Responsible Lending
What is a Payday Loan?
A Payday Loan is a quick and easy solution for your financial needs. It allows you to obtain cash in financial emergency situations.
Is a Payday Loan right for me?
It is important to make sure that you use a payday loan responsibly. If used responsibly, a payday loan can be a great tool to provide assistance during financial hardships. It is also important to choose a company that practices responsible lending.
How does PaydayLoan-Online.com.au practice responsible lending?
• Your first time loan with us will never exceed 30% of your net income. This is to ensure that you are not borrowing more money that you cannot pay back. Once you are an established customer and you have consistently paid back your loan on time, your loan limit may be increased.
• The purpose of a payday loan is to provide a short term solution to a financial emergency - a payday loan should never be used long term. The real expense and debt trap for payday loans is when you rollover or extend your loan multiple times. PaydayLoan-Online.com.au has a strict no rollover policy.
• We always send customers an automated reminder email two days prior to their loan due date. This is to remind the customer of his/her due date, to ensure that the loan is paid in full to avoid NSF charges from the bank. Another reminder email is sent to each customer on their actual repayment date.
• You can always be assured that our fees are in compliance with all applicable Australia laws. There are no hidden fess or extra charges.
• We do not enter into a business relationship with any of the following people: retired, on disability, receiving Social Security, paid only by commission, a substitute teacher, on maternity or medical leave, or an independent contractor.
• We make sure that our customers information are kept completely confidential.
What can I do to ensure I use my payday loan responsibly?
• Never borrow money that you will not be able to pay back on your scheduled repayment date.
• Only use a payday loan for a short term financial hardship.
• Only borrow money from a payday loan lender that practices responsible lending.
