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Weekend Payday Loans
Fast 3 to 36 Month Online Loans
Weekend Payout Payday Loans – Are They Possible?
Are you desperately searching for payday loans online with weekend payouts? No idea where to start looking? Is it even possible to get your funds received over the weekend? Don’t worry, IAFC is here to help you.
Note that IAFC does not offer payday loans. This article should be viewed for its informational content and is not a reflection of the specific services we offer. It is always better to seek out independent advice on legal, taxation, and financial matters to verify that indeed, the information we provide here are ideal considering your current circumstances.
Weekend Payday Loans – Definition of Payday
Before exploring weekend payout payday loans, it is important to understand what kind of loan instruments they are.
Payday loans are generally used to refer to loans that are unsecured and are generally $2000 or less. These types of loans are also offered by payday lenders. Typically, these loans are offered online so application is also online 100%. Once they have been successfully processed, it is possible for the funds to be available to the borrower on the very same day. There are also payday lenders that are known for offering these loans on their physical branches. In this setup, customers can just walk right in, secure an application, wait for the approval and walk out with the cash today.
Weekend loans refer to funds being transferred to the borrower’s bank account on a weekend— ideal for those who have cash emergencies.
Weekend Loans Online Lenders – Can I get online payday loans on weekends?
Unfortunately, it isn’t always possible to obtain a fast cash loan at the weekend. This is because direct debits cannot take place on days when the banks aren’t open and they are generally closed on weekends.
Lenders generally have specific cut-off times when they are no longer able to cry out fund transfers. Generally, the cut off is that end of the day trade. This is why if you are ever offered a contract on the afternoon of a Friday, but it got approved beyond the operating hours of the lenders, access to the funds may only be available on the next working day— in this case, on Monday.
Weekend payout payday loans – Physical branch of Lenders
Bear in mind that whilst it isn’t possible for bank transfers to be carried out on a weekend, consumers do have an option to get the cash loan taken out of the physical branch of the lender.
When applying for an in-store payday loan, the same process as doing the application online takes place. So, expect that you will be asked to provide the following details:
- Income statements for the past 90 days
- If applicable, income statements from Centrelink
You may have the option to get digital access to your statements at the branch where you’re applying.
However, this option is only something you can go for if you are near the physical branch of these lenders.
The costs for applying for a loan in-branch are often going to be the same when applying for the loan online. However, this can vary per lender.
Payday Loans – Why isn’t it possible for a weekend payout for payday loans?
Whilst we cannot speak for every single lender out there, it is generally not possible for payday lenders to get the funds transferred to the borrowers on weekends.
This is because funds transfers are dependent on the transfer times of the banks and banks are generally unable to get funds transfer processed on weekends. The same is true for public holidays.
This is why if you get your payday loan approved on a public holiday or over the weekend, expect that the funds will not be available for you on the next working day.
Payday Cash Deposit – When will my payday loan get deposited?
If you’re in need of emergency cash loans on a weekend, then you would likely be concerned over the processing times of payday loans. After all, the sooner you can get your hands on the funds the easier it will be for you to use them for whatever expenses you intended you need them for.
However, transfer times tend to vary between lenders. There are payday lenders that are able to get the funds processed in as little as 30 minutes. However, there are also those that would take a business day to complete the transfer process.
Online Lenders – Are payday lenders online safe?
Typically, bad credit payday loans are offered by lenders that are licensed. As far as safety goes, on paper, they are as safe as any type of credit out there that you can take out from any physical branch.
Consumers need to be aware of the importance of security, however, before signing up for these loans. It doesn’t matter what type of lending provider you are signing up with, it’s crucial that you take the time to take the necessary steps to confirm their reputation and legitimacy. Checking if they have the following is very important:
- An Australian Business Number or ABN
- An Australian Credit License of ACL
It doesn’t hurt to check what consumers are saying about these lenders online too.
