Pay Day (Short Term) Loans

Payday or small amount or ”fast” – loans are advertised widely and may seem very tempting if you need cash quickly to pay bills or debts. But how much is that ”quick fix” really costing you?

Payday (short-term) loans

Payday – or short-term or ”fast” – loans are advertised widely and may seem very tempting if you need cash quickly to pay bills or debts. But how much is that ”quick fix” really costing you?

The reality is, they’re expensive (you’ll end up paying back a lot more than you borrowed) and they can quickly become a debt trap, especially if you’re already in financial difficulty or on a low income. Enter into payday loan agreements with care.

WHAT IS A PAYDAY LOAN?

A payday – or small amount loan is a loan of up to $2,000 from a commercial lender (banks and other deposit taking institutions are exempt) that is paid back from between 16 days and 1 year.

Risks of payday loans

Before you take out a payday loan, make sure you understand the risks, and consider the cheaper, less risky alternatives first.

Read more.

 

Difficulty repaying payday loans

Don’t despair! If you’re having trouble repaying a payday loan (or several payday loans), follow these steps.

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You might feel overwhelmed, but you have options and there are steps you can take yourself. But if you feel you need a bit more guidance or need help quickly, simply call us.

CALL 1800 007 007