Getting a payday loan in Australia

by Thomas Vargo

Even though your credit may not be great or have no credit at all, you may find yourself not eligible to get a personal loan to meet your immediate financial obligations. There is the option of getting a payday loan, which is a short term advance that is usually tailored to individuals with bad credit, until your next payday. Most of us one time or another get into binds where we need immediate cash to pay rent, utilities or for other emergency situations, and these loans sometimes are the answer that can help. Please remember that we do not recommend payday loans because of the steep interest rates they charge. If you do decide to take out a payday advance, try to pay it off as soon as possible and not get stuck in the payday advance loop (Renewing the loan every payday).

Before getting a payday advance, try asking friends or family members for a short term loan. If you still need a payday loan because you have exhausted your other means, we have listed a few payday lenders in Australia below.

List of payday loan lenders in Australia

AdvanceCash - Borrow up to $1500. Requirements: A resident of Australia, You are at least 18 years of age, Have a transaction/checking or savings account and you Must be employed.

For more information on this payday loan lender please visit their website at http://www.advancecash.com.au.

OZ Payday Loan - A Australian payday loan lender. Requirements: You just be 18 years of age or older, Live in Australia, Be currently employed, and Have your salary directly deposited into your bank account. Perfect credit it not required and they do not obtain a credit bureau report to qualify you for a cash advance.

Their website is located at http://www.ozpaydayloan.com.

Cash Doctors - Borrow up to $600. Loans run for a maximum of 45 days. Requirements: You must be employed full or part time (receiving holiday and sick pay), have been employed for at least 3 months, and You earn a minimum of $350 per week net (after tax). Bad credit applicants are accepted, but they perform a credit check and if you are now bankrupt, in a part IX debt agreement or have an extremely bad credit history, your application will be declined.

Their website can be found at http://www.cashdoctors.com.au.

DollarsDirect - Borrow up to $1500 and perfect Credit is not required. To be eligible you must Have an active bank account, Be currently employed for over a month, Be a current resident of Australia (Residents of the Australian Capital Territory are excluded) and you Must be at least 18 years of age.

More information can be found at http://www.dollarsdirect.com.au.

PayDay AU - No personal questions and no documents to fax and you can borrow up to $1000. You can arrange repayment for your next payday or over a number of paydays. They do perform credit checks, but they say "your current situation is usually more relevant than your credit history". Requirements: You must be over 18 years of age, You have to be a Australian resident, Must be employed and receive a regular income, and You must have a bank account where your income is paid.

Further information on this payday lender can be found at http://www.paydayau.com.au.

CashToday - Borrow up to $500. They electronically deposit the money directly into your bank account. Primary form of repayment is to debit your account in the form of a direct debit. Requirements: You must have been in your current job for at least four consecutive months and Have a valid bank account that has been open for at least three months. If you are self employed they require you to show them the last 3 months of bank statements to show your income.

Their website is listed at http://www.cashtoday.com.au.