An unforeseen financial urgency can strike anyone’s door anytime. The person in need would have tried every possible source but to no help. To overcome that tough situation, the Australians have a solution. The lenders here have planned a product for such needy people called Payday loan Australia. This scheme is of great help to middle class people with fixed earning. To apply for this loan, it is mandatory for the loan seekers to fulfill certain conditions: -

He should have crossed 18 years of age
He should have a valid employment of some time and his income should be above $1000 per month
He should be a reliable citizen of Australia
He should have a bank account with operative status

Customer is required to fill a loan application form of the lender, which he can get online or offline but online process should be preferred because it is less time consuming and hassle free. The applicant doesn’t have to arrange any property papers, bank statements or credit card statements etc. for assessment. This type of loan is unsecured in nature.

After approval from the bank the money is electronically transferred to the borrower’s account on the same day. A borrower can be granted an amount between $100 to $1500 depending on his income and repayment potential. The repayment period is 15days to one month and is worked out according to date of pay check of the coming month. People with low credit score due to default payments, arrears, insolvency and forfeitures etc. can also apply for this loan.

Payday loans is small in amount, for very short time period. This unsecured loan product is available at comparatively higher interest rates as compared to conventional loans. The interest rates charged are generally 15 to 20% of the amount. The amount is granted till payday to cover the essential expenses for the remaining month or briefly it can be termed as loan drawn against one’s future pay check. They attract one time processing fee.