New Payday Loans

New Payday Loans

If you're stuck and need cash quick, a new payday loan may be able to help you. Though you can find new payday loans to be highly beneficial, not being knowledgeable about them is a recipe for disaster. This piece can offer some protection from making a payday loan mistake when you attempt to acquire one.

Payday loans are one fast way to access cash. It is important for prospective borrowers to know what is involved prior to accepting any loan agreement, however. These loans have high interest rates, and the fees involved can cause them to be difficult to repay. Know what the company wants to charge you before you take out the loan. Lots of people are taken aback by the high interest rates that new payday loans carry. The fees should be one of the first things you consider when deciding on a lender.

Each payday loan companies will offer you a different amount to borrow. This will be determined by your income. The lender will do the math and crunch the numbers about how much you can borrow based on your earnings. You should consider this when you are thinking about getting a payday loan for any reason. It is important that you know that you can pay back whatever money you take out. Companies will be very persistent to get back their money if you do not meet the deadline. You may be charged a fee if you don't have enough in your bank account, which means that your payday loan will cost you even more. Assure the money is in the account to keep your finances under control.

Be sure to give new payday lenders the appropriate information. Always give them the right income information from your job. Also give them your current phone number. Falsifying information or withholding information that is expected can wind up causing you to wait longer for loan approval. Keep in mind that payday loans should only be applied for in cases of extreme crisis or emergency. These loans can lead to a downward cycle that will be difficult to escape. Every payday, the payday loan will eat up your money, and you will never be completely out of debt.

Don't allow yourself to keep getting in debt. You should take only one payday loan and not set a pattern. Sometimes you need to take a step back and evaluate what it is that you are spending your money on, rather than keep borrowing money to keep up your lifestyle. If you do not put the brakes on your spending, you can easily find yourself getting more and more into debt. The costs can spiral out of control quickly and leave you broke. Consolidating more than one new payday loan can be tempting, but is not a wise idea. If you're not able to pay the small loans, you're definitely not going to be able to get a big one paid off. Seek out a way to pay the money back at a lower interest rate, this way you can get yourself out of the payday loan rut.

New Payday Loans Australia

Consider the fees of any payday loan you're taking. You might think that you can easily spread one check over two pay periods. The fact is, you may end up paying twice as much as what you initially borrowed and be causing yourself ongoing problems. Keep this in mind when mapping out your budget. It is possible that you will be offered the opportunity to take out a loan for a greater amount of money than you requested, but that would not be a wise thing to do. These companies will offer you more because they know they will make more back in the process. Just get the amount of money you need.

If you have gotten a payday loan, you must know that they want all of your contact information. Generally loan offers will request home, cell, and employer phone numbers. On top of such contact information, lots of lenders also want personal references. A payday loan's safety is an important aspect to consider. People generally find that the least risky payday loans also tend to offer good terms, so it pays to shop around until you find a lender that has a good reputation.

Find out what state your payday loan company is based in. State laws and regulations vary, so it is important to know which state your lender resides in. Avoid doing business with lenders that are out of the country and are not required to operate under the same standards as a company based within the country. After finding out which state they operate in, review the lending laws. Before providing your personal information to any new payday loan lender, make sure that the company does not have complaints filed against it. Read reviews written by other customers and check them out with the Better Business Bureau. Search the company's website for their privacy policy.

Prior to signing a payday loan contract, really think about whether the money you are borrowing is for a real emergency. Payday loans ought to be an option only during times of real financial distress. It is unwise to postpone making good financial plans by pursuing a payday loan. Payday loans must never be a routine source of funds. Taking out a loan once is okay to do, but it shouldn't become a habit. If you find that you're constantly borrowing money, sit down and figure out a solution to fix your budget.

If you must get a payday loan, be sure that you can pay it back with enough to spare for your expenses. When you don't, your credit will be ruined, and you'll never get another loan. Look into payday loans and see if they can harm your credit score. Don't expect to get a better score by paying the loan in a timely manner. Nevertheless, your credit score may suffer if you don't make your payments at the right time. Repaying your debt promptly is of paramount importance when you take a payday loan.

New payday loans are great for some quick cash to get out of financial trouble. However, the terms and fees for the loan aren't going to be ideal. That said, you will know what you're getting into when you take out such a loan.

Warning About Borrowing

This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.

It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.

Check your options before you borrow: For information about other options for managing bills and debts,ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor

  • Talk to your electricity,gas,phone or water providers to see if you can work out a payment plan
  • If you are on government benefits,ask if you can receive an advance from Centrelink:phone 13 17 94

The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you

How much does it cost?

*799% APR Representative.

Representative Example: $200 borrowed for 30 days. Amount payable is $248. Interest and fees are $48.

Payday Loans have the following simple cost structure:

20% of principal amount (establishment fee)

+ 4% of principal amount per month.

See our charges page for more information on loan repayments.

What Happens If I Can't Repay On Time?

If you can't repay on time please let the lender know immediately so they can reschedule the repayment. The fee for missing repayments can vary with each lending but could be in the region of $35.

Your lender will endeavor to contact you to try and sort out an affordable arrangement. If your account continues to be unresolved, daily fees will accrue.

Contact Details

EasyPayday.com.au are a referrer of Pingtree PTY Ltd,

Level 3, Queen Adelaide Building, 112 Queen Street Brisbane QLD

Loans available to over-18s only, subject to status.

ACL Number (434380)

Registration Number: 159 893 491 I @ 2013

Pingtree PTY Ltd are an Australian based credit licensed finance broker. They attempt to match you with a reliable licensed lender willing to give you a short term loan.