WARNING - Do you really need a loan today?*
It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.
Check your options before you borrow:
The Australian Government’s MoneySmart website shows you how small amount loans work and suggests other options that may help you.
*This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009
Medium Amount Loans up to $5,000 to $50,000
We’re different to a bank. We’re a marketplace lender (some people call these peer-to-peer or P2P lenders)… it’s a little like online dating for lending.
We find investors who are looking to get great returns and are proud that their investments are supporting real people. Then through our lending platform, we match the investors’ funds with good quality borrowers who are looking to get a better and fairer deal on a personal loan than they’d get from the big banks. Romantic right?
A payday loan, also called a small amount loan, lets you borrow up to $2,000. You have between 16 days and one year to pay it back.
While it might look like a quick fix, a payday loan has a lot of fees. For example, to pay back a $2,000 payday loan over one year, your total repayments will be about $3,360 or 26 fortnighly payments of $129.23. That's $1,360 more than you borrowed.
MoneySmart Payday Loan Repayment Calculator - Click Here
There are cheaper ways to borrow money when you really need it. Get More Information from Moneysmart about Payday Loans - Click Here
Cheaper Options include (BUT not limited to):
PLEASE NOTE WELL: Prospective payday loan applicants should always compare all their options carefully and prior to - submitting any loan application!
They should also remember that while payday loans may seem convenient, they can be debt traps to people who are facing financial difficulties; and should not be taken out by anyone who is unsure as to whether or not they can comfortably meet the necessary repayments.
If you're struggling financially and would like to speak to someone for free financial advice, information, and assistance you can call the National Debt Helpline: 1800 007 007 (open from 9:30am to 4:30pm, Monday to Friday).
If you are suffering financial problems related to the coronavirus pandemic you may be eligible for additional support.
The COVID-19 crisis is having a big impact across the country as job uncertainty increases in Australia. If you've lost your job or you're worried about your finances, it can help to know that there are ways to find financial relief.
Many organisations are stepping up to help us Aussies get through the crisis and it's always worth making a call to see what your options are, call the National Debt Helpline: 1800 007 007 (open from 9:30am to 4:30pm, Monday to Friday).
Allan Pearson is the founder of RedCap Finance Brokers & RedCap Consulting.
Allan has been assisting clients with Real Estate & Finance solutions for over 30 years.
© 2020 The Trustee for Red Earth Capital (Tasmania) Trust ABN 98 374 742 974 All Rights Reserved
Allan Pearson (RedCap Finance Brokers) Authorised Credit Representative 523250 of Australian Credit Licence Number 392611*
* AUSTRALIAN CREDIT LICENSE NUMBER : 392611
EZFinance Pty Ltd (ACN:140178383 - ACL: 392611) and it's authorised advisors are fully qualified to give advice and assist with all/any consumer lending. EZFinance Pty Ltd is a member of AFCA.
EZFinance Commercial Pty Ltd (ACN:639833604) and it's authorised advisors are fully qualified to give advice and assist with all/any Commercial / Business lending. EZFinance Commercial Pty Ltd only advise and assist with "Non-Coded" finance (as described in the NCCP Act 2009) and are not a member of AFCA.