How a Payday Loan Works - Payday Loan Now

Unexpected bills pop up from time to time. Car repairs, a higher than normal electricity bill and so on. What do you normally do? Pay the unexpected bills with your credit card? Try to borrow money from family or friends? What if your credit card was up to the limit and none of your friends or family were prepared to lend you any money? This is where a payday loan can assist. A payday loan solves a short term problem quite easily.

What is a payday loan?
A payday loan is a short term cash advance against your next pay. Generally a payday loan is from $200 to $1,000 depending on your income. Loans are available in multiples of $100 and usually are for a maximum of 15 days. If 15 days is not long enough, most payday lenders will allow you to either roll your existing payday loan into another, or alternatively, allow you to apply for another loan the day your existing loan is paid out.

Who can qualify for a payday loan?
If you meet the following requirements, you generally qualify:

Over 18 years of age
An Australian resident
Have been employed for at least 3 months
A minimum wage requirement of $350 per week

What does a payday loan cost?
Depending on the lender you choose, for every $100 you borrow, the fees could be from $20 to $30 per week. The quicker the loan is repaid, the less it will cost you.

Is a payday loan right for me?
Can you raise the cash you require in any other way that will be cheaper? A credit card cash advance perhaps? A loan from friends or family? Selling something on eBay or the local paper? If not and it is a short term solution that will be repaid within terms, a payday loan might suit your needs.

How do I apply for a payday loan?
Read through the Payday Loan Comparison and find the payday lender that suits your needs. Click on the link to their application page and complete all fields truthfully. Read everything and make sure you understand everything before submitting or signing any paperwork. Most payday lenders don't require a credit check and processing times are quite fast so you could have approval and then money in your account the same day you apply.

 Make sure you read all terms and conditions with any associated paperwork or online applications before signing. Ensure you know what you are getting into and if you don't understand something, ask the lender for an explanation.

Remember - Payday loans are only a short term solution.