Generally quick and easy to secure, payday loans can be an ideal short-term alternative for covering unexpected expenses.
Unforeseen expenses, holidays, car repairs not covered by insurance; sometimes coming up short is unavoidable. If you're in need of cash, payday loans can help tide over your household until you next get paid. Living in a rich, prosperous city like Sydney is a double-edged sword. While it's a major tourist destination and an economic hub, it's also the most expensive place to live in Australia.
The high cost of living can be difficult to manage, especially for regular working people. Thanks to flexible criteria, a payday loan can be the alternative to help make ends meet when your salary doesn't stretch all the way to the next payday.
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 loans providers in Sydney work?
The criteria for obtaining a payday loan isn't as strict as with regular personal loans. You can be approved as long as you demonstrate an ability to repay the loan and meet the lender's criteria. Repayment terms are usually between 14 to 60 days.
Keep in mind borrowing on these terms can be expensive. In Sydney, most payday loan companies will lend up to $2,000, although this amount might be lower if you're a first-time borrower. You can apply online and money is usually transferred to your account within a few hours of approval. There are other lenders who will even provide an instant cash loan without a credit check.
You can compare payday lenders in Sydney – here's how:
Payday loan providers offer you quick approval, but since it is short-term term option, the costs and fees associated with a payday loan are usually high. In Sydney, finding a provider is easy, especially online. It's important to compare the offers available and calculate your repayments to help you work out how much you can borrow and how much you'll have to repay.
Some lenders can advance you up to $2,000 within 24 hours, as long as you meet all the requirements for the loan. You can expect to pay an establishment fee that is 20% of the loan amount and monthly fees of 4% of how much you borrow, but some lenders offer cheaper loans.
Before applying for a Sydney payday loan you should make sure that you are aware of the costs and fees involved.
See Also: Business Cash loans in Sydney
What areas in Sydney are payday loans available?
Payday loans are available throughout Sydney with online applications making them accessible for residents of Sydney's suburbs and the inner city. Located west of Sydney's central business district on the shores of the Port Jackson and Cooks rivers, the Inner West district encompasses Ashfield, Newtown, Glebe, Balmain, and Leichhardt.
The Sydney Opera House and Harbour Bridge are the main attractions in the north, while Sydney South is known for its natural attractions like the beaches and national parks.
Other payday lenders are also accessible to those areas out west in Blacktown and Penrith. You can also apply for a payday loan online in the Campbeltown and Liverpool areas. No matter where you are in Sydney, there are short term loan options available.
Benefits and drawbacks of using a payday loan
- Quick approval.
Payday loans are approved quickly, usually within hours of application. Funds are then made available almost immediately after approval, between a few hours to two days following approval.
- Financial breathing room.
A payday loan can give you access to funds when you need it, allowing your budget a bit of room to stretch before payday when needed.
- Secure application.
Most lenders offer a secure online application through third-party applications where your financial statements are assessed. This helps to make the process quick as well as safe.
- Short term.
Your payday loan must be repaid by the following payday or within a maximum of 50 to 60 days.
- High rates and fees.
Since the criteria for approval is more flexible, fees and rates are much higher than those for regular personal loans. If borrowers are in real financial trouble, repaying a payday loan might land them in deeper debt.
Questions to ask your payday loan provider
- How much should I borrow?
Payday loan providers will lend the maximum amount for which the you're eligible. Borrowers should be aware of the repayment implications before deciding on how much to borrow.
- How much will it cost?
Generally, applying for a payday loan implies an establishment fee equal to 20% of the loan amount. In most cases, a per-month interest rate of 4% applies for repayments. For example, if you borrow $200 you will have to pay back $248.
- What happens if I can't make repayments?
Providers can help clients find solutions if they can't repay, but failure to make payments will damage credit rating and land the borrower in even worse financial trouble.
Do you really need a loan today?
Applying for a payday loan might be an easy way to get out of a hole, but borrowers should be aware that they're expensive and much shorter-term than regular personal loans. There are thousands of providers out there, so take the time to compare interest rates and policies before settling on one.