There are lots of ways to damage our credit, but not many ways to get credit after the damage is done. There is an increasingly popular credit source for Australians, the short term loan or payday loan, as it is commonly called. The payday loan is a cash advance on your next pay check and so usually the only requirement for this type of loan is verifiable employment in Australia. Because the criteria is employment, your credit score has little to do with approval. The employment verification process can be done in four(4) ways.
1. Call to work - This method is not as scary as it sounds. Due to privacy laws in Australia, the reason for the call or the company calling can not be revealed unless the applying party is on the phone. So worries about disclosure of the desire or need for a cash advance are not an issue.
2. Bank Statement - A copy of a bank statement, either of a hard copy statement or online bank statement showing the employing company name. The statement needs to be no older than 30 days.
3. Payslip - A copy of a official payslip with letterhead or company logo showing direct deposit details, such as account number and BSB number. This document also needs to be 30 days or less in age.
4. Payroll Letter - There are instances where either due to recent employment and a first payslip or a direct deposit on a bank statement are not available yet, that a payroll letter will suffice. This document will need to include direct deposit details i.e account and BSB numbers, amount to be received and date of pay. This document will also need to have a company letter head and provide payroll officer contact details and signature.
Having accessed our financial needs and determined that a cash advance is indeed desired and that all criteria is met and documentation available, we then can research short term loan providers. The newest form of getting cash advances and emergency cash in Australia is the Online payday loan. This is becoming popular for several reasons.
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