate of 48%, including all other fees and charges
Loans over $5,000 with terms longer than two years
- Fees and charges cannot exceed 48% p.a.
An easy payday loan application
Start by comparing your options using the table. Once you've found a loan are eligible for and want to apply for, you can click "Go to Site" to submit your application:
Eligibility criteria differs between lenders. Generally, you'll need to be over the age of 18 and be an Australian citizen or permanent Australian resident. You'll also need to meet the minimum income requirements set by the lender and receive that income into your bank account so it can be verified.
Centrelink applicants are usually eligible provided they receive supplementary income. If you receive your entire income from Centrelink or are unemployed, there still may be loan options available to you. The specific eligibility will differ between lenders, so remember to take a look at the requirements before you apply.
Receiving your funds
Once you are approved for your loan you will receive communication from the lender, either through a phone call, SMS or email. You will need to agree to the loan contract before you can receive your funds. With all lenders, the time you receive your funds depend on the time of day the loan is settled and who you bank with. Generally, if you bank with one of the Big Four banks you may receive your loan sooner. It's best to check this directly with the lender.
Remember to always compare your options, and consider the fees and charges associated with payday loans before applying.