It wouldn’t hurt to contact their customer service before signing up. It is also a good thing when you can easily reach the lenders and they have a customer service team that isn’t just helpful, professional and friendly but are also transparent about the loans they are offering.
Getting Cash on Weekends – Can you get payday loans on weekends?
As has been mentioned previously, payday lenders are generally unable to process fund transfers over the weekend. There may be a physical branch of the lender that you can go to, however, that will allow you to get access to your cash then.
This is why if you’re concerned over getting advance access to a weekend payday loan on a Sunday, the answer is yes, you can— but not online.
You may be able to sign up for 247 online payday loans on weekends. You may even get an assessment for the loan by the payday lender. However, if the contract gets approved, expect that the funds aren’t going to be transferred to you until the next working day.
If you, however, live somewhere that is close to a lending store where you can just walk in and apply, you may want to choose this option as this will allow you to walk out with the cash you need without having to wait until the next business day.
Payday Loans – What are things I should consider when applying for payday loans?
Just like what you would do when applying for any loan, consumers must carefully weigh their choices and take a few questions into account. For instance, be sure to ask them the following details:
- How much are the charges going to be? Government regulations have put a cap on how much payday lenders are allowed to charge when it comes to loans of $2000 or less. Lenders will only be allowed to charge a one-off establishment fee for the maximum amount of 20% on the loan principal. They are also allowed to charge an ongoing monthly fee of 4%. However, there may be lenders that will choose to charge less than the maximum amount.
- What are the loan terms going to be? You’ll need to decide how long you would prefer to repay the loan. Repayment terms can vary between lenders but it can genera.ly be around a few weeks up to several months.
- How long will it take to process my loan? You may get access to your funds within an hour up to a working day. Transfers don’t generally take place on weekends.
Alternative Offer to Payday – What alternatives to weekend payday loans are available for me?
As we have established, most credit providers online are unable to get the funds transferred during weekends. The reason for this is that banks will not process direct debits beyond their regular working hours and this includes weekends as well as public holidays
A simple solution to this is to make sure that you send in your loan application before the weekend. This means that the loan will then get approved and the contract signed before the final banking round of the lenders on a Friday and the funds can be expected that same evening or overnight.
Also, if you have access to a physical store of these lenders where you are, it is always best that you will just walk in and send in your application as this will make it easier for you to walk out with the cash you need in hand.
Can I qualify for a payday loan? – Offer is not Guaranteed
IAFC isn’t a payday lender. This is why we are unable to offer any guarantees when it comes to the different eligibility criteria that other lending companies will implement. Still, there are certain criteria and general requirements that you’ll be expected to meet if you are to qualify for a loan. These are:
- Applicants should at least be 18 or older
- Applicants should be receiving a consistent income source— there are lenders that are able to consider Centrelink payments as regular income
- Applicants must hold a permanent residency or Australian citizenship
In addition, if you’re applying via the online platform, you may be required to upload the following:
- Your personal identification
- Income statement from Centrelink, if applicable
- Bank statements for at least the last 90 days
Bear in mind that most lenders can get digital access to your bank statements through the bank details you have provided.
Your Credit – What are no credit check instant payday loans?
In some ways, online payday loans can be misleading. This means that there is really no such thing as a lender that can get the loans assessed and approved in an instant. After, the law requires credit providers to follow responsible lending practices and hence, must spend enough time to determine whether or not you are suitable for the loan product you’re interested in. Still, there really are lenders that can quickly get the application assessed that it might feel like it is instant.
In addition, lenders that offer no credit check payday loans are generally known for not assessing your credit score while your application is still being evaluated. Whilst there are lenders that will make their decision based on the past borrowing history of a consumer, payday lenders are known for now focusing too much on your overall creditworthiness.
These lenders will instead base their assessment on factors like.
- Banking records
Checking Your Finance – Are there guaranteed approvals for payday loans?
There is no such thing as a guaranteed loan. It doesn’t matter who the lender is, approval is never guaranteed. This is because lenders will always need to assess how suitable a consumer is for a specific loan and decide from there.
Creditors need to do the following when assessing a credit application and checking if the borrower has a bad credit:
- Inquire on the financial objectives and situation of the borrower
- Confirm the borrower’s financial situation
- Assess whether the loan the borrower is interested in will be suitable for his needs and his objectives
Bear in mind that how lenders will carry out the confirmation of the finance information above will be at their sole discretion.
Cash Loans – Can I get same-day payday loans?
Theoretically, yes. However, this is highly dependent on the actual lender and the nature of the application. Also, there are certain factors that will affect how soon and advance you can get access to your cash.
- Banking rounds. As discussed, lenders have specific banking rounds during the day where they are still able to get the funds transferred. If you fail to get the contract approved, however, before the banking rounds have completed for that day, the loan funds will usually need to be transferred on the next working day.
- Weekends and public holidays. Most lenders are unable to get funds transferred on public holidays and weekends because they are dependent on banking schedules when doing so. Lenders will generally get the amount transferred on the next working day after you have the contract approved on a weekend.
- Additional details. If your creditor needs additional details concerning the application, they will likely pause the assessment process until such time as they receive the information. This is why it is crucial that you have provided them with all the necessary details before sending the application to speed things up.
- Transfer speeds between banks. Transfers from creditors to some banks can be quicker or slower compared to others.
Weekend loans alternatives – Alternative to Loans to Get More Cash
Weekend payday loans may not be the sole option available for you. Besides, short term loans like weekend loans cannot really get your problems fixed in the long term. This is why you should consider doing the following:
- Get in touch with your utility provider. If you’re planning on taking out a loan to pay for your bills like your electricity, water or gas, it is best to communicate with your provider to see if they can offer some arrangement for you. It is common for these companies to have a hardship department which might make it possible for you to come up with a payment arrangement so you don’t get overwhelmed by your bills.
- Community loan programs. Some community schemes like NILS or No Interest Loan Scheme as well as loans like StepUp allow you to get access to loans at an affordable and fair credit. These are generally available to borrowers with low income. Loans like these are often designed to pay for essential services and goods and will generally have a significantly lower borrowing rate if not zero.
- Advanced payment for Centrelink recipients. You may qualify for an advance payment if you’re on Centrelink. You can learn more about the program and if you’re eligible or not by checking out the Human Services website.
Payday loan comparisons
With all the lenders that you can find online offering payday loans, it is crucial to take a bit of time doing some research before choosing one. This can be a bit difficult especially if you aren’t sure how to get started. Fortunately for you, IAFC can help you out.
When comparing lenders, be sure to consider the following:
- Available loanable amount. Often, payday creditors will allow you to borrow up to $2000 only but there may be those that wouldn’t mind lending you up to $5000.
- Loan terms. Repayments for payday loans can vary between a few weeks to several months. Also, you need to consider how long it would normally take you to get the loan repaid.
- Repayments. It’s common among lenders to set up a direct debit arrangement and have it arranged where the amount gets deducted automatically from your bank account on the same day you get paid. There are also lenders that would allow you to get the loan ‘repaid way before schedule so if you’re concerned about being debt-free only after a short time, this is one setup you may want to look more into.
- Loan cost. It’s common for loans amounting to $2000 or less to get charged the maximum amount of 4% monthly fee and 20% establishment fee. If you know where to look, however, there are lenders that will choose to charge less.
- Turnaround time. If you need to get access to cash immediately, it is always best to find out the creditors’ turnaround times first. IAFC doesn’t guarantee how soon you would get access to your money since different lenders have their own processing time.
Weekend payout payday loans
That’s everything you need to know about Australian weekend payout payday loans. You can also learn more about small credit contracts and how they work by visiting the ASIC website. You can learn more about payday loans there too.
Do note that IAFC is a lender locator service and can help you find the right creditors that will offer personal loans between $300 and $10000.
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