Coming up short well before the end of the month? With minimal fuss, Brisbane residents can apply for a payday loan to cover emergency expenses even if they have bad credit.
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.
Payday loans can be easy to secure: applying for one requires practically no paperwork. People can almost always apply online and funds are made available hours after approval. Between the rising cost of living, unforeseen costs and household expenses, payday loans could provide relief when a salary falls short of bridging the gap.
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
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 do payday loan providers in Brisbane work?
Most providers in Brisbane allow online applications, which means little to zero paperwork for applicants. They usually require a few personal details as well as information about a household's income. Applications are processed usually within 24 hours. As long as applicants are 18 years or older and can make repayments, loan approval is nearly guaranteed.
Brisbane providers will lend up to $1,200 or even $2,000 as long as applicants meet the criteria - some even as high as $5000. As for the cost, the standard structure is 20% of the loan amount charged as an establishment fee. Monthly repayments are made with 4% interest on the principal amount.
How to compare short term loan lenders
In general, payday-loan providers have minimal requirements for approval and in a vas majority of occasions, every applicant is approved. The price for the guarantee of quick cash is high interest and repayment required within a short period of time. The applicant has to consider these terms seriously when deciding how much to borrow.
For example, one of the criteria for a payday loan from Loan Ranger Cash Loans is that applicants must receive their salaries electronically. Based on the application, the client accepts the offered amount via electronic signature and the 'Little Loan' is transferred.
What areas in Brisbane are Payday Loans available?
Payday-loan providers generally have a strong online presence, but people can find provider offices almost anywhere in the greater Brisbane area.
- Inner-city precincts
South Bank and Fortitude Valley are considered the fashion, entertainment and social hubs.
- Brisbane's suburbs
Include the chic Ascot and Hamilton, West End with its classic and vintage overtones, Roma Street Parkland with its iconic park and Bayside with its foreshores of Shorncliff, Wynnum and Manly.
Pros and cons
- Encourages caution.
Before taking online applicants through the application page, a warning pop-up window appears, asking whether the loan is really necessary. It warns people that higher rates and fees apply and that the loan would have to be repaid within a short period.
- Approved within hours.
A payday loan is approved within hours following the application and money is made available almost immediately after approval.
- Relieves financial pressure.
When in a tough spot financially and all options have been exhausted, a cash injection via a payday loan provides a welcome boost until the next payday.
- Minimal paperwork.
Most applications are submitted online, which means zero paperwork. Applicants are not required to provide reasons for the loan and providers don't conduct credit-history checks.
- Short term.
Most providers require that the payday loan be repaid by the following payday or within a maximum of 50 to 60 days.
- High rates and fees.
Since there are fewer criteria and no credit checks required for loan approval, the fees and rates for payday loans are quite high.
Questions to ask your Payday Loan provider
How much should I borrow?
Just because providers are willing to lend the maximum for which an applicant is eligible, doesn't mean that the maximum amount should be borrowed. Online calculators can help with working out the interest on loan amounts and potential repayments.
Can I apply for rollovers or loan renewals?
Sometimes providers offer their return clients the option of renewing their loans at reduced rates. However, the provider is unlikely to approve a second loan for clients who defaulted on the first loan.
What happens if I can't make repayments?
If borrowers can't make repayments, providers propose certain solutions like extending the term of the contract with reduced payments, or delaying payment for a certain time. However, the provider can take action if the borrower is found to be in breach of the credit contract.
All payday-loan providers urge potential clients to do their research before applying for a loan, so in the spirit of financial responsibility, shop around and compare rates before committing to a contract.