1. Are payday loans legal in Australia?
Yes they are. Payday loans are perfectly legal in Australia and the best thing is that the government is overseeing the lenders, ensuring that everything is above board and that the borrowers are not mistreated in any way.
2. What are payday loans?
Payday loans are short-term loans that you can take out and that you have to repay within a very short period of time, usually between two weeks and a month. These loans come with high interest rates and they need to be repaid as soon as possible in order to avoid losing too much money due to interest rates and the fees that can be quite daunting. Everyone can take out a payday loan, as long as they have a steady source of income, be that a steady job, a part time job or even some sort of help from the government.
3. Can I get a payday loan online?
Yes, you can. In Australia, there are currently numerous payday loan businesses that operate online and that are perfectly legal and above board. These are financial services that are done online and where everything is done electronically. You send them the proof that you are capable of repaying the loan the following month, you send them the number of your account and they transfer the money to the account. If you wish, you can even have your bank transfer them the money automatically when you get another pay to it, or you can do this yourself. It is also perfectly safe as the lenders are protecting both themselves and you when they employ various encryption methods that keep your and their money safe.
4. Are interest rates on payday loans limited?
This depends on what part of Australia you live in. Queensland and New South Wales have limits to the interest rates on payday loans while other parts of the country do not regulate the lenders in this way.