This article will explore the list of direct payday lenders in Australia.
Australia has one of the most competitive internet lending marketplaces in the world. There are thousands of loan providers competing for customers.
Many small and medium-sized companies (SMBs) need financial assistance to grow their business.
There are many options for these businesses when it comes time to apply for a loan from a bank.
They can either apply for an existing credit line with higher interest rates and stricter restrictions, apply for a new credit line, or open a new credit line with lower interest rates and less restrictive terms.
Bad credit may make it difficult for a business owner to choose from the many options.
Moreover, opening a new loan with a lower interest rate and more restrictive terms could lower credit scores.
Based on our research, this list of Australia’s direct payday lenders 2022 helps answer the following questions: What services are offered by direct payday lenders in Australia? Here’s a list of the most popular direct payday lenders in Australia and their locations.
What is a Direct Payday Loan?
Direct payday loans are a form of cash advance offered by direct loan lenders. Lenders will often approve the loan amount without any paperwork.
Once the business becomes profitable, the interest on the loan will be paid back. Direct payday loans are different from cash advance loans given by traditional lenders, which have a higher interest rate.
How to Apply for a Direct Payday Loan?
The lender receives the application from the borrower. The lender will review the information and decide if the borrower meets the requirements to be approved for a loan.
The lender will approve the loan application and send the borrower a cash advance contract. After the fee is paid, the borrower receives the loan.
The lender’s interest rates and credit score determine the interest rate. The lender has ten days from the date the loan is approved to notify the authorities.
The borrower must be at a bank or credit union to receive the loan back. The deadline is the next business day.
If they fail to pay back the loan, the lender has the right to garnish the borrower’s earnings. Small firms may face major cash flow issues as a result of this.
List of Direct Payday Lenders in Australia
You may want to compare our list with our direct payday lenders if you’re looking for a cash advance loan.
Many cash advance lenders will not be listed. These may be small companies that use direct lending, and some may be large corporations offering large cash advances in large amounts. Some may not be included because they are unavailable in all states or territories.
#1. Cash Doctors
Cash Doctors can provide payday loans the same day you submit your application. These loans can be accessed via the Cash Doctors Card, available via ATM and EFT.
Online applications are accepted, and funds will be sent within 60 minutes. You can also apply online for loans at any time of the day.
#2. Dollars Direct
DollarsDirect provides loans that you can assess from the comfort of your own home. It is a finance broker institution and will work with its network of lenders to find you the right loan.
The approval of these loans is quick and easy, and your application only takes 6 minutes to complete.
The Payday loan will be available in your bank account the next day once you have been approved.
#3. Fair Go Finance
Fair Go Finance offers small loans ranging from $300 to $2,000. Fair Go Finance offers small loans from $300 to $2,000 that can be paid off quickly and without penalty.
Customers also have the option of reducing interest rates. Your earnings determine your repayments and the term of the loan. You may not be eligible for a startup fee waiver if your poor credit score.
- Flexible loan terms
- There is no security requirement
- Repayments are allowed early
#4. Jacaranda Finance
Jarandanda Finance offers a range of loans that are quick to approve. After submitting your application, you should expect to receive the result within one hour. The money may take a few hours or days, depending on which bank you use.
Jacaranda Finance welcomes Centrelink users and those with poor credit to apply for a loan. They evaluate each application individually and decide based on your ability to repay the loan.
- Rapid approval turnaround
- Maximum loan term of 9-24 months
- You can also be eligible for bad credit
#5. Safe Financial
The terms of loans vary from 22 weeks up to 52 weeks, depending on the amount. The loan can be repaid early without incurring any fees, but it can be costly.
A $1,000 loan will have a term of between 22 and 31 weeks, with a $200 establishment fee and a $40 monthly charge.
- Option for early repayment
- Flexible terms for loans
- Same-day funding
#6. Nimble Short Term Loan
A small loan is a loan that can be used for a short-term or payday—loan amount of up to $2,000. You can borrow up to $2,000.
The loan term lasts between 62 days and nine months. Standard payday loan costs will apply, including a 20% establishment fee and a 4% monthly charge.
- Simple application process
- Fast turnaround time of one hour. Conditions apply
- Lender terms from 62 days up to 9 months
#7. Ferratum Cash Loans
Ferratum offers short-term and long-term payday advances of up to $1,900. Payday loans are subject to standard fees, including a 20% setup fee and a 4% monthly charge. Customers can choose terms from 3 to 12 months for their loans.
Centrelink beneficiaries can also apply for loans. Online applications can be submitted via your smartphone or online, and you could receive money as soon as the next day.
- LONG loan terms
- Centrelink borrowers are eligible
- Variable loan terms
#8. Sunshine Short Term Loans
Sunshine Loans provides short-term, emergency funding from $150 to $2,000. If you want to repay your loan in a shorter time frame, such as 9 to 14 weeks, you have the option to pay it off early.
Like many other loans, this loan has a 20% setup fee and $40 monthly fees. Sunshine Loans is open to people with poor credit.
This loan may be available if your Centrelink income is less than half your household income.
It’s fast approval and requires a low minimum amount of borrowing.
#9. Credit24 Short-Term Loan
Credit24 allows you to choose how much and when you want it. Online applications are available 24 hours a day, seven days a week.
There are many loan amounts available. If you submit an online application, the funding will be available in your account within one business day.
Credit24 is open to all, regardless of whether you receive Centrelink payments, work, or earn a lower income.
- Maximum loan terms of 12 months
- Acceptance of early repayments
- Centrelink borrowers are eligible
#10. OZ Payday Loan
Another payday loan provider in Australia is this one. It will grant you a short-term loan, even if your credit is not perfect. The applicant must be at least 18 years of age, live in Australia, and have a job.
It’s easy to apply, and fixed fees for loans up to $2k are quickly approved.
Payday Loans in Australia with No Credit Check
Before granting a loan, payday loan companies in Australia must conduct a credit check. Paying a fee is the only way around this requirement. Many payday lenders do not require credit checks.
Many people don’t know they are getting a cash advance loan. There is no collateral, and they can have the money sent immediately into their bank account.
There is no repayment deadline or due date, unlike traditional loans. Pay attention if you have poor credit ratings.
Payday loan companies might use your credit score to determine whether you are a high-risk borrower.
Payday loans are used to assist people with bad credit to overcome financial difficulties during a difficult financial period.
Payday loans are not like lines of credit and don’t require any deposit, and they also have no minimum loan amount.
Payday loans typically have lower interest rates than bank loans and are usually offered at much lower rates.
A direct lender is the only way to obtain a payday loan in Australia, which cannot be easy to find.
Watch the video below to know the direct payday lenders in Australia: