What Are Weekend Loans? How Do They Work in Australia?
Financial emergencies don’t wait for anyone. They can happen any day of the week – even weekends, which can be a real problem for many. Weekend loans are small amount loans you can apply for and receive the cash you need on time, even on Sundays and Saturdays.
Unlike traditional financial institutions such as banks, in which you are not able to process critical transactions outside workdays, weekend loans in Australia are more accessible since most lenders that provide online lending services remain operational all year long, meaning that they can process your request and you can receive the funds right away during weekends.
Most weekend loan services providers will limit the loan amount to up to $2,000 according to the Australian Securities and Investments Commission (ASIC) national regulations, with repayment terms usually topped at 2 weeks. Lenders may also charge you a certain amount of monthly fees and establishment fees that vary depending on your loan amount and your personal financial situation.
What Are The Benefits of Getting A Weekend Loan?
The payday loan services at WeLoans that are available for weekend payout seem useful in many situations, but what can you get out of it exactly? What makes these kinds of loans so special? Here are some of the major benefits of getting a weekend loan.
- Gets you through emergencies. Since you can get funds even throughout the weekend, weekend payday loans that can fund you with instant cash are the perfect emergency financial solution to your unexpected expenses.
- Lets you apply easily. With these kinds of loans, you don’t need to have a perfect credit score or comply with a long list of requirements and strict eligibility criteria. As long as you fit the basic conditions, you can easily get approved in no time.
- Secures your online funds. The days when cashing cheques for loans are long gone. Weekend loans allow you to get convenient cash completely online from our network of authorised online dealers that have top-notch network security.
What To Look Out For When Picking The Best Weekend Loans That Suit My Needs?
There are many different kinds of weekend loans from various lenders, and their features can vary. Here are the factors that you need to look at so that you can judge for yourself and get the best loan deals to get over your financial issues.
- Loan term. Your loan term determines the time you have to repay your loan. For most payday loans that offer weekend payouts, loan terms may range from 2 weeks up to 12 months.
- Loan amount. The amount that your lenders will let you borrow will depend on their assessment of your creditworthiness, ranging from $100 to $2,000 and no more than 25% of your net earnings.
- Fees and charges. The monthly fees, establishment fees, various charges, and interest rates that your lender will charge you will depend on their policy, so ensure that you check the agreement carefully when signing it.
My Credit Profile Does Not Look Pretty. Can I Still Apply For Payday Loans With Weekend Payout?
Yes, you can still apply for loan services with terrible credit scores. While traditional banks base a big part of their decision on your credit score, WeLoans are now working with a long list of trustable Australian online direct lenders that will consider your overall repayment capacity instead of focusing on your credit background.
This means getting loans from WeLoans is much less strict than taking out loans from traditional creditors like banks. Being able to apply for loans even without a spotless credit profile can be a powerful way to solve sudden problems that arise in your life.
Do’s and Don’ts With A Weekend Payday Loan
Weekend payday loans can make a big impact on your finances, and these kinds of decisions carry huge financial responsibility. So when applying for a weekend payday loan, it is important to remember a few key do’s and don’ts.
- Do assess your overall financial status and determine if the loan is absolutely necessary.
- Do take time to read all of the terms and conditions of the loan carefully so you understand the full repayment amount and due dates.
- Do use such short-term loans that are available for weekend payouts for necessary expenses including unexpected bill payments, medical emergencies, and urgent home repairs or car fixes.
- Don’t continue with your loan if you suspected or found out hidden critical terms regarding the repayment amount, default policies, or unexplained fees.
- Don’t use the short-term weekend payout loans for unnecessary expenses or purchases that can wait such as day-to-day necessities (may cause heavy loan dependency), repaying existing loans (may be caught up in a serious debt cycle), holiday expenses, or large price purchases.
- Don’t skip payments or be late in paying your due.
Are Weekend Payday Loans My Only Options?
If you feel like weekend loans are not for you, don’t worry – they are not your only option when encountering financial difficulties. As one of the most common approaches, you can reach out to family and friends for help at the first place before getting any loans. If that didn’t work out, you can then try loan marketplaces like WeLoans to seek financial assistance easily online.
Here at WeLoans, there are a variety of other loan types and financial solutions available for you. Lenders we work with provide less risky loans like bad credit secured loans and debt consolidation solutions for borrowers with bad credit. You can also take out lower-interest long-term loans, such as unsecured personal loans and home equity loans.