If you live in the UK and find yourself in need of a little bit of cash to get you by until pay day, you might want to take out a payday loan. Providing you meet the requirements, you could receive funds within a few hours. You will likely need to be over the age of 18, and a UK resident in order to qualify for a loan. If you don’t live in the UK, you may still be able to take out a loan where you live – you might want to search for ‘payday loans in Australia’ for example.

What are payday loans in Australia?

According to the Australian Securities and Investments Commission (ASIC), a payday loan is a loan of up to $2,000, which needs to be repaid between 16 days and one year. Lenders offering payday loans in the UK need to be authorised by the Financial Conduct Authority (FCA) – while in Australia, lenders need to have an Australian Credit Licence for them to be able to provide payday loans. New loan companies cannot provide any short term loans until they have been given their licence.

Just like UK payday loans, Australian residents can apply for ‘payday loans in Australia’, providing they meet a certain criteria. Some lenders will say you need National Identification to prove you are an Australian citizen, or a permanent resident. You will also likely need to be over the age of 18 to apply.

Also like the UK, most Australian lenders will require you to provide certain details such as monthly income, proof of employment and details about expenses. When applying for payday loans in Australia, you might be asked to provide payslips, copies of bills, and rent statements.

Since 2010, it has been the law for payday lenders in Australia to ask the borrower about their requirements and what they intend to do with the money before they are able to approve a loan. The ASIC say lenders must not lend money if they think it would be irresponsible to do so.

How much do payday loans in Australia cost?

UK payday loans are regulated by FCA, who in 2015, implemented a cap on payday loan fees. Payday loans in Australia are also capped at 24% per $100 borrowed, made up of 20% application fee, and 4% monthly interest fee.

How can you find payday loans in Australia?

Using a search engine to look for payday loans will likely bring up a number of short term loan providers offering loans in the country you live in. If you are currently outside Australia, but still want to look for a loan, searching for ‘payday loans in Australia’ will bring up a number of competitors based there. You can also tell which lenders are based in Australia by looking at the domain name. UK websites will more than likely end in ‘.com’, or ‘.co.uk’, while in Australia you will see ‘.com.au’ or ‘.au’.

If you are thinking of applying for payday loans in Australia, you may want to consider how likely you are to be approved. You may find that you might have trouble getting a loan if you have had a loan out in the last 90 days, if you have defaulted on your payments, or if you find you’re unable to repay the loan on your due date.

Taking out a payday loan can be a quick and simple process, seeing you through the month until your next pay day. Providing you meet the requirements, taking out a payday loan no matter where you live can be a convenient solution to your financial emergencies.