A Quick Guide to Payday Loans ‘Will It Affect Your Credit Score’


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A Quick Guide to Payday Loans ‘Will It Affect Your Credit Score’

Payday loans are the best ways to earn quick cash. Like most forms of credit, however, applying for one can make an impact on your credit score. Bear in mind that any loan application (approved or otherwise) and the information of the amount you borrowed, repayments, and other details are always included in your credit report. The answers aren’t always negative, however—when done correctly, a payday loan can significantly boost your credit score.

To take a payday loan, you will need to visit a payday lending store. Here, you’ll be asked to present your pay stubs, along with bank statements for verification. After this process, you will be given access to the cash.

While getting a payday loan is quick, easy, and guaranteed, there are certain rules you need to follow. Repayment is strictly enforced, for instance, as this holds an impact on your credit report. If you wish to learn more about payday loans, this quick guide is for you.

How can payday loans help my credit score?

As previously mentioned, your credit score will be affected—but not always negatively. As a borrower, it’s your responsibility to make repayments on time, ensuring that you pay the loan in full during the agreed term. By doing so, you demonstrate good credit habits and therefore, increase your credit score.

Bear in mind that repayment history is listed on your credit score, so it’s paramount that you demonstrate that you’re more than capable of keeping your end of the bargain. Any late or missed payments will be listed, effectively affecting your credit score and chances of getting loans approved.

What should I avoid when it comes to payday loans?

1 – Taking out too many loans.

Taking out multiple small loans can give a bad impression to prospective lenders, as this behaviour may be a sign of an unstable financial position and can harm your future loan applications. It may be in your best interest to resist taking out too many loans even if you repay them on time.

2 – Making several applications in a short space of time.

If your payday loan application hasn’t been approved yet, it’s best not to send too many applications within a short time frame. Your credit report reflects account opening dates, the number of accounts opened, and all of your applications.

By making too many applications, you may be signalling an unstable financial standing, much like taking too many loans. Try and allow a few months to improve your credit standing and repay your loans before sending another application for a payday loan.

Are Payday Loans Right For You?

As with any financial situation, deciding on the payday loan application compels you to take a look at your current financial situation. Make sure to consider the interest and fees involved with the loan, along with your capacity to fulfil your end of repayment. If the odds favour you, take out a payday loan. The big boost in a credit file is a benefit worth reaping, and it also serves you instant financial relief in time of need. Ultimately, however, the choice is up to you.If you’re looking for quick access to cash in Australia, Cash On Your Mobile is the place to go. As a licensed credit broker, we offer you the chance to borrow from the country’s most trusted lenders. Registered with the ASIC and Credit Investments Ombudsman (CIO), we offer you a legal and safe way to get up to $50,000 whenever you need. Get that cash—apply now!


What is a Cash loan?

A cash loan is a short term loan which can be paid off over a short period of time upto 12 months

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You can apply for $400 to $2,000. The lender will tell you how much you qualify for when you application.

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Eligible Borrower:


A payday loan or cash advance is a short term loan. It provides the consumer with the needed cash to use until their next payday, or over a 12 month period. The loan, plus any applicable fees, is paid back on the consumer's next payday (This can be extended if required)

  • 18 years of age or older.
  • Australian Permenant Resident.
  • Valid check or savings account with direct deposit.
  • Regular income of at least $1,000 per month.
  • Bad Credit or Centrelink Customers are welcome to apply. (Centrelink)
  • *All Loans are subject to an assessment of suitability and affordability.

If approved, electronic transfer can be in as little as 4 hours. Most bank transactions will be received within 1 business day, although certain banks can take up to 48 hours to show the credit

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If your application is succesful you will be presented with a loan offer subject to terms and conditions shown on the offer.

We are a Licensed Finance Broker. We do not provide any kind of credit facilities. Your request will be referred to a third party that you can deal directly with.

You will be advised of the 3rd party lenders fees and charges before signing your contract. We may receive a small fee (amount unascertainable) from these third parties for the referral.

It is recommended that you take independent legal and financial advice before taking up any products that you are referred to.

Frequently asked questions

Normally within 24 hours of application approval. Bank holidays, weekends and certian banks can impact delivery time up to 48 hours

Our lenders costs are the same for all states. They charge an establishment fee which is 20% of the loan amount you borrow plus a 4% monthly fee.

Yes you can. Your credit score does not always play a factor in most of our lenders decisions.
All our lenders will perform credit checks but bad credit will not always preclude you from obtaining a loan

The loan amount and any fees will be electronically deducted from your bank account on the due dates. You do not have to do anything.

Please speak directly with your lender if you have any issues paying back the loan.

Fill out the easy online application and submit it. You are under no obligation at that point. You will be able to see the loan offer before agreeing to it.

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