If you’re strapped for cash, you might want to consider a payday cash advance.
No matter who you are or what kind of state your finances are in, one day you might find yourself in a situation where you need fast access to finance. Your financial circumstances do, however, affect the type of credit you can access. You may also want to consider how quickly you need the money, how much you need to borrow and what repayments you can afford when deciding on your financing options.
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
Comparison of Payday Loans
If you are in need of quick access to funds, you could consider a payday cash advance.
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.
How does a payday cash advance work?
A payday cash advance involves a line of credit that is designed to cover you until your next payday. Lenders who offer this type of loan let you borrow money, usually between $100 and $2,000 with varying loan terms. You can also receive a cash advance using your credit card, with a small personal loan or through your bank. People who are considering these type of finance options usually need money to cover an expense that has come up before their payday, such as car repairs or medical emergencies.
These loans can also be an option for people who have negative listings on their credit file. If you are looking for a loan option, look for lenders who offer payday loans as the eligibility requirements for these types of loans are generally less strict than with other lenders. The lender will use your income to determine your ability to pay back the loan using the current state of your finances, your debts and your income.
Types of payday cash advances
When looking at your options for a payday cash advance, you’ll find that you have a few choices to consider. If you are in need of a fast financing option then the type of finance option you go with will depend on your individual needs and situation.
- Payday loans.
- These types of loans can help you cover expenses that crop up before payday. You can usually borrow between $100 and $2,000 for a period of between 16 days and one year. Bad credit history usually isn’t an issue with these types of loans, as the lender will generally be more interested in your ability to pay back the loan based on your income.
- Cash advances.
- This involves withdrawing money using your credit card. A cash advance can be a quick and convenient way to access cash without having to pay for any new forms of credit, but the interest rate is generally quite high.
- Line of credit.
- This is something that you organise with your current bank and it basically acts as an available form of credit should you need it. This usually needs to be set up in advance so you can access the credit quickly.
How to get a payday cash advance
- Compare your options. To make sure you get the best deal available, compare some of the payday cash advance options that are out there. You may find a lender that can offer you better repayment terms or a quicker turnaround time.
- Organise your application. Different lenders require different documents for when you apply. You'll generally need identification documents, proof of your employment and bank account details. Check what is required and have it ready before you start the application process.
- Budget your repayments. It's important to ensure that you'll be able to afford your repayments before you apply. Most lenders will set out their fees and rates so you can work out what your repayments are likely to be, and then your repayments will actually be specified in your loan contract. Consider whether you'll need to make adjustments to your budget to afford to repay the loan.
- Apply. Once you've found the lender you want to apply with, the last step is filling out the application. Most lenders operate online and offer a quick application and approval process.
Things to consider
Before deciding whether to take out a cash advance, there are a few things you should keep in mind:
- Fees. Cash advances and other types of credit and loans usually come with fees, so be sure they do not contribute significantly to the cost of the loan.
- Interest. Payday loans have a fixed interest rate but other forms of cash advances may not. Take a look at the interest rate, the loan terms, and then try and work out what you will be likely to pay.
- Repayments. Some of these loans will allow you to see what your repayments will be before you apply, and this can help you budget and pay the loan back. It’s important to choose a repayment period that suits your finances and pay frequency.
How to apply
If you decide to take out a payday loan, you can use the comparison table on this page to compare your options. If you find a loan you want to apply for you can click the ‘Go to site’ button. When you apply you will need to provide details of your income, savings, assets and expenses.