Are you in financial difficulty?
If you are having financial difficulty and would like to speak to someone for free financial advice, information and assistance, you can call the Financial Advisors Hotline on 1800 007 007 (open 9.30am to 4pm, Monday to Friday) . If you are having financial problems related to the coronavirus pandemic, you may be eligible for additional help.
â ï¸ Borrowing Warning
Do you really need a loan today?*
It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.
Check your options before borrowing:
- For more information on other bill and debt management options, call 1800 007 007 from anywhere in Australia to speak to a free, independent financial adviser.
- Talk to your electric, gas, phone or water provider to see if you can set up a payment plan
- If you receive government benefits, ask if you can receive an advance from Centrelink: Telephone: 13 17 94
The government’s MoneySmart website shows you how small loans work and suggests other options that might help.
* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.
How it works?
Perfect Payday connects borrowers to its network of lenders. Perfect Payday works by evaluating applications submitted by potential applicants and finding them a suitable loan. Borrowers must meet the loan terms and repayments set by the lender.
What are the types of payday loans?
The loans offered by Perfect Payday are small, short-term loans. Candidates can borrow between $100 and $2,000 depending on their financial situation. As stated on its website, these payday loans may be an option if any of the following apply:
- Financial emergency. If unexpected expenses arise, such as medical needs or an impulsive event that they have to pay.
- Needing money before getting paid. If clients have not budgeted properly and find themselves without enough money to cover them.
- Car repairs. If they have a car accident or their car breaks down and they need money to fix it.
- Invoices and payments. If they forgot to pay a bill or make a payment and won’t have enough money to pay it until payday.
Perfect Payday does not charge applicants a fee, these fees are charged by the individual lender. For an average payday loan, they can expect to pay $24 for every $100 they borrow. So, for example, if customers borrow $400, they will repay $496, and if they borrow $750, they will repay $930. The $24 is made up of:
- Monthly fee – 4% of the principal amount.
If clients apply and are offered a loan, they should check whether set-up fees, monthly fees and default charges apply and whether they can afford them before signing the contract.
How to register
Potential applicants can apply for a perfect payday loan online. The form will be assessed and they will start finding lenders for them. They can then electronically sign the loan agreement and receive the funds.
The application process requires customers to provide personal information and also mention if they have experienced financial hardship in the past six months. Perfect Payday does not perform credit checks, although some lenders they work with do. Customers can still apply if they have a bad credit history because they work with lenders who lend to those with bad credit histories.
The eligibility criteria for these loans vary due to the wide range of lenders they work with and the different loans they offer. Generally, borrowers must:
- Be an Australian resident
- Be over 18 years old
- Have an active bank account
- Be able to provide proof of your identity
- Have a regular source of income paid into your bank account (not cash)