There are lots
of ways to damage our credit, but not many ways to get credit after the damage
is done. There is an increasingly popular credit source for Australians, the
short term loan or payday loan, as it is commonly called. The payday loan is a
cash advance on your next pay check and so usually the only requirement for
this type of loan is verifiable employment in Australia. Because the criteria
are employment, your credit score has little to do with approval. The
employment verification process can be done in four (4) ways.
- Call to work - This method is not
as scary as it sounds. Due to privacy laws in Australia, the reason for
the call or the company calling cannot be revealed unless the applying
party is on the phone. So worries about disclosure of the desire or need
for a cash advance is not an issue.
- Bank Statement - A copy of a bank
statement, either of a hard copy statement or online bank statement
showing the employing company name. The statement needs to be no older than
30 days.
- Pay slip - A copy of a official pay
slip with letterhead or company logo showing direct deposit details, such
as account number and BSB number. This document also needs to be 30 days
or less in age.
- Payroll Letter - There are instances where either due to recent employment and a first pay slip or a direct deposit on a bank statement is not available yet, that a payroll letter will suffice. This document will need to include direct deposit details i.e. account and BSB numbers, amount to be received and date of pay. This document will also need to have a company letter head and provide payroll officer contact details and signature.
Having accessed
our financial needs and determined that a cash advance is indeed desired and
that all criteria is met and documentation available, we then can research
short term loan providers. The newest form of getting cash advances and
emergency cash in Australia is the online payday loan. This is becoming popular
for several reasons.
Apply Now
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