Home > Best Payday Loans: Where Are They?
Best Payday Loans: Where Are They?
Searching for the best payday loans?
Are you looking for the best payday loans because you need a cash pick-me-up before your next payday? Payday loans can act as a ‘quick fix’ to your short term cash flow problems but could they leave you worse off than you started? These days payday loans have a certain stigma attached to them. They’re often considered to be short term predatory loans with extremely high interest rates.
The reason you might be searching for the best payday loans is because you have a poor credit score, you receive Centrelink benefits or both! Well we’re here to let you know that payday loans aren’t your only option. Jacaranda Finance can offer you affordable personal loans to get your finance back on track. Want to know more? Keep reading!
What are payday loans?
A payday loan, also referred to as a cash advance or small amount loan, is a short term loan that lets you borrow up to $2,000. Generally the repayment period varies anywhere between 16 days and a couple of months.
These loans are easy to access and can be quite convenient for anyone looking for a short term solution to their financial problems. However, payday loans are typically subject to high fees. Additionally, the short repayment period means you’ll need to gather funds quickly in order to repay your loan.
Best payday loans in Australia
Payday loans in Australia have changed a lot in recent times. Technically, they no longer exist. Australian legislation has replaced the term with ‘small-amount credit contracts’ (SACC). Despite this, most people continue to refer to them as payday loans colloquially.
Many payday lenders in the past have displayed predatory behavior and implemented questionable practices.That’s why, in an attempt by the Australian Government to protect consumers, payday lenders are required to cap their fees.
3 Alternatives to payday loans
If you’re searching for the best payday loans, first you should consider the other options available to you. We’ve provided a list of alternative money borrowing options that might better suit your financial situation and circumstances.
Centrelink Advance Payment
If you’re currently receiving Centrelink benefits, you may be eligible to apply for a Centrelink Advance Payment or Centrelink emergency payment . This is a lump sum payment you’ll get in your regular Centrelink income. You’ll be required to pay this back, but generally you’ll just have a little bit taken off your regular Centrelink payments every fortnight. To find out more and if you qualify, visit the Centrelink website.
No interest loan
Yes these do actually exist! You can borrow up to $1,500 for essential items like car repairs or a fridge and repay what you borrow, no interest charged. To qualify for one of these loans you need to have either a Health Care Card or Pensioner Concession Card. You’ll also most likely need to have an income of $45,000 or under (after tax).
Affordable personal loan
Applying for a personal loan, like a payday loan, is quick and convenient. Personal loans do generally charge interest and have some fees for late or missed payments, however they’re considered far more flexible than payday loans. You can pay in small weekly, fortnightly, or monthly instalments over a period of 1-2 years.
Jacaranda online personal loans
These days, most people Googling ‘best payday loans’ or ‘payday loans online’ are actually searching for small personal loans. Personal loans differ from payday loans in several ways. Jacaranda’s online personal loans range from $300 to $10,000. These loans have repayment periods of 12-24 months, depending on the amount you borrow. So, whether your car is long overdue for a service, or you need a hand paying your rental bond, we’ve got a loan for you!
We’re proud of our local heritage, and we embody what it means to be Australian. That means we’re willing to give everyone the fair go they deserve at accessing finance. This includes people with bad credit and people on Centrelink. Our loans are 100% online, which means you won’t have to leave the comfort of your own home or print out any tedious paperwork when applying with us. The best part? Submitting an application is completely free!
Am I eligible to apply?
We don’t claim to have the best payday loans but If you think you’re ready to apply for our 100% online personal loans, you need to make sure you meet our eligibility criteria first. If you can answer yes to the following questions then you eligible to apply:
- Are you 18 years or older?
- Are you an Australian Citizen or Permanent Resident?
- Have you received a consistent income into a personal bank account for the last 3 months?
- Do you have an active mobile number and email address?
- Do you have internet banking set up?
That’s it! If you said yes to all these questions then you can scroll up to the top of this page to start your application.
What loans do you offer?
Great question! Jacaranda Finance offers 3 types of personal loans. These are small medium and large personal loans. The table below shows the different requirements for each of these loans:
|Loan Type||Secured Options||Loan amount||Loan term|
|Small Loan||Unsecured||$300 to $2,500||12 months|
|Medium Loan||Secured/Unsecured||$2100 to $4,600||13 to 24 months|
|Large Loan||Secured/ Unsecured||$5,000 to $10,000||13 to 24 months|
If you’re on the hunt for a new or used set of wheels, then you’ll be happy to know that Jacaranda now also offers car loans from $5,000 to $35,000.
Can I get a loan with bad credit?
Yes you can! Although we don’t claim to offer the best payday loans, we can provide you with a bad credit loan. We look at more than just your credit score when assessing your application. As responsible lenders we will always conduct a credit, however, we prefer to look at other factors like your spending habits and relationship to determine the outcome of your application.
So if you’ve got bad credit – don’t sweat it! Submitting an application will cost you nothing! Scroll up and apply now!
How can I apply?
Jacaranda doesn’t claim to offer the best payday loans, however you can apply for one of our affordable personal loans in just a few simple steps.
Step 1: Choose your amount
To begin, scroll to the top of the page to choose your desired amount and your repayment period then click ‘Apply Now.’
Step 2: Submit your application
Next you’ll be taken to our 100% online application form. You’ll need to fill out the required fields and provide some personal and financial information. Once you’re done, hit ‘Submit.’
Step 3: We’ll assess you
Our team will then assess your application to determine whether the loan you’ve applied for is both suitable and affordable for you. If you apply during business hours, you could get your outcome in just 60 minutes!
Step 4: Sign your contract
If approved, we’ll then send over a contract for you to review and sign. Once you’ve read through it and you’re happy, e-sign and it will automatically be sent back to us.
Step 5: Get your cash
Once we’ve received your signed contract, we’ll transfer your money directly to you. If you have an NPP-enabled bank account, you could have the cash in your account and ready to use in 60-seconds!
Think you’re ready?
Now that we’ve given you the rundown on accessing the best payday loans as well as better alternatives, have you made your mind up? If you decide Jacaranda’s personal loans are your best bet, you can submit an application in minutes. We’ll work hard to deliver you an outcome in just 60-minute.* If approved you could have the cash in your account 60-seconds after you’ve signed your contract**!
If you want to stay in touch, you can contact our customer service team. Alternatively, you can follow us on Facebook, Instagram, and twitter.
*If you apply during business hours and we don’t require any additional information from you
**If your bank supports NPP transactions
Want quicky easy loans? Apply with Jacaranda! Or get the lowdown on micro-business loans.
Have you been searching for a lender that can offer an instalment loan? Look no further!