If you are currently facing a financial emergency where you need quick cash for a car repair, high utility bill, or a bank overdraft charge, you now have the ability to apply for an instant loan, otherwise known as a cash advance, payday loan or short term loan. These loans are short-term, small cash advances in the amount of $100 to $500. The life of the loan would be a week, two weeks or a month, depending on the date of your next pay check. Instant loans are also known as payday loans or cash advances.
If you are at least 18 years of age, have been at your current place of employment for at least 3 months, have your check deposited directly into your bank account, and net at least $400 per week, you would qualify for an instant loan. Most instant loans lenders have a cap on the amount they would loan to first time borrowers.
Some Australian loan companies will allow your first payday advance to be no more than $200 if you are paid weekly, $300 if you are paid fortnightly, and the lesser of $400 and 20% of your pay check if you are paid monthly. After your first loan is paid in full, you would then qualify for up to 30% of your take home pay.
Lenders can...
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