When you accept a loan agreement through G’Day Loans, you will be required to provide your banking details. These are used to set up an automatic direct debit. This ensures that your loan instalment is automatically deducted from your bank account on the same day your salary arrives. This is great for two reasons.
- You never accidentally miss a payment when life gets busy.
- You don’t have to budget or make a manual payment.
At , we know that everyone is different and as such, so are their financial constraints and requirements. With this in mind, we offer a plethora of loan options for everyday Aussies – simply take your pick! Whether you are looking for a short term personal loan of just a few hundred dollars or a medium loan of a few thousand dollars, you will find the loan offer for you right here at G’Day Loans.
Payday loans aren’t long term loan agreements – instead, they’re designed to be very short term. Payday loans act as a cash advance to get you through a rough financial patch, pay for an unexpected expense, or get your kid that birthday cake when you’ve ‘got more month at the end of your money!’ It’s fairly easy to qualify for a payday loan, and the money is typically paid out within 60 minutes of approval.
Most payday loans range from $150 to $2,000, but in some instances, they can be as high as $5,000. What characterises a payday loan is that it is paid back on your next payday (although alternative loan terms are possible). Payday loans under $2,000 come with no interest attached but do have establishment and monthly service fees that you need to be aware of.
Personal loans are instalment loans in that you borrow a fixed amount and then repay it over a certain number of pre-agreed months with interest added. Most personal loans range from $200 to $5,000, but some lenders offer personal loans of up to $10,000. Many people opt to use personal loans to pay for household renovations, vehicle and appliance repairs, medical bills, vacations, wedding costs, divorce costs, moving expenses, rental bonds, or even buying expenses such as a vehicle, jewellery, and computer, and camera equipment.
The repayment term is typically longer than payday loans and usually ranges from 60 days to 24 months (in some instances, longer terms are offered). Personal loans can be secured or unsecured, and in most instances, if your credit score is good, you will be offered a low interest quick payday loans Covington rate.
Secured loans are short term loans that require the borrower to offer the lender an asset to reduce the risk (to the lender) and serve as collateral. In most instances, lenders accept assets such as vehicles (car, boat, motorbike), property, jewellery, stocks, bonds, and anything else of suitable value.
Secured loans are easier to get approval for, and because the collateral asset secures the amount, you can borrow more and repay it over a longer term. Most secured personal loans are used for larger purchases like buying an expensive car, investing in property, carrying out home expansion/reent. While short term secured loans are typically repaid over 12 to 24 months, there are instances where secured loan terms, such as mortgages, can extend up to 20 years.
Unsecured loans don’t require any collateral for approval and are typically small. Most are used to pay for emergencies and unexpected expenses or get through a rough financial patch. Instead of relying on the borrower’s assets as a form of security, the lender approves the unsecured loan based on the borrower’s credit history and affordability – this means you will have to provide a list of your monthly expenses, which can be compared with your income.