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Payday Loans are short-term loans secured by your pay cheque. |
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Learn more about payday loans before you make a decision. |
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Questions and Answers
What are Payday Loans?Payday Loans (also called cash advances) are short-term loans secured by your pay cheque. You generally have to pay the loan back on the following payday. Cash advances are made only for small amounts of money (which can be covered by the following cheque), such as $100 – 600. What's required to get a payday loan?To obtain a cash advance from Best Payday Loans, you should have been employed for at least three consecutive months, and bringing in a minimum of $400 each week in net pay (the amount of your actual pay cheque – after taxes and other deductions have been made). Payments should be made directly to your bank account. Those who are casually employed or collecting a pension are unfortunately not eligible for a cash advance. Do you need any documents to apply for a payday loan?No. Our loan application process is completely paperless. How can I apply for a payday loan?1. Fill out our online application. How much money can I get in a cash advance?The most you can borrow with a payday loan is the equivalent of 30% of your take-home pay. Further limits are placed on an individual’s first cash advance. Those paid weekly may only borrow $250 with their first loan, and those paid ever other week may borrow $300 with their first cash advance. If you are paid on a monthly basis, the amount you can borrow from your first loan will be the lesser of 30% of your take-home pay or $400. As long as your circumstances haven’t changed, you can generally borrow more after your first loan is repaid. How will you send me the money?We issue 60-minute money deposits through major banks. If your bank isn’t on our list, we will pay you via an overnight transfer. How quickly will I have the money?If you’re a new borrower, it can take up to 60 minutes after signing your contract for your funds to be transferred to your nominated bank account. You may have to wait longer if your contract is signed after 3:30pm, as funds will then be transferred the following morning. After your first loan, you can be paid within just seconds of signing your contract online. Which banks can you process a loan to within 60 minutes?You can receive your funds within 60 minutes of signing your contract (before 3:30pm) for your first payday loan if you bank with any of the following institutions: ANZ, NAB, CBA, Westpac, St. George, Bank of QLD, Bendigo Bank, Adelaide Bank, Woolworths, Colonial, Heritage, HSBC, Bank of NZ, QLD Teachers Credit Union, Bank of SA, or Suncorp. After your first loan, you can have funds available in just ten seconds to these institutions. For your first loan, if you hold your account with any other bank not listed, funds will be available within 24 hours. Will I be rejected because I have a bad credit history?Not necessarily. Your credit history isn’t given the same weight with a payday loan as with other lending options, because the loan is secured by your next pay cheque. Unlike some other types of lenders, we do approve applicants with defaults on their credit history. There are a few situations that will cause a loan application to be denied however, such as bankruptcy, being in a part nine debt agreement, or having extremely bad credit history. What happens if I can't pay you back on the loan’s due date?Payments will automatically be debited from the bank account on record. If you expect to have insufficient funds in the account on the due date, you should contact us right away (and at least two days before the direct debit is scheduled). If you don’t contact us on time, we can’t halt the direct debit, and you will be responsible for any dishonour fees charged by your bank. How does the whole payday loan process work?You apply for your loan online, and will contact your payroll officer. After you let us know you’ve contacted your payroll officer (authorising us to confirm details for approval process), you will receive login details. From that account, you will be able to access a contract which you will digitally sign, and you can monitor your application and payment status. |