This particular fact sheet is for information just. It is suggested you will get legal counsel regarding your situation.

This particular fact sheet is for information just. It is suggested you will get legal counsel regarding your situation.

Utilizing a Payday loan provider just isn’t suggested. It can be difficult to get credit from a mainstream lender if you need a small loan quickly to pay expenses before your next payday. Perhaps you are lured to sign up for an amount that is small in one of the numerous “quick-cash” loan providers that may be found advertised online or regarding the road. Nonetheless make sure to check always all of your options first as the charges on money loans such as these could be extremely high, and you also could end in a ‘debt trap’.

EXAMPLE

Maria required cash to fix her vehicle. Maria has two small kids. One young child features a impairment which calls for regular visits to a doctor. The vehicle is vital. Maria’s single revenue stream is Centrelink including household income tax benefit. Maria gets no kid support from her ex partner. Maria currently had a superb tiny loan and a leasing agreement on her behalf washer whenever she approached Quik dollars, a PAYDAY LOAN PROVIDER for the loan of $500. They processed the mortgage quickly. Maria got her car fixed however the loan repayments to Quik dollars were deducted from her bank-account, making her without sufficient money to call home on. Being unsure of where you can turn, she got another loan from another PAY DAY LOAN PROVIDER to protect her family members’s food and power bill. She seems this woman is now stuck, taking out fully one loan to pay for another, and losing a number of her earnings in charges each and every time. She had little sufficient money to start with!

WHAT ALTERNATIVES CAN BE FOUND TO OPERATING A QUICK PAYDAY LOAN?

Other choices to a quick payday loan are: