Is Applying For Payday Loans Online, A Good Idea?
Posted: Nov 09, 2019
A payday loan is helpful to support your pockets when you are in financial trouble. These are quick unsecured loans for a very short time. Usually, the borrower has to return it back on the next payday. There are a number of Australian lending companies, loan stores, and credit companies which are offering these loans to Aussies. For arranging some brass during emergencies, we always try our hands everywhere because some quick bucks are the only solution to push your expenses at that time. To make it faster, the lenders are offering these loans online with the help of some mouse clicks only.
Challenges with Payday Loans
- The bitter truth about these loans is the high interest rate charged by the lender.
- Repaying it on your next payday with full interest is another herculean task.
- The hidden fee and application processing fee can make this loan costlier.
- Sometimes, the banks and lenders take 3-4 days to approve the loan application which doesn't make any sense somehow.
- If you are unable to make repayments, the lender will multiply your interest and it could put you in epicycle.
Any Alternative of High-Cost Payday Loans?
The answer is yes. According to the National Consumer Credit Protection Act 2009 (NCCP Act 2009), the Australian government has planned some new things in favor of borrowers. To protect the Aussies from daylight robbery of loan sharks, the government has taken some major steps:
- The government is not promoting those payday loans, which are asking the borrowers to repay the full amount with interest before a minimum of 16 days.
- The lenders, credit card companies and all types of financial institutes are legally not allowed to charge any type of application processing fee to a borrower.
- The minimum loan term is 16 days, and the maximum is 365 days for SACCs ($300 - $2,000). In the case of MACCs ($2,001 - $5,000), it is 16 days to 2 years.
- The legal fee for SACCs is 20% establishment fee + a 4% monthly fee. For the MACCs it is a flat $400 one-off fee + a maximum of 48% annual APR. The lenders are not allowed to charge more than this.
- In the case of financial hardship, the borrower has a right to inform the lender about his problems and conditions. The lender will investigate borrower's situations and will do settlement accordingly.
The Quick Personal Loans are fulfilling all these conditions, and you can apply as per your needs. The Small Personal Loans from $300 to $2,000 are unsecured whereas the Medium Personal Loans from $2,001 to $5,000 are secured loans. No more worries about the interest rates. Apply now and enjoy your coldie by sitting on your couch.
Is there any same day payday loan available?
Well, you have no need to look for payday loans, when Same Day Personal Loans are available at legal rates. The flexible loan term and easily affordable repayment options are the beauty of these loans. The lender usually takes 1-2 hours after approval to transfer the money in your bank account.
Is any instant payday loan available for people with bad credit?
If you have a regular income source at present, you can start an application. Most of the lenders are interested in your current financial status. There could be various reasons behind a bad credit history, such as unpaid bills due to home shifting, no updates of payments due to contact number change, etc.
Breezy Loans are one of worthy financial alternative that helps Australians to get small personal loans from $300 to $2000 when an unexpected cost arises. 100% online application, same day approval!