When unforeseen expenses crop up, NextPayDay offers short-term loans to cover you until you next get paid.
If you need cash quickly to cover expenses that have suddenly popped into your life, like getting a tooth out that’s giving you grief, consider a loan from NextPayDay.
Everything’s done online, even signing the contract, which you do using your e-signature.
The whole process is very fast, and once you’re approved, the funds will be in your account within the next hour. The company lends through Commonwealth Bank, and If your account is with the Commonwealth, funds are transferred immediately after approval.
How does getting a quick online loan with NextPayDay work?
You can borrow amounts starting from $200 up to $1,600. Loan terms are from a minimum of 4 weeks to a maximum of 12 months. It’s important to have an income stream that will allow you to cover expenses that come with the loan, including an establishment fee and monthly fees. Repayments can be made weekly, fortnightly or monthly, so you can tailor these to suit your pay schedule.
Features of NextPayDay’s short-term loan
Some of the features you can benefit from with a NextPayDay loan include the following:
- A fast application process. Applying for the loan is all done online and only takes around 15 minutes, provided you have the required information on hand.
- Fast access to funds. Once your loan is approved, the funds will be sent within the hour. However, the time it takes for them to arrive in your account depends on which institution you bank with.
- Flexible repayment structure. You are able to tailor the repayment structure to your income payday, with a choice of weekly, fortnightly or monthly repayments.
- Varied borrowing amounts. You can borrow a minimum of $200 and up to a maximum of $1,600.
- Online application process. Application is done completely online, so you don’t need to worry about submitting any paperwork.
- Centrelink payments accepted. You can still apply for this loan if you are receiving Centrelink or any other form of government assistance, as long as these payments are not your sole or largest income stream.
Fees and charges
The fees and charges that apply to the loan are very straightforward and will be known to you after you have been approved for the loan. They are dependent on the amount that you borrow with this lender. Charges include:
- An establishment fee of 20% of the amount that you are borrowing
- A monthly fee of 4% of the amount that you borrow.
There is also a fee of $35 that will be charged if you are late with a repayment. However, the fee can be refunded if you make the payment within 48 hours of the due date.
Are you eligible for a quick online loan from NextPayDay Quick?
In order to be eligible for this short-term loan, you need to meet the following criteria:
- You must be an Australian resident
- You must be 18 years or over
- You must be able to afford to make the repayments.
How to apply
Before you start the online application, click on ‘Go to Site’ and make sure you have the following information and documents ready:
- Your Australian driver’s licence, your Medicare number and the details to your nominated bank account where funds can be deducted.
- While entering the online application, you will need to enter your personal information, such as where you live, who your current employer is and how much you earn.
- A breakdown of your financial affairs listing your monthly expenses. This will be a factor that contributes to whether or not you are approved for the loan.
When you have completed the online form, you will know whether or not you have been approved for the loan. If you have, NextPayDay will send out the funds within the hour.