Let Purple Payday sort through your options to secure you a cash advance online.
If you’re in need of financing up to $2,000, you can submit an application through Purple Payday to be matched with an online lender. It is a loan matching service that works by searching through its panel to match your application with a lender who can approve your for the loan you need. You won’t be charged for using the service and you can apply if you have bad credit.
|Product Name||Purple Payday Loans|
|Minimum Loan Amount||$100|
|Maximum Loan Amount||$2,000|
|Loan Term||1-12 months|
|Cash Deposited In||Same day - conditions apply|
|Costs||20% of borrowed amount + 4% of borrowed amount each month|
|Requirements||You must be over 18 and have a regular source of income (minimum $800).|
|Available to Centrelink Borrowers?||No|
I want to apply for a loan – how does it work?
Find out if you meet the eligibility criteria and then submit your application online. Purple Payday will search through its panel of lenders to find a suitable option and one that can offer you a loan. This only takes a couple of minutes. You will then be redirected to the lender’s page where you can review the loan and the repayments. If you’re happy with the terms, you can agree to the loan.
What features does Purple Payday offer?
Applying for a payday loan with Purple Payday offers several benefits, including:
- Easy application. Apply online and complete your application within minutes. If Purple Payday finds a lender to approve you, you’ll be directed to its site quickly to review the loan terms.
- Access to various lenders. Applying with Purple Payday gives you access to a panel of lenders and hence more of a chance of being approved than if you’d applied with just one.
- Bad credit accepted. If you have bad credit you’re still able to apply. Some lenders on the panel have flexible eligibility criteria regarding credit history and can still approve you.
- No obligation application. You can submit your application to review the terms offered by the lender and be under no obligation to accept them.
How much will a loan cost?
This depends on the lender you are matched with. For loans under $2,000 with terms of 1-12 months, lenders cannot charge you more than the following:
- An establishment fee that is 20% of your principal loan amount
- A monthly fee that is 4% of your principal loan amount
- A government fee or charge
- Default fees and charges
- Enforcement expenses
How you can submit your Purple Payday application
If you’re interested in applying for a loan through Purple Payday you can start your application online. You’ll need to meet the following eligibility criteria:
- You’re an Australian citizen
- You’re 18 or older
- You have an active bank account
- You have a regular source of income
- You will have more success of getting a loan if you are in full-time employment
To apply, you need the following information:
- Loan details. Loan amount, term and purpose.
- Personal details. Your name, gender, birth date, phone number and email address.
- Address. Where you live and how long you’ve been there – you may also need to provide a previous address.
- Employment. Where you work, your position, how long you’ve worked there, how much you earn, how often you get paid and your next pay date.
- Bank details. Account type, bank account number, BSB and name of the account holder.
- Finance details. The amount you pay in rent/mortgage payments, credit and loan payments, your monthly expenses and whether you’ve experience hardship or defaulted on loan repayments in the last six months.
Purple Payday offers an alternative payday solution by matching you with a lender from its panel. Make sure you compare your options and consider if this is the right service for you before you apply.