If you are facing financial difficulties, there is a way out payday loans that can be obtained with little or no effort. These are so-called instant loans, fast and most convenient for customers. Regardless of how you use credits to pay bills, for university or car repairing services in any case, pay day loans can be the fastest solution to your temporary financial problems. A loan can be obtained without leaving home, just fill out an application form online, and the money will be instantly transferred to your bank account.
Thanks to Nimble Loans, the procedure is very convenient and will not be a problem for users.
Pay day loan is not just credit it is a help in emergency cases. People more likely to use them when they need urgent house maintenance, car repairing services, or paying some bills at the hospital. Every person may have his/her own reasons, and a crediting company is not interested in how the money will be spent. Even the information that you are taking a loan is confidential.
Another specific feature of payday loans in Australia is that they are given to people very quickly. There is no need to visit a bank, stay in a queue, and wait a couple of days. Online lenders make decisions within 24 hours, but usually, you wait for an hour or so. If you are in the middle of your payday and urgently need money for something really useful, payday loans are for you.
Who Can Apply for a Payday Loan?
Anyone over the age of 18 can apply for a loan of this type. But approval also depends on your financial information and whether you have a job or not. It means that a credit rating is not taken into consideration.
Traditional lenders usually require a social security number, photo ID, proof of income, credit verification, and test your ability to repay the loan. Unlike regular personal loans, instant payday loans have fewer requirements.
To sum it up, to apply you need:
To be at least 18 years old.
To have a government-issued ID or social security number.
To have a permanent job or other regular sources of income.
To have an active bank account.
Although shortlist of requirements makes cash withdrawals more convenient, keep in mind that additional claims from banks and other lenders have often been introduced to protect you.
Can a Pay Day Loan Influence a Credit Rating?
As a rule, your account will not be affected until the payday, if you pay the debt on time. However, there can be an exception: if a lending company has a negative attitude towards payday loans, then the presence of such in your credit story may play against you.
Please, note that you do not have only one credit rating. Credit agencies and lenders will calculate the score using their own methods. Thus, a payday loan can affect your account in different organizations in different ways. Many lending companies know that clients who ask for short-term loans are not necessarily in a difficult financial situation. It happens that some do not even distinguish what payday loans and other bank loan offers are.
How Do Payday Loans Work?
Payday loans are called so because they are usually paid on the next day after getting the salary. Below you may see how they differ from ordinary bank credits.
A small amount of money. In Australia, pay day loans are legal, but there is a limit as to the amount you can borrow. This amount is between $200-$2000. The average payday loan is about $500.
Short crediting period. The main idea is that such loans are paid back just after getting the next paycheck. So, this period is about two weeks or one month.
Absence of an installment plan. When you take a regular loan in your bank, there is an opportunity to pay the money back step by step, in installments. If you borrow $1000 for one year, you will be paying $85 monthly with around $3 per month and 5% of annual fees. The situation is different when you are taking a payday loan you should be ready to return a whole amount at once. If you are limited in budget, it might be hard to repay.
High interest fees. When you take money from a bank, the price you pay depends on your credit rating and the type of loan. A borrower with excellent credit score can receive a mortgage loan with an annual fee of 3% or even less. On the contrary, someone with bad credit who took a payday loan would pay 25% or more. But the rate is the same for all the borrowers about $30 out of $200. This is not the worst case if you know that you will be able to give back the money in 2 weeks. Otherwise, fees will be growing, and you can pay even more than the borrowed amount.
Absence of credit score check. If you contact banks for a loan, they will check your credit rating first and then decide. Usually, people with bad credit scores won’t be able to get a bank loan. The situation with payday loans Australia is quite different. Even if you are not an exceptional loan user, you will get the amount you are asking for. All you need is a bank account, proof of income, and an identity card saying that you are under 18. Money can be transferred within one hour after application. That’s why people in difficult financial situations apply for payday loans no credit checks.
Automatic repayment. When you apply for a payday loan, you permit a lender to withdraw money from your bank account. So, if you can’t repay the amount taken, the funds will be withdrawn automatically without your approval.
Simple rollover process. This can be used when you feel that you won’t be ready to repay the loan until the set date. It is possible to take another 2 weeks, but don’t forget about the commission as it will grow as well. Also, with some lenders, it is possible to apply for the second loan, which will cover the first one.
What Are the Cases When a Payday Loan Is Not a Good Idea?
It is necessary to keep in mind that a payday loan shouldn’t be taken without special attention. If you already have some debts and not sure if you can repay them, then this is not a good idea.
Due to the high fees and some risks associated with applying for a payday loan, it is not recommended to use this service for unnecessary purchases. It means that it would be better to save something from salaries, ask friends to help, or simply look for cheaper crediting options.
As it was already mentioned, payday loans Australia do not influence the overall credit score if it is not a company-specific criterion. But it would be better to avoid asking for such loans if you are planning some important loan application in the nearest future. For example, if you are going to take a mortgage, providers of this service are strict enough, and the presence of payday loans in your credit history may indicate that you experience some financial difficulties and may fail to repay.
If you continue thinking that you need a payday loan, don’t forget to read all the terms and conditions mentioned on the lender’s website. Also, you need to have enough funds to pay it off on time.
