Purple Payday offers a short term loan solution for when you are short on cash
Even though Purple Payday is not a direct lender, they have affiliations with other Australian lenders that can provide you with a competitive payday loan option. They can also assist you with installment loans for larger purchases or emergencies.
Comparison of Payday Loans
Whilst we don't compare loans from Purple Payday Loans, the table below contains a range of payday loans we do compare
Types of loans from Purple Payday Loans
Purple Payday is a loan broker opposed to a lender. The service that they provide is to find a lender that they are associated with that is able to meet your loan needs. Once they locate a lender who will accept your application and offer you a payday loan, you will proceed with that financial institution.
Even though you will be going through a broker when using Purple Payday, the lender who is offering you the loan will still have to abide by the cap on rates that the Australian Government has set into place. This is set at 24% for every loan that you borrow.
Features and benefits of using Purple Payday
As a broker, Purple Payday will do the work for you in finding a payday loan provider that accepts your criteria and will offer you the loan amount you are looking for. In addition, the features listed may include:
Loan amounts. Purple Payday will search for loans as low as $100 all the way up to $2,000.
Repayment policy. You will have to go over the repayment policy of the lender that Purple Payday finds for you, as this can vary.
Late repayments. You will have to deal directly with the lender if you are having trouble keeping up with your repayments. There are likely to be high fees, so be sure that you are able to meet their requirements before agreeing to the payday loan.
Renewals. If you wish to renew your payday loan you will not need to go through Purple Payday. Instead, you can speak directly with your lender.
Fees and charges
Purple Payday does not charge any fees for this service. You will have to check the applicable fees the lender will charge and make sure that their interest rate and fee for the loan is in line with Australian regulations.
How to apply for a payday loan from Purple Payday
You can click 'Go to Site' to have Purple Payday begin searching for a loan that meets your needs. They do, however have certain criteria that you must meet before they will begin this process for you:
Citizenship. You have to be an Australian citizen.
Age. Only applicants who are over the age of 18 will be considered.
Bank account. You should have an active bank account.
Income. Applicants with a regular source of income of at least $800 will be allowed to take advantage of Purple Payday’s services.
Once you complete the application Purple Payday will begin to search its database for a suitable lender for you. This will take a couple of minutes, but you should not leave the page. Once found you will be redirected to the lender’s page where you will have the opportunity to review their terms and accept the loan with your e-signature. Depending on the lender, the funds could be deposited into your account the same day.
Frequently asked questions
Is there a fee charged by Purple Payday?
There is no fee for using this service. The fees charged will be by the lender, based on the amount of your payday loan.
Is this a safe service?
Yes, Purple Payday uses GlobalSign to secure its website along with an encrypted database to pass along information to its affiliates.
Are borrowers with a poor credit history able to apply?
Purple Payday is affiliated with a number of lenders who specialise in lending to customers with poor credit histories.
Purple Payday is a free service designed to help those in need of funds fast find a lender who is able to meet those needs. Be cautious before signing the final agreement and carefully check the fees and terms to make sure that you will be able to repay your loan.
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