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Direct Lenders in Australia

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Direct Lenders At Viva Payday Loans

Direct 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 Direct 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. Direct Lenders 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, Direct Lenders regularly need to take financial risks (‘high risk lending’), a fact that reflects in the interest rates charged by Direct Lenders.

A popular perception, albeit a thoroughly wrong one, that common public has of Direct 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 Direct Lenders is 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 Direct Lenders in Australia

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

Payday loans

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