How does it work?
Perfect Payday connects borrowers with its 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. You can borrow between $100 and $2,000 depending on your financial situation. As listed on its website, 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.
Perfect Payday doesn't charge applicants fees, these fees 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:
- Monthly fee - 4% of principal amount.
If you apply and are offered a loan, make sure to check if any establishment fees, monthly fees and default fees apply and if you can afford them before signing the contract.
How to apply
You can apply for a Perfect Payday Loan online. The form will be assessed and they will start to find lenders for you. You can then electronically sign the loan agreement and receive the funds.
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 a bad credit history as they work with lenders who lend those with adverse credit history.
The eligibility criteria for these loans vary 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)
If you're experiencing financial hardship and would like to speak to someone for free financial counselling, you can call the Financial Counsellors hotline on 1800 007 007. It is open from 9:30am to 4pm, Monday to Friday. When comparing short term loans, ensure you take into consideration any fees, charges and rates you may be charged. It's important to weigh up all your options before applying for any form of credit.
⚠️ Warning about Borrowing
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:
- 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.