Bank Loans Melbourne
05-Nov-2021 By - team

Are you in a bad spot financially and need money ASAP? There are many different options for people who need to borrow money fast. Some of these options include borrowing from friends or family, getting an unsecured loan, and taking out a payday loan. These methods will all help you get the money you need quickly without it being too hard on your budget! 

You might be surprised to learn that there are quite a few places where you can borrow money. Read on for some suggestions about how to get cash quickly, whether it’s for an emergency or just something fun! 

Payday Loans in Australia

You can always use payday loans in Australia whenever you need to fix your short-term financial needs. Take, for instance, if your car broke before your next salary, and you don’t have ready cash to repair your vehicle. In such cases, payday loans are of significant advantage.

The History of Payday Loans in Australia

Generally, the rise of payday loans in Australia became evident towards the beginning of the 21st century. Consumers looking for easy and fast cash have been running to payday lenders.

Financial experts highlight that the increase in demand for payday loans is attributed to the low incomes and the amplified casualisation of the labour market. It is estimated that over 7 million people are not eligible for bank credit in Australia. Thus, most of them prefer using payday loans to solve their monetary needs.

Although the Australian government encourages residents to get loans from Banks, Australians still find payday loans helpful to them. A recent study shows that most of these borrowers are consumers excluded from mainstream credit.

In the past two decades, payday loans have been rampant in Australia. Studies reveal that since the year 2012, over one million Australians have used this loan every year.

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What Are Weekend Payday Loans?

Personal Loans Melbourne

Weekend payday loans refer to short-term easy-going loans designed to sort short-term financial inefficiencies during weekends. Their tolerant restrictions make them very tempting, but you shouldn’t consider applying for them unless you’re confident of repaying on the agreed time.

Weekend payday loans are similar to the regular payday with has a few exceptions:

  • Immediate loan approvals: approvals for weekend payday loan applications are faster than standard payday loans—within 24/7 online
  • Shorter loan terms: in most cases, the borrower should make full repayment in two to four weeks

Emergencies can thoroughly shake off a budget while you’re already short of time and can’t count on the regular loans. This is when you resort to the weekend payday loan option.

Weekend loans are easier to secure than traditional loans. Besides, weekend payday loans are as simple to acquire as most payday loan options for individuals with bad credit. However, the benefits of speed and convenience will not compensate for the risks.

How Do Payday Loans Work?

Payday loans are a quick-fix solution for consumers in a financial crisis and are budget-busting expenses for families and individuals.

Here is how a payday loan works:

Consumers fill out a registration form at a payday lending office or online. Identification, a recent pay stub and a bank account number are the only documents needed.

Loan amounts vary from $50 to $1,000, depending on the law in your state. If approved, you receive cash on the spot, or it’s deposited in your bank account within one or two days.

Full payment is due on the borrower’s next payday, which typically is two weeks.

Borrowers either post-date a personal check to coincide with their next paycheck or allow the lender to withdraw the money from their account automatically.

Payday lenders usually charge interest of $15-$20 for every $100 borrowed and calculated on an annual percentage rate basis (APR) – the same as is used for credit cards, mortgages, auto loans, etc. – that APR ranges from 391% to more than 521% for payday loans.

What Happens If You Can’t Repay Payday Loans?

If consumers can’t repay the loan by the two-week deadline, they can ask the lender to “roll over” the loan. If the borrower’s state allows it, the borrower just pays whatever fees are due, and the loan is extended. But the interest grows, as do finance charges.

For example, the average payday loan is $375. Using the lowest finance charge available ($15 per $100 borrowed), the customer owes a finance charge of $56.25 for a total loan amount of $431.25.

If they chose to “rollover” the payday loan, the new amount would be $495.94. So that is the amount borrowed, $431.25, plus a finance charge of $64.69 = $495.94.

That is how a $375 loan becomes nearly $500 in one month.

What are the Regulations for Payday Loans in Australia?

Payday loans are legal in Australia. However, with the rise of consumer violations by many personal lenders, the Australian government has laid out several restrictions to control all payday lenders. For instance, the government limits the fees charged by payday lenders for loans below 2,000 dollars. Loans fees may differ between lenders and also depends on the loan amount and term.

Payday lending companies in Australia are controlled by the National Consumer Credit Protection Act of 2009. With the establishment of this Act, other rules have been outlined to ensure that payday loans are fair to the consumers. For example; the legal charges for payday loans include;

  • Fee charge that shall not exceed 20% of the amount borrowed.
  • The account management fee should be 4% or below.
  • A government fee or tax charge.
  • Rollover charges. This is a fee charged when the borrower fails to repay the loan. Lenders are also allowed to take them to court.

In the year 2013, Australia’s payday laws banned loan terms of 15 days and below. The legal terms for payday loans are 16 days to one year. The Australian government has always been working towards reducing the cost of these loans to protect its citizens.

Moreover, all payday lenders in Australia must have an Australian Credit License to offer payday loan services. The law also requires the lenders to evaluate the ability of a consumer to repay the loan before approving them. This helps in enhancing the responsibility of the borrowers.

