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Thanks to tourism and a boom in the white-collar and blue-collar industries, Brisbane currently boasts one of the highest average incomes per household in Australia. Even so, out of the three million people in Australia's most populous city, thousands still struggle to make ends meet between paydays.
If you're struggling financially and would like to speak to someone for free financial advice, information and assistance you can call the Financial Counsellors hotline on 1800 007 007 (open from 9:30am to 4pm, Monday to Friday). If you are suffering financial problems related to the coronavirus pandemic you may be eligible for additional support. Find out more here: https://www.finder.com.au/coronavirus-financial-help
Do you really need a loan today?*
It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.
Check your options before you borrow:
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.
There are a number of options available to people who are having trouble financially, but for those people who happened to be hit with an unexpected expense and ran short before payday, a payday loan is a popular option.
Payday loans can be straightforward to secure: applying for one requires practically no paperwork. People can almost always apply online and funds are made available hours after approval.
If someone struggles regularly between paydays, or thinks that they will have any trouble repaying a payday loan, they should reconsider submitting an application as payday loans can fast track people into debt spirals.
Most providers in Brisbane allow online applications, which means little to zero paperwork for applicants. A few personal details will be required as well as information about the applicant's income, expenses and employment. Applications are processed and funded usually within 24 hours. If someone has the means to repay the loan, their application is usually considered.
Brisbane providers will lend up to $2,000 as long as applicants meet the criteria. Some go even as high as $5,000. As for the cost, for a loan up to $2,000 customers will usually pay a 20% establishment fee and a 4% monthly fee, as payday loans are subject to an ASIC cap. There is, however, no cap on late payment or default fees. Loans over $2,000 will have higher fees and charges, capped at a $400 establishment fee and 48% p.a. interest (this includes all other fees and charges).
Information about how to compare payday loans
There are a number of factors that prospective applicants in Brisbane can look at prior to submitting a payday loan application. Applicants will need to know just how much money they will need, and how much they can afford to repay before they can compare lenders effectively. They will also need to compare the eligibility criteria which will differ somewhat between lenders, to ensure that they meet all of the necessary criteria.
In general, payday loan providers have minimal requirements for approval, though the price for the guarantee of quick cash is high fees, high interest and high repayments within a short period of time. The applicant has to consider these terms seriously when deciding how much to borrow. Once the applicant has decided how much they need and what they can afford to repay, they can compare lenders using the following:
Payday loan providers generally have a strong online presence, but people can find provider offices almost anywhere in the greater Brisbane area.
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