Payday loans are short term, small value loans offered to applicants ‘until their next payday. These loans came about because a number of Aussies did not wish to take out an extra long term loan (personal loan) or credit card, they are simply looking for a cash quick solution.
Do not think that you need to have bad credit in order to avail yourself of a payday loan. Even clean credit applicants find Payday loans to be a useful product.
Advantages of a payday loan?
- Fast response;
- Poor credit is acceptable;
- No long term commitment;
- Easier to qualify that for a larger debt;
Disadvantages of a Payday Loan
- More expensive that other unsecured credit;
- Funds only available for a short period of time;
- Only small loans possible.
When would you use a Payday Loan?
- Unexpected bills;
- Rental Bond;
- Quick repairs;
- Anytime for Any Unforeseen expenses;