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Get the knowledge on lending & lenders in Australia

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Cash Lenders In Australia

Payday loan lenders are financial institutions that specialize in disbursing loans (less than or equal to $5,000) for 16 days - 2 years.

Since 2012-13, it has been made mandatory for all lenders to get their businesses registered with the Australian Securities and Investments Commission (ASIC) so that they can be brought under the jurisdiction of a variety of credit laws that the ASIC oversees. This move has made every direct lender in Australia accountable to the ASIC, and in turn, all cash loans safer for general public.

Lending businesses work in a way that is no different than how all other financial institutions, say banks, work. They need capital to establish the business, governmental registrations and approvals to run the business and resources to stay in profit. Lenders online often operate through a variety of media – from conventional brick and mortar establishments to modern internet based operations.

The very essence of lending business is the ease with which they can approve loans to applicants. To be able to maintain this ease of operations, payday lenders regularly need to take financial risks (‘high risk lending’), a fact that reflects in the interest rates charged by loan lenders.

A popular perception, albeit a thoroughly wrong one, that common public has of direct loan lenders is that of ‘high interest opportunists’. The reality of lending couldn’t be farther than that.

Cash loans, no doubt, are charged much higher interest rates than bank loans. But the fact that the ‘time value of money’ (opportunity cost) is associated with these loans is often overlooked.

Another very common misconception about lenders are that the business of lending lies in that dubious grey area as far as legality of it concerned. The fact, however, is that lending is a completely legalized industry that operates in full compliance with every applicable law and norm.

Top 3 Loan Lenders in Australia

To give our readers an idea about who the leading loan lenders in Australia are, here’s quick rundown of top 3 lenders in Australia:

Payday loans

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