Payday loan growth grips Australia

Payday loans have experienced tremendous growth over the past 2-3 years. These loans have become a popular choice for people who want a quick, convenient way to get a short-term loan. The entire process can be completed with little stress and the payout time is rather fast. Sometimes, a loan can be given the same day an individual applies.

There are numerous lenders throughout Australia who offer payday loans. The maximum amounts and applicable interest rates will differ from lending company to lending company. Generally, a person can expect to receive anywhere from $75-$1,500, depending on their personal situation. It is typical to be charged anywhere from $25-$30 for each $100 borrowed. And while some conduct "soft" credit searches, the applicant's credit status will not affect their ability to obtain a cash advance loan.

There are several points an applicant must meet in order to get a payday loan. However, each lending company will have their own specific set of rules, all of which slightly differ. Regardless, most people have to be a full-time employee who is 18 years or older. In addition, they must hold a current account at a banking institution; their pay cheque should be direct deposited into this account. Most lenders insist that loans should be repaid in less than a month but some places will extend the repayment period for a fee.

Some payday lenders - www.pay-dayloans.com.au also require applicants hold a valid cheque card and have monthly earnings of at least $1,000. This last qualification is the most important because the lender needs to be reassured that the applicant makes enough money to repay the borrowed amount. Those who meet all of the conditions listed above should not have an issue getting a payday loan.

Those who are interested in applying for a payday cash advance should first search the Internet to locate all of the companies in their area that provide this service. There are also many Web-based lending companies that have an online application process, eliminating the need to see a lender in person. Online institutions generally have faster processing times. While a signature will be require on all application and loan documents, the borrower can do so electronically.

Thanks to the instantaneous nature of payday loans online uk it usually takes a few hours from the time of application to the time of a fund deposit. Those who do not have Internet access, and do not have time to travel to a physical cash advance business, can locate a lender who allows people to apply over the telephone. However, it will take longer to obtain a loan because the borrower will need to mail or fax the required documents.