Possible Risks of Instant Payday Loans
There are cases and situations when payday loans are very helpful and seem to be the only possible way out of temporary financial difficulties. They can be easily obtained without any bank checks and redundant formalities. But for people, who don’t take such credits seriously, they might be even dangerous and may harm a future credit score.
When you’re limited in cash, it is an easy task to minimize the bad effects of fees for payday loans. Be attentive that the amount borrowed will be taken from your next salary plus company fees. But usually, your salary is used for other expenses; that’s why you may get into trouble and ask for more and more credits. And still, you are not saved from possible unexpected problems that may occur.
Let us suppose you decide to cut some food expenses to cover the loan next month, but when you buy more food unexpectedly, your plan will fail, and you will need a rollover on credit, thus getting into a bigger trap.
If you don’t stop asking for loans and prolonging them, you will be working for fees you will have to pay, and they will be growing monthly. Moreover, the practice shows that once you got into credit and didn’t repay on time, it would be much more difficult to get out of a debt situation.
So, if your paycheck is big enough, payday loans are for you. In the opposite case, you will be working to pay for your debts. This is the worst situation as you won’t be able to enjoy your life.
Why Choose Payday Loans Online?
If you don’t have other light alternatives, then it is high time to consider payday loans. Choose this variant when it is not possible for you to ask your friends for help, and when you don’t have other funding sources. Be aware that Nimble Loans is a trusted creditor that helps people. We won’t force you to explain why you need the money and will save all your private information in secret. As we operate based on the Australian law system, you can trust us as we are not the service that cheats clients.
What Is Meant by Loan Rollover?
It is easy to imagine that there can be some cases when it is impossible to return a borrowed amount on time. That’s why there are special payday loan rollovers offered by lenders. This could be the most convenient method when you need to postpone payment. So, the repayment period is delayed until you will be able to pay. Unfortunately, additional fees will also be included. So, any time when you don’t know what to do and can’t pay the loan amount by the deadline, experts in Nimble Loans will offer a solution that might meet your budget. If you don’t want to pay extra fees, then try to pay on time and avoid possible rollovers.
Do your best and count money wisely. When your salary is not able to cover all of your expenses, the best way is to avoid pay day loans as they can do harm to your budget in the future and get you into bigger trouble. In case if you didn’t manage to avoid missing a deadline, ask for rollover in advance. Because in case of other unexpected circumstances you won’t be able to solve problems and the situation will turn into the most terrible one.
Who Are the Clients of Pay Day Loans?
Nimble Loans is not the only company on the market that offers payday loans, but it is a company that never cheats clients and values its own reputation most of all. We are always glad to help people when they suffer from financial problems and try to provide them with loans as faster as possible. But, as any other company, we have a statistic that helps to understand who are our potential clients:
more than 10 million people ask for pay day loans within 1 year;
women take payday loans more often;
usually, our clients are divorced and single people, limited in financing;
many people ask for loans to pay for a hospital bill.
If you apply for the payday loan, you will get a real chance to cope with financial issues even faster than expected. Life is very unpredictable, and it is hard even to imagine what trap you can get into the very next moment. So, if you get in touch with our experts, we will be glad to help you.
The Best Payday Loans Australia: What Is the Safest and Most Effective Crediting Option?
The Internet is full of companies offering the same set of services. But are they all legal and trustworthy? That is a question we will try to answer. Unfortunately, there are many scams, and it is hard to protect against them. But we will try to give you several hints on how to avoid bad lenders.
If you have a financial consultant or accountant, talk to him and explain your problem as it is. There are cases when these people may help with the best solution;
ask for possible ways to get out of debts;
if you can’t pay for the payday loan by the deadline, request the rollover. A trustworthy company will definitely offer this service;
ask for the lowest possible interest fees from the company representative. It is not always possible, but what if you are the lucky one?
Our company had a lot of stories on balance when we managed to help clients to get out of extremely terrible situations. If you feel that you may get into something similar, it’s your turn to contact us.
Nimble Loans the Best Provider of Payday Loans Australia
Well, as you see, payday loans online are getting more and more popular because this is one of the most reliable and fast methods for getting money. If you choose Nimble Loans, you will get a comfortable schedule of repayment, affordable fees, and the ability to ask for the loan rollover. If you still don’t believe that we are a trustworthy provider, your next steps should be the following:
read the reviews of happy clients and monitor comments in social networks like Facebook. Also, it is possible to find some other resources you trust and check there;
try to get a full picture of the loan type you are about to apply for. You need to understand all the risks and possible problems that may arise;
don’t be afraid of asking the support team directly. If something is not clear to you, it is better to get the answer in advance;
try to compare offers by different providers and choose the one, which seems to offer the best payday loans Australia.
We understand that you need to research before making a final step and filling in the application form on our website. And really hope that you will become our client.
If you can’t do with money wisely, sooner or later, you will get into the situation when your wallet is empty, but payment is needed the sooner, the better. That’s why we are here! Nimble Loans is always ready to improve your budget and cope with your problems. If we approve your application, you will get your money with a bank transfer in less than 24 hours. Now it is your turn to make a final step!