Cash Pay Loans in Australia in 2023

Quick cash pay loans can be your saviour if you’re going through short-term financial difficulties. For example, you can take out an instant cash loan or another cash payday loan if you’re out of liquid money for the month but are able to pay it back by the first.

But what are payday loans, how do they work, and can you apply for one? That’s what we’ll discuss in this article, alongside other types of cash pay loans. So, stick around to see if you can get a cash loan today.

What this article covers:

General Requirements to Take Out a Cash Pay Loan in Australia

Cash lenders don’t hand out payday loans cash like candy. Instead, they have checklists to run each potential borrower through before they finalise the deal. And while we can’t cover every possible requirement from every payday lending company, we can list the general criteria you need to meet:

  • Must be at least 18 years old
  • Must be an Australian citizen or hold permanent residency
    • In either case, you must be currently living in Australia
    • Some lenders will extend this to New Zealand citizens living in Australia
  • Must prove your ability to pay back the loan
    • Stable employment can demonstrate your financial ability; you may be asked to provide documents proving that you earn enough to pay the loan back
    • Other sources of income, such as passive income, will also suffice
    • You may be required to provide collateral if you’re taking out a larger loan
  • Must meet minimum credit score requirements
    • Credit score requirements vary widely between types of loans and lenders
    • There are loan options for people with bad credit scores

cash pay loans

What Is a Payday Loan?

A payday loan is a relatively small and short-term loan that cash lenders offer to borrowers who need a quick solution to a financial hurdle. It’s also one of the most popular types of cash pay loans.

If you’ve run out of money for the month, but you need cash fast for things like bills, groceries, tuition fees, or else, then you can take out a payday loan (also known as a payout loan) and repay it over future instalments.

The name “payday loan” implies that you should pay the full amount back to your lender by the start of the next month, but many lenders are willing to be more flexible and extend the repayment period over a longer timeframe. For example, some will allow you to repay your payday loan over 3 months to a year.

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Payday Loan Fees

Payday loans don’t all have predefined fees, but the law has maximum limits for licensed lenders when they hand out payday loans. These limits are 20% for the establishment fee and 4% for the monthly fee.

However, if you default on your payment, this can rise up to double the amount you originally borrowed, so only take payday loans out if you’re certain you can repay them.

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Final Words

Cash loans can help you whether you’re in a financial debacle or just want to buy new things and pay over the long term. Apply online today for our instant 24/7 fast approval payday loans and pay them back on your agreed terms.

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