Don't apply to hundreds of lenders – let Perfect Payday find a loan for you.
If you want access to a range of lenders in order to find the loan that will suit your financial needs and situation, Perfect Payday might be an option to consider. They are not a lender, but instead a service that connects borrowers to a certain range of payday lenders. By using this service you may be able to save time searching online for a loan as Perfect Payday will assess your application and find a lender for you.
|Product Name||Perfect Payday Loan|
|Min Loan Amount||$100|
|Max. Loan Amount||$2,000|
|Initial Maximum Loan Amount||$1,000|
|Loan Term||Next payday|
|Turnaround Time||Same Day|
|Total Cost of Borrowing $100||20% of borrowed amount + 4% of borrowed amount each month|
|Requirements||You must be over 18 and have a regular source of income that is paid into an active bank account.|
- Bad credit borrowers considered
- Secure online application
- Connects you with a range of lenders
- Not a lender
- Can be expensive to borrow small amounts of money
- May be charged extra fees depending on what lender you apply with
How does it work?
Perfect Payday connects borrowers with their network of lenders. Perfect Payday works by assessing applications submitted by prospective lenders and finding them a suitable loan. You follow the loan terms and repayments set by the lender.
What are the types of Payday Loans?
The loans on offer from Perfect Payday are small, short-term loans designed to cover you until payday. You can borrow between $100 and $2,000 depending on your financial situation. These payday loans might be an option if any of the following situations apply:
- Financial emergency. If unexpected expenses come up such as medical needs or a spur of the moment event that you need to pay for.
- Needing money before you next get paid. If you have not budgeted properly and found yourself without enough money to cover you.
- Car repairs. If you get into a car accident or your car breaks down and you need money to get it fixed.
- Bills and payments. If you've forgotten to pay a bill or make a payment and won't have sufficient money to pay it until payday.
Pros and cons
- Access. Perfect Payday connects you with a range of lenders, increasing your chances of finding someone to approve you for a loan.
- Convenience. Instead of finding a lender yourself you can leave it up to Perfect Payday to find a loan that will suit your needs.
- Repayment limitations. You have to repay your loan in full on the specified repayment date with no option to spread the repayments out over a longer period of time.
- Fees. You may be charged extra fees depending on what lender you apply with.
With any personal loan you can expect to pay fees. Perfect Payday does not actually charge you fees, these are charged by the individual lender. For your average payday loan, you can expect to pay $24 for every $100 you borrow. So, for example, if you borrow $400 you will repay $496 and if you borrow $750 you will pay back $930. The $24 is made up of:
- Establishment fee - 20% of principal loan amount
- Monthly fee - 4% of principal amount
How to apply
To apply for a Perfect Payday loan you can follow the secure link on this page and fill out the online application form. The form will be assessed and they will start to find lenders for you. You can then electronically sign the loan agreement and get your money.
The application process requires you to provide personal details and you also have to mention if you have experienced financial hardship in the last six months. Perfect Payday does not perform credit checks, although some lenders they work with do. You can still apply if you have bad credit history as they work with lenders who lend those with adverse credit history.
The eligibility criteria for these loans varies because of the wide range of lenders they work with and the different loans they have on offer. Generally, you need to:
- Be an Australian resident
- Be aged over 18 years
- Have an active bank account
- Be able to provide proof of your identity
- Have a regular source of income paid into your bank account (not in cash)
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.