Yes. Students in Australia can get payday loans. Typically, these loans are smaller (up to $1,000) than the ones given to full-time employed people (up to $2,000).
To be eligible for a payday loan, a student needs to be:
All international students with proper student visas are eligible to receive a payday loan. They, however, need to have lived for at least six months in Australia before they can apply for a payday loan.
Yes. If you are an Australian citizen (at least 18 years old), you are eligible to receive a payday loan irrespective of your present country of residence. Such cases, however, are handled with special consideration, on a one-by-one basis.
Yes. If you are a student and you wish to receive a payday loan, you need to have a bank account. Cash payments for students are generally not processed.
Australian bank accounts are preferred by most lenders as they provide quicker and easier transactions. An international bank account with an IBAN (International Bank Account Number) can also be used to receive payday loans, provided that due immigration paperwork is produced.
There are many reasons why a student would need to take a payday loan. Students generally don’t have a steady source of income. Many students, as it is, are carrying an education loan; and sometimes, it becomes a little too difficult to manage routine expenses like paying bills and groceries. That’s why, students need payday loans.
If you are studying in a recognized Australian university, you don’t have to be employed (part time/full time) in order to be eligible for a payday loan. You will, however, need to produce a bank account statement for the past 3 months. Alternatively, if you receive student grants or a student loan, you can produce documents detailing these to get your payday loan application approved.
Yes. Being a recipient of Youth Allowance won’t disqualify you from receiving a payday loan provided that you can produce a bank account statement for the past 3 months. It will be used by lenders to make a decision regarding your loan application.
If your only source of income is Austudy, you will find it difficult to receive a payday loan. However, if you have a part-time employment, it will become much easier for you to find a suitable lender.