10 Questions to Ask Before Getting Payday Loans

Consider all aspects of payday loans before making a decision. Apply for short term loan with SpotMe.

Consider all aspects of payday loans before making a decision.

Payday loans give you the opportunity to finance any purchase or take care of whatever life throws at you: unexpected bills, home repairs, medical fees and more.

Whether you take out a loan, finally comes down to your financial situation. There are important details you must know before you borrow. The following answers should set you in the right direction.

What is a payday loan?
Payday loans are short-term cash loans of small amounts, usually repaid by the next payday, or a specific date set in the loan agreement.

Who all are eligible for payday loans?
All customers who are at least 18 years old and are Australian Citizens or hold a Permanent / Temporary Residency, are eligible to apply. They also need to have an Australian bank account into which their salaries are paid. Along with having a mobile phone in their name.

How much can I borrow?
The amount you can borrow cannot be a large amount, as payday loans are short-term loans that must be paid back within a couple of weeks. You can usually borrow between $250 to $1,000. In case you need more, you should consider other loan options.

When will I receive my funds?
Once your loan is approved, the money will be transferred straight into your bank account within the same day, or the next business day if approved after 2:30pm AEST, over the weekend or during public holidays.

How do I get the money?
Receiving the money from your loan is easy – it is deposited right into your bank account.

How do I know if it’s safe to enter my personal information online?
A key rule of thumb, when entering your information online is to check if you’re on an encrypted page. Look for a padlock to the left of your page URL, indicating a secure site. If you don’t see either, take caution. SpotMe is protected by industry-recognized security standards, and all information provided is encrypted during submission.

I have a bad credit history – will I still qualify for a loan?
Your credit history may or may not always be the deciding factor. However, if you meet our lenders requirements, then your loan will be approved despite credit issues.

How do I repay my loan?
All loans are repaid using automatic direct debit instructions that collect money straight from your bank account. These instructions are set up according to the repayment schedule. We’ll send you an SMS reminder the day before payments are due to be debited from your account.

What happens if I default on my loan?
Defaulting on your loan may result in higher interest rates and additional fees. Further, if you are unable to repay the loan and close your account, the Company may pass your account to an external collection’s agency. Should this happen, they are legally entitled to register a default on your credit file, which could remain for up to 5 years.

Can I apply for a new loan, after repaying the old one?
Once your loan has been repaid in full, then you are more than welcome to apply for a new loan should you ever require our services again. It is important to note that even though you have received a loan from us in the past, we are still required to make reasonable enquiries about your financial situation and understand the reasons behind your loan requirements.

Still got questions that you cannot find here? Contact our Customer Service at


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