Guaranteed Payday Loans in Australia

Payday loans are short-term loans designed for salaried individuals who need quick cash to cover urgent expenses before their next paycheck. These loans sometimes come with higher interests, and shorter repayment tenure. Money lenders are encouraged to practice responsible lending to ensure they do not extend loans to individuals who may struggle to repay, as this can lead to increased financial hardship for the borrower. In Australia, there are financial institutions that provide guaranteed payday loans. We will be taking a look at some of them in this article. Payday loans are typically unsecured, hence requires no collateral.

Guaranteed Payday Loans in Australia

1. CashnGo

This is a fast-paying payday lender that offers cash loans ranging from $200 to $2,000 to eligible borrowers. CashnGo determines your loan offer through your credit score as well as your income. CashnGo lets you spread your repayment over several months, so you are not limited to paying it back on your next payday.

Requirements:

• Applicant must be at least 18 years old. CashnGo will require you to provide personal details, part of which will be used to determine your age.
• Internet banking access. You will be required to use your internet banking details to verify your income as well as expenses. This will also be used to facilitate deductions when repayments are due.
• A recurring source of income, which could be from your regular job or government payments.

Rates/Fees:

• A one-time establishment fee equal to 20% of the loan amount
• 4% of the loan amount paid monthly during the loan tenor

How To Apply:

• Visit CashnGo
• Scroll down to find the Apply Now button
• On the left hand side of the page, click on Apply
• Adjust the slider to your preferred loan amount
• Select loan purpose and click Next
• Enter your mobile number to receive a verification code
• Proceed to providing required details
• Approval occurs within a few minutes after application submission. Funds are typically disbursed right after your loan is approved

2. City Finance

City Finance is another payday loan provider in Australia that offers same day cash disbursement to borrowers. You can apply for a loan amount ranging from $500 to $5,000, as long as you have a good credit report and are able to repay your loan in due time. Interestingly, City Finance offers customers flexible repayment options, allowing them to either repay their loans within a 52-week period or, if they prefer, in a single lump sum payment.

Requirements:

• Be 18 years or older
• Have the following document:
  • A copy of your ID
  • A short online application form with details such as your address and phone number
  • 90-day history of bank statements
  • Proof of your income (either wages or Centrelink benefits)

Rates/Fees:

• For loan amounts of $2,000 or less:
  • 20% upfront establishment fee
  • 4% monthly maintenance fee
• For loan amounts between $2,001 to $5,000 (usually referred to as Medium Amount Credit Contract):
  • $400 establishment fee
  • 48% annual rate. All establishment fees are split across payments.

How To Apply:

• Visit City Finance
• Click on Apply Now
• For new applicant, click on Start a New Application. And if you are reapplying, click on Login
• For a new application, use the sliders to choose a loan amount and repayment term. Also select a purpose for the loan and additional details in the box below.
• Click on Continue and proceed to providing your pesronal details as well as your bank statements.
• Once your application is submitted, await approval and funds disbursement.

3. Beforepay

Just like many others, Beforepay offers a loan amount up to $2,000 to eligible borrowers. Although for newbies, the limit is capped at $1,000 for reasons such as previous debt owed, salary earned. Beforepay also boasts fast application verification and payout, allowing you to access loans as soon as you need it.

Requirements:

• You must have a good income (at least $300 after tax weekly)
• A bank account that can process Beforepay debits and deposits. Must also be able to receive your salary.

Rates/Fees:

Beforepay does not charge interest; instead, there is a fixed 5% fee.

How To Apply:

• Visit Beforepay
• Click on Let’s Go to get started
• Create an account
• Verify your income
• Verify your identity
• Wait a few minutes for assessment of your application
• Upon approval, you will receive your loan in your bank account
• You can also download the Beforepay mobile app from Google Play Store or Apple App Store.

4. Nimble

Nimble offers small loans and personal loans ranging from $300 to $2,000 and $2,050 to $10,000 respectively. Application assessment and funds disbursement typically take about an hour. Only the small loan is a payday loan offer from Nimble; personal loans are not payday loans. Nimble payday loans are unsecured hence do not require any collateral. The payday loans typically have a tenure of about 9 weeks to 39 weeks depending on the loan amount.

Requirements:

• Applicant must be over 18 years
• Must be an Australian citizen or permanent resident
• Must have a gainful employment and no more than 50% of their income coming from Centrelink

Rates/Fees:

• An establishment fee of 20% of principal amount
• Monthly fee of 4% of principal amount

How To Apply:

• Visit Nimble’s small loan portal
• Click on Apply Now
• Ensure you are ready to get a loan, click on Start Application
• Use the sliders to choose a loan amount and a repayment term convenient for you. Click Continue
• Select the loan purpose and continue
• Provide your personal details and banking details. Await a decision (typicaly takes about 60 minutes)
• You will receive your loan amount in your bank account upon approval.

5. Cash Train

Another financial institution offering guaranteed payday loans in Australia is Cash Train. Cash Train offers cash loans ranging from $200 to $2,000. With Cash Train, the frequency of your payday determines how often you will need to make loan repayments, usually spread over a 10 week to 12 months period (depending on your preference and loan amount).

Requirements:

• Applicant must be an Australian resident
• Be at least 18 years old or over
• Must receive a regular income (including Centrelink payments)

Rates/Fees:

• An establishment fee equal to 20% of the loan principal
• 4% monthly fee
• $0 early repayment fee

How To Apply:

• Visit Cash Train website
• Click on Apply Now
• Confirm that you are ready to take a loan
• Complete the form on the next page, making sure all information is accurate. Once submitted, wait for approval, and your funds will be available in your bank account within 30 minutes after approval.