How do you get a $1,200 payday loan?
Most payday lenders take applications for $1,200 payday loans over the internet, although some lenders also allow you to apply in-store.
The application process varies from lender to lender, but you will probably have to provide your:
- Employment details
- Driver’s licence number
How do I get a $500 payday loan?
The most common way to get a $500 payday loan is over the internet, although some lenders also take in-store applications. The application process may take as little as five minutes and, in some cases, your loan may be assessed and approved within the hour.
When you apply for a $500 payday loan, you will probably have to provide:
- Name and address
- Proof of identification
- Employment details
Where can I get a $1,000 payday loan?
Australia has several dozen lenders that offer $1,000 payday loans. These payday loan providers tend to be smaller, lesser-known non-bank lenders rather than well-known big banks. Generally, they’re online-only businesses, which means you’d have to apply for your $1,000 payday loan over the internet. However, there are some payday lenders that also allow in-store applications.
Should I take out a $1,000 payday loan?
As a general rule, you should think very carefully before you take out a $1,000 payday loan – and proceed only if you’ve explored all other options. That’s because payday loans generally have very high fees.
How do $1,500 payday loans work?
A $1,500 payday loan is a loan that is likely to have a fast approval process and charge high fees. Depending on your circumstances, you might be able to receive the money within an hour.
However, if you want the lender to give you the money almost instantly, and without conducting an in-depth credit assessment, you’ll have to pay for the privilege. The lender can charge you a one-off establishment fee of up to 20 per cent (which would be $300 for a $1,500 payday loan) and a monthly account-keeping fee of up to 4 per cent (or $60). Payday lenders can only charge fees – not interest.
Should I take out a payday loan?
As a general rule, you should take out a payday loan only if there are no other options. That’s because payday loans are usually very expensive.
Payday lenders can’t charge interest – they can only charge fees. But the fees can be steep, so your borrowing costs might be equivalent to paying an interest rate of more than 500 per cent.
How much does a payday loan cost?
Payday lenders can’t charge interest on payday loans. But you might be charged these fees:
- A one-off establishment fee of up to 20 per cent of the loan
- A monthly account-keeping fee of up to 4 per cent of the loan
- A government fee
- A penalty fee (if you default on the loan)
For example, imagine you took out a $1,500 payday loan with a 12-month loan term and fortnightly repayments. Here’s how much you might be charged:
- An establishment fee of $300
- An account-keeping fee of $60 per month (or $720 over 12 months)
As a result, your repayments would be:
- $96.92 per fortnight
- $2,520 in total (equivalent to an interest rate of 68 per cent per annum)
How fast can I get a $1,500 payday loan?
Some lenders will assess $1,500 payday loan applications and then pay out funds within an hour.
However, each lender is different. Also, assessment times vary from borrower to borrower. Some $1,500 payday loan applications are simpler and can therefore be approved faster; others are more complicated and take longer.