How to Get a Cash loans in Australia
Getting a cash loan is something almost everyone has to do at some point or another. Whatever the reason you need fast cash, by taking the following steps to choose the right payday loan company, you can get payday loans online fast without any hassle.
Choosing a Loan Provider
It’s important to know about the Australian lending laws before you choose a provider for your payday loan. Being away of legislation regarding quick cash loans means you’ll be able to make a better decision when it comes to who you get your loan from and what the interest rate will be like.
Australian Lending Laws
Due to the massive amount of schemes and scams that Australians have had to deal with when it comes to getting our online payday loans, there have been some laws proposed and passed which protect us from dishonest loan lenders. Here are a few of the things unique to us when it comes to laws.
1. Maximum APR rates in Queensland and New South Wales
If you live in New South Wales or Queensland, you can know that the APR for your payday loan will only be 48% at the most. This is much higher than a normal credit loan such as one you’d get from using a credit card, but when you break it down, payday loans are for a short period and you’ll pay it back before it gets too much interest. This law protects consumers from lenders who would charge sometimes up to 200% of the actual loan value for a payday loan. Now, instead of having to pay back a loan that’s worth twice as much as you borrowed, you’ll have a much lower interest rate.
2. More Lender Accountability
When this law goes into effect, it will ensure that payday loan companies must follow responsible lending regulations and guidelines in order to make sure Australians have the information necessary to make a good loan decision. Lenders are also required to give more information up front such as what the loan terms and fees actually consist of, thus removing the risk of hidden fees, policies or charges they’re trying to hide. This law also makes unlicensed vendors of payday loans criminal, protecting consumers from shady organizations.
3. More Information from the Consumer
While the additional information required by consumers when applying to payday loans may seem like a hassle, it’s actually a good thing. Emergencies happen to all of us, and there’s no shame in needing a payday loan once in a while. This law protects people who get too many loans, though. The law requires customers to submit to a credit check when applying for an Australia cash loan, thus making sure we don’t have too many high-interest loans out at a time or borrow more cash than we can pay back.
These laws may seem like they restrict your loan options, but they actually make it a much safer process to borrow money. This means you can trust just about any company offering payday loans in Australia because you know you’ll get a fair deal.
Now that you know the laws relevant to getting Australian payday loans, you’ll be able to make a better choice when it comes to finding a lender. Here’s how to find the best payday loan lender possible.
The first thing you need to do is contact several different payday loan companies and compare their rates. You definitely want to make sure you’re getting the best interest rate possible, but there’s also more to it we’ll go into in the next step. You’ll have to go through a credit check just to get a quote, so make sure to do that if requested. Also, make sure you’re borrowing from an Australian company. There are a lot of American companies offering cash advance loans online, so make sure you get one from the right country. Don’t be fooled with foreign cash loans, Australia!
Look at Costs
When you contact the individual short term loan company for a loan quote, look at the fees and costs the lender charges in addition to interest rates. Remember, Australian companies have to fully disclose what their various fees, policies and charges are, so you can rest easy with that legislation in place. Compare these costs and use them along with the interest rates you were quoted to find the best-priced loan available to you.
Learn Repayment Terms
Ask the company what their terms of repayment are. You’ll want to know the following:
- How long you have to repay the loan
- If they charge for early payment
- What the late fees and charges are
If you have to pay extra to pay the instant cash loans back early, you should probably avoid that lender. You should also be aware of interest rates for late payments as well. In addition to checking the repayment terms, you should be evaluating the customer service the entire time you’re dealing with the loan company. This will make sure you have a company that’s a pleasure to do business with instead of one that treats you like a number.
Check for Reviews
Finally, before finally accepting the loan, check online reviews for the loan company you’re dealing with. You want to make sure this company is honest, efficient and accommodating. If you see any complaints about the company, try to learn if those complaints were resolved properly or not. You don’t want to have any trouble with a loan that will give you bad credit.
Once you’ve done all of those things, go ahead and take out the fast cash loans. Make sure to spend your money carefully so you can pay it back once your payday cash comes through or once you have the funds.
Getting a payday loan from a money loans Australia lending company doesn’t have to be a difficult process, but you should be careful to go with the most reputable and inexpensive company possible. Everyone needs help once in a while, and with this advice, you can make sure you’re going to get the service and fast cash you deserve.