Money Buddy

Money Buddy is a financial services provider that compares all the loans that are available in Australia.

Although they can’t help you make a decision since they don’t have relevant information regarding your credit history, they can at least give you an idea of how the good and bad credit loan operators work, what they normally require from clients and how much do they charge.

Loan features

Some loan features are not included on their website. Clients will then have to either go separately to the loan’s website and enquire or alternatively, they can call and find out any information that has been omitted on their website.

Short-term loans in Australia

Although there are many options that are available for applying for a loan, some people often prefer short-term loans. This is because you have a shorter period to repay the loan and the interest charged is usually not too high.

The short-term loans differ according to service providers, but they normally operate under the same mandate, paying your credit advance in due course to avoid charges and a bad credit record. The term also ranges according to the different loans that are available. The period normally ranges from 20 days to 6 months.

Payday advantage

The reason a lot of people prefer payday loans is that they can be repaid as soon as you get your salary. That way, you can easily forget you had a loan. Ultimately, the faster you pay, the quicker you can start applying for a new credit advance plan if you see the necessity.

Every credit advance in Australia who is in the finance industry has a responsibility towards responsible lending.

This is to say every lender has to ensure that each and every financial services provider they loan to is capable of paying them back. Should they do these checks and find that they are not capable, they shouldn’t lend the client any money.

Financial assistance

Some lender relies on your employment, income, expenditure and other means of cash flow as a means of rating how you will be able to pay off your payday loan. As opposed to the normal credit checks that are done, other lenders prefer doing a different kind of credit rating.

Judging by the money you get and the money you spend on a monthly basis, they can then make a conclusion as to whether you qualify for the credit advance or not. Either option is accepted. As long as the actual will be able to get the financial assistance he needs at the time.

Bad credit

Although there are many lenders that don’t cater to bad payers, there are numerous that do. Therefore, it is important to first find out if your lender offers quick cash loans to clients with a bad credit record before applying.

Payment obligations

Apart from the fact that lenders loan money to clients for the purpose of helping them in a financial crisis, they also loan clients’ money with the sole purpose that they are going to repay it. Failure to do so will render the clients being handed over to the credit bureau.