No matter which loan deal you are planning to apply for, the first and main concern is going to be the cost. So, before you apply, if you first understand and break down the cost it will be easy for you to decide if this loan will work with your budget.
In Australia, Payday Loans are one of the most strictly regulated loans. Lenders offering this loan are restricted as to how much they can offer and charge. As per the regulations set forth by the ASIC, lenders offering short term loans up to $2,000 for a term of 16 days to 1 year can only charge fees and not interest rates. All fees charged on payday loans are mentioned as percentages.
When applying for a Payday Loans Australia , you shall be charged 20% of establishment fee on what you borrow. The second fee that you will need to consider is the monthly fee, which shall not exceed more than 4%. These restrictions only apply to loans of less than $2,000. So if you are borrowing more than that, different restrictions shall be applied.
Not all lenders shall charge you the maximum allowable fees. Therefore, before applying for Payday Loans compare your options, check the amount the different lenders are offering, for how long they will offer you the loan and how much the loan will cost you.
Once you find a lender that you are eligible for and you want to apply with, you can submit your application. Depending on your situation you will need to provide your personal, financial and bank details, employment or Centrelink information. Upon approval you can get the borrowed money straight into your bank account on the same or next business day.