Payday Loans Alternative

I Want Payday Loan

This page summarizes state statutes regarding payday lending or deferred presentment, which features single-payment, short-term loans based on personal checks held for future deposit or on electronic access to personal checking accounts. Multiple applications to lenders will be recorded on your credit file and may impact negatively to other prospective lenders (payday or otherwise) in the future. When managing your payday loan, your borrowing history and how you handled the account (payments made against the loan etc) will be reported to the credit reference agencies and non-payment of a loan will impact negatively on your credit score and may result in you finding it difficult to obtain any further credit in the future.

If you can't repay the loans - and the Consumer Financial Protection Bureau says 80% of payday loans don't get paid back in two weeks - then your interest rate soars to 521% and continues rising every time you can't repay the debt.

Your lender should have checked that you could afford the payments when you took out the loan. If you don't think they did this properly, you could make a complaint. This could mean that interest and charges are reduced or written off.

Thanks for getting in touch! For loan options while on Centrelink - you can review this page It shows a list of short term credit options and banks that may accept your application while unemployed. You can also use the calculator on the page to calculate your borrowing ability. As a friendly reminder, review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the policy.