Are Guaranteed Payday Loans a Real Thing in Australia?

A guarantee is a firm assurance that a thing will happen. So, while you might be in dire need of money, payday loans might provide some sort of soothing relief.  

Several payday lenders in Australia use the word guaranteed to describe their payday loan offers. But are there guaranteed payday loans, or is this a marketing strategy? We’ll provide a clearer insight into this question and more in this article. 

What this article covers:

Can I Get Guaranteed Payday Loans in Australia? 

Considering the definition of the term guarantee, there’s no such thing as a guaranteed payday loan in Australia. This is because all lenders and representatives comply with the responsible lending conduct obligation set by the Australian Securities and Investment Commission (ASIC). 

guranteed payday loans

Here are a few points to explain the responsible lending policy. 

  • Credit licensees should conduct reasonable inquiries about a borrower’s financial state and set several requirements and obligations. 
  • Before loan approval, credit licensees must verify the borrower’s financial state. 
  • Credit licensees and representatives must conduct preliminary and final assessments to determine whether or not a loan is suitable for a borrower. 

In other words, there is a chance that you won’t get approved for a loan. 

However, while loans aren’t 100% guaranteed, payday lenders use alternative verification processes that aren’t stringent. For instance, they can check your income statement instead of your credit score. This way, you have a higher chance of getting small payday loans. 

What Are the Steps to Apply for a Payday Loan? 

Payday loans have convenient application processes, which makes it easy for you to apply quickly. 

You can take these four steps below to apply for a quick payday loan.

cash advance loans

1. Know What’s Needed

Knowing what you need during your registration and application process will help you prepare beforehand and shorten the application time. 

Here are a few things required to get unsecured payday loans. 

  • Tax filing number 
  • Valid identification document 
  • Bank account 
  • Income statement or anything to prove that you have a reliable source of income 
  • Must be 18 years and above. 

2. Find a Lender 

Using a reliable lender can ensure you get better services. For ease of finding one, we’ll highlight a few steps to help you search for payday lenders. 

Ask Around

A few people around you may have taken out an urgent payday loan. So, you can start by asking family members for suggestions. You can also ask friends, colleagues, and neighbours. 

Surf the Internet

If you didn’t get any suggestions from asking around, don’t fret. You can find the best lenders offering payday loans online. Here’s how:

  • Enter a search query, e.g., best 247 payday lenders. 
  • Check through the options and note the top five in several reliable reviews. 
  • Check the Trustpilot score for those lenders. 
  • Read what other borrowers are saying about their services. 
  • Compare their loan rates and terms. 
  • Call their customer care to get clarifications or ask questions if you have any or want to know more about the service (this is optional but advisable). 

guaranteed payroll loans

3. Register and Apply

Registration and application for a payday loan are made by filling out an online form. 

First, sign up on the lender’s site to open a profile. This way, you can quickly access loans in the future. 

Once your profile is ready, you can apply for the available loans by choosing a loan amount and duration. 

On the application form, you’ll have spaces to enter your tax filing number and submit your income statement. 

In addition, some direct loan lenders might require you to submit an Automated Clearing House (ACH) authorisation for the repayment amount. This enables them to deduct payments from your account electronically after your loan repayment date. 

Make sure to double-check your application for errors. If there are none, you can submit them. 

4. Approved; Receive Cash 

After you submit your application, the lender compares your information with everything else you submitted. They’ll also check your income statement to determine if you’re fit for the loan amount you chose (according to the responsible lending policy). 

Once everything fits, you’ll get an email of approval for your payday loan. If this is your first time with the lender, it might take a while to approve your profile and loan. 

After approval, you’ll get the loan amount in your bank account in a few minutes. 

guaranteed cash till payday loans

How Much Can I Get from Payday Loans? 

Short-term loans like payday loans usually offer small amounts. So, you can take out payday loans from $200 up to $5,000.

However, the loan amount you’ll get will depend on your lender. How so? 

Ideally, payday lenders offer loans based on a percentage of your estimated monthly income. For some lenders, this percentage might be 50%. 

In other words, you can only get 50% of your monthly income. So, if your income is $500, you can only take out a maximum of $250.

Conclusion

A 100% guaranteed payday loan doesn’t exist. However, you can get payday loans with fewer requirements and higher approval chances in Australia. And with a good income report, you can take out up to $5,000 at once. 

Was the guide helpful? Check out these extra resources to delve deeper: