People are often put in precarious financial positions due to several different factors. Australia’s slow economy and high unemployment rate are two significant contributors to the country’s residents’ financial hardships.
Most people who are unemployed are helpless in the face of unforeseen costs. Unexpected expenses, such as those for medical care, power, or even routine home repairs, may add up quickly and become a significant cause of tension.
However, payday lending businesses may be able to give emergency loans to help you get back on your feet quickly. Currently, unemployed individuals may quickly get one of many different types of loans.
Navigate through the article:
Gday Loans
Any Australian resident may apply for a Gday Loan online, and if approved, they can get a small loan. These loans have a short repayment period. The process entails collaborating with short-term loan providers to provide you with the line of credit you need whenever you want. The time required to complete the application and hear back from you won’t be excessive.
Quick loans at gdayloans.com.au can help you receive the personal loan you need, whether you’re looking for a short-term loan, a personal loan, a loan for the unemployed, a secured loan, or an unsecured loan. This lending service will connect you with banks prepared to sanction your loan quickly, approve its conditions, and begin servicing it.
Pros
- They transfer the funds to your account for less than a day.
- It offers loans of up to $5000.
- Easy and fast application procedures
Cons
- Not offered outside of Australia
Viva Payday Loans
Viva Payday Loans, a trustworthy online lending platform, links borrowers with a vast network of lenders that can provide them with high-yield loans of up to $5000 with repayment terms ranging from 16 days to a year. They have great lending offers, and Centrelink recipients and those with terrible credit ratings may still qualify.
Like this, Viva payday loans include a 20% origination charge for loans under $2,000 and a $400 origination cost for loans above $2,000, resulting in an APR of 20%-199.43%. This results in an annual rate (APR) between 20% and 199.43%. Viva also charges a flat monthly fee of 4%.
The application process is straightforward, and if accepted, you’ll only need to sign a few documents so they can deposit your funds as soon as possible.
Pros
- They don’t need anything as security to lend you money.
- Easy to fill out the application.
- You can still get a loan even if your credit score is bad.
Cons
- Not accessible in all states.
Pronto Paydays
Pronto Paydays is a payday lending service that serves customers in a time of financial need. Pronto Payday is an excellent option to look into if you need cash fast for an unexpected expense or to hold you over until your next payday. Applying for the loan is simple and can be done online; after the company accepts your application, they will deposit the loan funds into your account.
Payday loans have strict terms and conditions that you should be aware of before applying for one. Payday loans are often taken out for small amounts and repaid on the borrower’s next paycheck. If you can’t pay back the loan in whole and on schedule, you may incur additional interest and fees.
Pros
- Important information is communicated quickly
- Fast-tracking of compliance and audit procedures
- Analytics provide operational understanding.
- No collateral security is required.
- Income determines the loan amount
Cons
- High-interest rates
Fair Go Finance Small Loan
Fair Go is one example of a reputable online lending service that has been around for a while and has gained customer trust. It links those needing short-term loans with money lenders who can provide them for two years. There are no late penalties, and you can choose your payment plan based on your income.
Those who need a loan but have a poor credit score still have a shot with Fair Go since they don’t discriminate based on credit. Before committing to one of these loans, it’s essential to factor in the steep interest rates.
In addition, for loans between $18 and $400, you’ll have to pay a 4% monthly charge plus a 20% startup fee. That’s why these loans should only be used in dire situations.
Pros
- You have up to 2 years to make payments.
- Loans up to $2,000 are available.
- They provide loans that don’t need collateral.
Cons
- They levy a 4% monthly charge.
- They charge a 20% origination fee on the total loan amount.
Bottom Line
As long as you use the online lending platforms discussed above, acquiring loans is certainly not challenging, regardless of whether you are trying to keep your business afloat or pay off some bills in an urgent situation. You should give Gday Loans a go since the company offers outstanding loan services and interest rates that are pretty reasonable and will help you save money.
