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What is a $1,500 payday loan?
A $1,500 payday loan is a high-cost, short-term loan that allows you to borrow $1,500. Payday loans can be used for a range of expenses, such as utility bills, medical costs or temporary cash shortfalls. Although payday loans come in a wide range of amounts and repayment periods, they are generally for small amounts and are paid back over a short amount of time.
What is a $1,500 bad credit payday loan?
A $1,500 bad credit payday loan is a payday loan that is available even to borrowers with bad credit. A bad credit score can be the result of unpaid debts or late payments, and can make it difficult to be approved for a loan through traditional channels.
Bad credit payday loans are designed for people with bad credit scores who have been turned down by other lenders. Some lenders may even offer payday loans for bad credit instant approval, which will tell borrowers immediately whether they have been approved for a $1,500 payday loan.
7 reasons people use payday loans
- Electricity bills
- Car repairs
- Medical emergencies
- Christmas gifts
- Mortgage repayments
Who offers $1,500 payday loans?
A huge range of online lenders offer $1,500 payday loans. It’s helpful to compare payday loan lenders to find one that suits your financial situation.
How do you take out a $1,500 payday loan?
Most payday loan lenders allow borrowers to apply for a $1,500 payday loan through an online application. The application is then reviewed and either approved or denied based on a number of factors such as credit scores and income.
How long does it take to get a $1,500 payday loan?
In general, $1,500 payday loans are designed for people who need cash fast, which is why lenders work to provide your funds as soon as possible. Some payday lenders allow you to pick up your loan amount immediately in store, while others deposit the amount into your bank account the same day or the day after you apply.
What are the pros and cons of $1,500 payday loans?
Like all borrowing options, payday loans have both benefits and drawbacks. Payday loans allow you quick access to money you need, and it’s often easy to apply and get approved.
However, payday loans are a high-cost borrowing option. Fees are often high, which means borrowers end up paying much more than the original loan amount. The fine print of a $1,500 payday loans is also generally lender-favourable. For example, high fees might for non-payment, which might result in a troublesome cycle of debt for the borrower.
Can you get a $1,500 payday loan if you're on Centrelink?
Yes, people who receive Centrelink benefits can be approved for a $1,500 payday loan. However, the approval of any payday loan is always dependent on the lender. In some cases, Centrelink cannot be your primary source of income.
Some lenders may offer payday loans for bad credit on Centrelink, which would allow borrowers who receive Centrelink benefits and have bad credit to take out a $1,500 payday loan.
Case study: Jessica faces the fine print
A pipe bursts in Jessica’s apartment, causing damage to many of her belongings, including her laptop that she needs to run her business. To buy a new laptop, Jessica decides to take out a $1,500 payday loan. After her application is approved, she begins making repayments, but is a few days late making one of her payments. Jessica’s payday loan charges $7 each day a payment is late – something she had missed in the fine print. Because her payment was five days late, Jessica paid $35 more than she would have had to if she paid on time.
Can self-employed people get $1,500 payday loans?
Yes, self-employed borrowers can get a $1,500 payday loan, under certain conditions. Some lenders will not consider self-employed applicants, while others welcome all to apply and may even offer payday loans for self-employed people with bad credit. It’s best to check the eligibility criteria for any lender before applying for a $1,500 payday loan.
What are some alternatives to $1,500 payday loans?
Alternatives to $1,500 payday loans include Centrelink advance payments, no-interest loans, negotiating with your utility provider or signing up for a credit card – but the suitability of these alternatives will depend on your specific situation.
If you’re eligible for Centrelink benefits, you may qualify for advance payment on your benefits to pay for essential expenses. Those with low income may be eligible for the No Interest Loan Scheme. If you’re behind on utility payments, talk to your provider to see if they offer payment plans that will help you better manage your debt. Signing up for a low-interest credit card may also help you cover necessary costs at a lower price than with payday loans.
A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan – however, the process is easier and faster than taking out a mortgage.
Loan sizes usually range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.
Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans – they also get loaned less money. Each lender has its own policies, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, with higher interest rates.
Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will guarantee the loan, taking on the financial responsibility if the borrower defaults.
Few, if any, lenders would be willing to give guaranteed approval for a bad credit personal loan. Borrowers with bad credit histories can have more complicated financial circumstances than other borrowers, so lenders will want time to study your application.
It’s all about risk. When someone applies for a personal loan, the lender evaluates how likely that borrower would be to repay the money. Lenders are more willing to give personal loans to borrowers with good credit than bad credit, because there’s a higher likelihood that the personal loan will be repaid.
So a borrower with good credit is more likely to have a loan approved and to get that approval faster, while a borrower with bad credit is less likely to have a loan approved and to get that approval slower.
Many personal loans, much like home loans, can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.
If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.
Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.
A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent, without worrying about ending up out of pocket if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.
Self-employed borrowers may be eligible for low doc personal loans, which require less documentation in their application process than many other personal loan options.
It’s important to remember that though low doc personal loans may require less paperwork, you may need to provide additional security, or pay a higher interest rate.
It may be much more difficult for a self-employed borrower to successfully apply for a personal loan if they also have bad credit. Many lenders already consider self-employed borrowers to be riskier than those in full time employment, so several self-employed personal loans require borrowers to have excellent credit.
If you’re a self-employed borrower with a bad credit history, there may still be personal loan options available to you, such as securing your personal loan against a vehicle of equity in a property, though your interest rates may be higher than those of other borrowers. Consider contacting a lender before applying to discuss your options.
In some instances, bad credit personal loans can help people with bad credit history to consolidate their debts in such a way that it makes it easier for them to repay those debts. This is because the borrower might be able to consolidate several debts with higher interest rates (such as credit card loans) into one single debt with a lower interest rate.
However, this strategy can backfire if the borrower spends the extra money instead of using it to repay the new loan. Another disadvantage of bad credit personal loans is that they have higher interest rates than regular personal loans.
The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:
- The big four banks (ANZ, Commonwealth Bank, NAB and Westpac)
- Smaller banks (such as Bank of Queensland, Bendigo Bank and MyState)
- Mutual banks (such as Heritage Bank, Greater Bank and Newcastle Permanent)
- Credit unions (such as People’s Choice Credit Union, BCU and Community First Credit Union)
- Non-bank lenders (such as Pepper Money, Liberty and RACV)
- Peer-to-peer marketplaces (such as Harmoney, SocietyOne and RateSetter)
There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.