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How Payday Loans Work: The Interest Rates, Fees and Costs

I know it’s not the first time you are hearing about payday loans. But I know you are here to learn more about them. Maybe, you are considering taking a payday loan, and you need to know them first. Therefore, I will not disappoint you. I will give you what you need to know about how payday loans work.

Let’s start here: what are payday loans?

There are multiple definitions of payday loans, but I will give you the best to understand faster. So I will define a payday loan as a borrowing that you take in a small amount and payback with very high-interest rates after a short while.

That said, most payday loan lenders usually have no operation licenses. And that may pose a considerable risk to you.

Gday payday loans

Gday loans is a payday broker based in Australia. If you need quick cash without much straining, then a Gday loan is the place to go.

In this post, I’m going to align the characteristics of payday loans with Gday loans.

How Gday loans work

1. You apply online in one application

You don’t have to go to a physical store with Gday loans to get your payday loan. Instead, all you need is to download their application, and you will gain immediate access to more than 15 lenders.

This strategy helps to save you time and frustration. In addition, with over 15 lenders, the chances of getting your payday loan are higher.

2. The app matches you with a suitable lender

As many as over 15 lenders, you will not go from lender to lender to apply for a loan. You only need to fill one form on the site, and they will match you with a potential lender who can accept you in your state

3. No credit checks

I know that most people are currently struggling with bad credit, and it’s eating them up. But, as you may know, lousy credit might limit you to do and get various thongs in the society.

However, Gday loans will not discriminate against you. Therefore, like any other payday loan lender, lenders in Gday loans do not run credit checks once you apply for a loan. Therefore, if you have bad credit, you will get the loan you need.

4. You get your loan faster

Like any other payday loan lender, you will get your cash ready for use while you apply on this site.  In most cases, the turnaround Is usually less than one hour.

5. Interest rates

I must say thank you to the Australian government. It has set the maximum cost of loans in the entire country. And that means that payday loan lenders do not misbehave.

With Gday loans and any other lender in Australia, you will get loans for centrelink with an establishment of 20% and a monthly fee of 4%.  This fee is contrary to other payday loan lenders who can charge you more than 400% APR.

6.    You will get a small amount of loan

Like other payday lenders, you will get a lower loan amount starting from $150 to $2000. Payday loans have this common characteristic because of their short-term nature. So, a payday loan cannot help you do a long-term project like buying a house or a car.

7. Short term nature

Payday loans have a brief repayment period which goes up to two weeks. However, some lenders may extend your repayment to one month.

Gday loan lenders will still charge you the standardized fee of 20%. So if you are taking out a payday loan, ensure that you can repay the loan at the required time. Because if you don’t pay, you may pay extra fees.

Requirements of Gday payday loans

To get a payday loan in Gday loans, you have to meet some requirements for them to consider you.

  • You should have at least 18 years of age. This requirement is not only for payday loans in Gday but also for the other lenders.
  •  Provide proof that you can comfortably repay the loan. Gday loan lenders would like to confirm that you can repay the loan without many strains. So, it would help if you provided proof of steady income flow.
  • Be an Australian citizen. To get a payday loan in Gday loans, you have to possess identification documents of Australia.

Bottom line

Well, this question is reasonable to ask yourself if you need to get a payday loan. As you have seen, payday loans come with huge risks due to their nature. There are also arrears fees if you don’t pay the loan on time.

If you can get some other alternatives, then you can go ahead and do so. But, furthermore, the essential thing is that you get more income streams and stay out of debt.

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