About Perfect Payday
Perfect Payday is a payday loan broker operating in Australia, facilitating its customers who require loan amounts of up to $2,000 in finding a suitable lender. The loan terms are subject to the specifications of the chosen lender, although a typical payday loan allows borrowers to repay over a period of up to 12 months. The company behind Perfect Payday is called Tiny Ventures.
The following key features pertain to the services being provided by Perfect Payday:
- It is a payday loan broker, facilitating the provision of loans up to the amount of $2,000
- The broker allows loan applications to be filed online or in-store, depending upon the borrower’s preferences.
- Loans are usually approved and deposited into the borrower’s bank account within the same day, provided they are approved before 3 PM and on a working day i.e. Monday-Friday. For those receiving approvals after 3 PM, the loan funds are deposited on the next working day.
- The loan amount can be used to pay for personal expenses including medical, car repairs, bill payments, and similar financial emergencies.
- The entire loan application process is completely online and requires no paperwork to be submitted unless the chosen lender requires additional documentation.
- Loan applications can be made at any time of the day, any day of the week.
How Much Does A Loan Through Perfect Payday Cost?
Since Perfect Payday is a broker, the costs that are charged on a payday loan depend upon the chosen lender.
On average, loans sought through Perfect Payday could end up costing 20% in establishment fee and 4% as a monthly fee, the maximum allowed under Australian law. Both of these costs are applied on the principal amount that is sought by a borrower in a loan.
The following table illustrates the total amount the average borrower can expect to repay on a loan taken out from a lender in the broker’s pool.
|Loan Type||Loan Amount||Loan Term||Total Repayment|
|Payday Loan||$100||1 month||$124|
|Payday Loan||$300||1 month||$372|
|Payday Loan||$1,000||12 months||$1,680|
|Payday Loan||$1,500||12 months||$2,520|
The figures mentioned in this table assume an establishment fee of 20% and a monthly fee of 4% and do not consider any other fees that may be charged by a lender. Borrowers must carefully evaluate all fees applied by their chosen lender before signing up for a loan, including any dishonor, arrears, early repayment, or default fee, to ensure they can afford the loan repayment.
Pros and Cons
Borrowing through Perfect Payday has the following pros:
- Funds are readily available as these are payday loans
- Access to a wide variety of lenders and a quick comparison of different loan options
- Ability to borrow funds without any credit check (with some lenders)
- Accepts loan applications 24/7, although approval and/or disbursement of funds will happen on a business day.
The following cons pertain to the products/services provided by Perfect Payday:
- Payday loans are very expensive and, in most cases, should only be considered as the last resort to fund expenses.
Is Perfect Payday a direct lender?
No, Perfect Payday is a credit broker facilitating the provision of short-term small loans.
Does Perfect Payday accept applications from those who have a bad credit score?
Yes, applications from those with a bad credit rating are also accepted by the broker, although some lenders in the broker’s pool may not accept such applications.
How quickly can I expect to receive the loan funds if I apply through Perfect Paydays?
Your loan may be processed, approved, and disbursed on the same day, provided the approval is given before 3 PM on a business day. In case approval is given after 3 PM or on an off day, then the loan amount will be disbursed on the following business day.
What happens if Perfect Payday is unable to find a suitable lender for me?
In case the broker is unable to find a suitable loan option for an applicant, then the loan application may be forwarded to another broker with a different lender pool to increase the borrower’s chances of receiving the required loan as quickly as possible.
The following eligibility criteria are stated on the broker’s website. Applicants must:
- Be over the age of 18
- Be a permanent resident of the same state where the loan application is being filed
- Provide valid contact details including a mobile phone number that will be used for verification purposes
- have an active savings/checking account that has been active for at least a month (in case of filing an online application)
- Have no ongoing cases of bankruptcy or any plans of filing for bankruptcy voluntarily during the loan term
- Be employed. Self-employed individuals may also qualify with some lenders in the broker’s pool.
- More than 50% of income should come from sources other than Centrelink payments.
Some lenders may also require applicants do have a decent credit history and will conduct a credit check to confirm this as well, however, many payday lenders in Australia don’t require borrowers to have a good credit history. Applications are usually approved as long as a borrower fulfills the abovementioned criteria and provides reasonable evidence that they can afford the loan repayments.
The broker does not provide details of its customer support services on its website, apart from an email address firstname.lastname@example.org that may be used in case you have any queries/complaints pertaining to the broker’s services.
To apply for a loan through Perfect Payday, applicants need to follow these simple steps.
Step 1 – File the online application form
The broker only accepts applications online, and the application form can be accessed by visiting the broker’s website at www.perfectpayday.com.au and clicking on the Apply Now button on the top-right or the center of your screen, as shown in the image below.
This will load a simple application form that requires information including your name, date of birth, address, contact information, and loan amount. The broker may also require financial information, including your income/expense details, employment details, to name a couple.
Step 2 – Review of your application
Once the application form has been submitted, the broker will evaluate the information provided by you and send you a list of lenders, if any, that are likely to provide you with a loan. You will evaluate the different lenders and loan options at this time, and choose a lender that seems most appropriate for your needs.
Step 3 – Finalizing the loan application
Once a lender has been chosen, it may require you to submit additional documentation, such as bank statements for the past 90 days, proof of ID, etc. After these documents have been submitted and verified, the lender will give an approval decision.
Step 4 – Disbursement of Funds
If your loan application is approved, the lender is likely to disburse the loan amount on the same day or the next business day.