Common Uses Of Weekend Payday Loans

The following are some reasons people prefer to use weekend payday loans.

  • Medical emergencies: in case of unexpected medical issues and you’re not covered with medical insurance—a quick payday loan will help.
  • Repair expenses: suppose you rely on your car in running your business, then it breaks unexpectedly; you can have a quick loan to fix it for your business to run without hiccups.
  • Home advancement: payday loans can as well be used to finance home improvement projects or for renovation endeavours
  • Utility expense: payday loans can be used to settle undue bills

Best Weekend Payday Loans

Viva Payday Loans

Viva Payday Loans is arguably the best payday portal for those with bad credit. This portal hosts many payday options which allow borrowers to get from $200 to $5,000 with a range of two to 24 months to repay. In addition, viva Payday Loans will enable you to finish a quick virtual application form and get feedback on approval in just minutes.

If your application is approved, you’ll be transferred to the payday loans bad credit direct lenders who will provide you with the funds. The lender will ask for additional information, such as bank statements, proof of address, and income.

After verification of the documents, you’ll receive a loan agreement form with all terms and conditions. Sign and submit only if the terms are favourably favourable to you. The lender will start the process of disbursing directly to your account after you submit the agreement form.

Credit Clock

Credit Clock is a short-term loan broker that issues recognised payday services, personal and bad credit loans from $200 to $5,000. The portal is reputable for its quick application and approval – if you need cash urgently and are on a tight deadline, this appears to be a viable loan option. Applying for payday loans online takes about five minutes. Overall, the process takes less than 24 hours from approval to payout.

Furthermore, the approval process is simple. What’s more, even those with bad credit are eligible to get these loans, and they only have to be earning at least $ 1,000 monthly. Other factors affecting eligibility include:

  • Age (at least 18 years).
  • Proof of income (salary stud).
  • Being an American citizen registered as a permanent resident.

Money Lender Squad

Money Lender Squad platform allows US citizens to acquire loans with low APR and no Guarantor. The portal has an instant loan approval process for payday loans and bad credit. Money Lender Squad can be reliable in virtually all cases, whether you need a long-term loan over two years or a fast one for only 60 days. The interest rates vary from 36% to over 400% APR.

Lending institutions can decide whether or not to deliver your proposal. If one of the lenders on Money Lender Squad’s frame can enable help, you will be directed to their platform to conclude the process—all of this happens in minutes, not hours or days. The money is deposited into your account the next business day after you complete the registration process directly with the lender and sign the agreement.

Heart Paydays

Heart Paydays is another lending platform that is very popular in congested US cities. By delivering full-service online loans, the portal eliminates the inconvenient nature of retail loan applications. Clients may make the complete application procedure online in just a few minutes.

Heart Paydays is recognised for providing loans to those rejected by other platforms and performs the disbursement of online payday loans in one hour or at most 24 hours. So you may acquire a loan from Heart Paydays even if you have terrible credit, are unemployed, get government assistance, or perhaps want a cash boost till your next paycheck.

While payday loans are the platform’s primary emphasis, with sums ranging from $200 to $2,000 generally repaid within 60 days, applicants of Heart Payday can get loans up to $5,000 with a repayment period of 24 months.

Heart Paydays is well recognised for its cheap interest rates, particularly on short-term loans.

Most lenders offering loans through the site maintain competitive pricing, with maximum APRs reaching 35.99 per cent.

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Features Of Weekend Payday Loans

Flexible Loan Amounts

Most online payday lending sites provide quick loans spanning from $100 to $5,000.

Even though the sums vary by lender, companies such as Vivapayday.com claim to match their consumers with appropriate lenders that can meet their specific loan demands.

It’s best to lend based on your wants, even though it’s enticing to ask for the most significant amount feasible.

Easy Application Process

The ease of access to a payday loan is critical. Many lenders issue the money within one day, so they are called to fast approved payday loans.

Specific sites also have application forms and are fully functional 24/7 and the whole week. In addition, unlike conventional loans, payday loans can be completed in a matter of a few minutes and do not require a credit check.

Quick Borrowing Decision

Applicants for traditional loans must wait a long time for their loan to be authorised. However, Viva Payday Loans’ online system, for instance, is meant to respond to credit applications relatively immediately. As a result, it is generally only a matter of minutes after finishing the application before candidates receive their desired amounts.

 

Frequently Asked Questions About Loans

Is It Possible to Get a Loan on the Weekend?

Yes, it’s possible to receive your weekend loan through direct online payday loan lenders, and you can be privileged to receive your money in your bank account on the same day of application. 

How do I get an emergency loan?

Depending on your situation, you may be able to get an emergency loan through a personal lender, payday lender or even your credit card issuer. Before you apply, though, consider alternatives that can potentially save you some money in the long run.31 Jan 2020

Can I borrow money without a job?

If I don’t have a job, can I still get a loan? Yes. Many personal loan lenders are willing to consider other sources of income. If you don’t have income, you may be able to qualify for a loan based on your assets.

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