There is a range of payday lenders on the market, but there’s just one problem: The borrower often justs gets hit with ridiculously high interest.
We’ve seen huge problems with payday lenders like Aussie Cash and this review will tell you why. Should you avoid using Aussie Cash loans?
Read this entirely if you’re having a tough time.
Because we want to open this can of worms since no one else is willing to discuss these dangers.
Aussie Cash Payday Loans
Australia is in the midst of a debt crisis. It’s quite evident that people have literally gotten themselves in deep water and are struggling to stay afloat.
Maybe that’s you, right? Like bills, rent, food and other expenses just keep rising each and every year. You take out loans to try and cover shortfalls in your income.
The payday lending market is one of the key drivers of our economic challenges. Aussie Cash Loans is just one of many payday lenders who are dishing out such serves.
The trouble is…
If you take out any Aussie Cash payday loan, you’ll be slugged with high interest + fees + interest if you default on the borrowed amount. It’s expensive!
It’s not just them either! You see; a lot of lenders charge the highest that they legally can for the loans that they send out. Why? Because they can, but also, because they want to minimize their risk and maximize their profits.
The finance and short term lending market in Australia is very profitable after all.
In fact, watch this awesome short video that explains how this scam works:
We’re sorry that we can’t be more positive in this review, but Aussie Cash Loans is the same as the rest. A massive profit for them, with little upside for you.
So what can you do? Well, let’s explore some alternatives.
Here at The Debt Free Community, our aim is to help everyday people just like you to stay out of debt. At the same time, it’s not always possible, especially if you’re in debt already.
A common trait is taking out a payday loan to serve repayments on home loans, car loans or credit card debt. That is…literally fighting fire with fire. A terrible move!
Instead, what you can do is:
- Consider a 2nd job, either casual or part-time work. The safest option.
- Drive for Uber or use Airtasker to find odd jobs that you can get paid for.
- If you’re dealing with debt collectors, ask us to talk to them instead.
Because we know that a payday loan is often the worst thing for you, and very dangerous for the everyday Australian. It is, of course, very profitable for the banks.
The National Debt Helpline can also help if you’re really struggling and are in dire straits. It’s a free service and you can call them on 1800 007 007 for free advice, which is 100% supported by the Australian government.
While Aussie Cash Loans is a real and legitimate payday lending service provider, we’re really not a fan. The high interest and short repayment cycle is terrible news for the average person.
You’ll end up paying a fortune in the long term. That short term gain for long term pay quote comes to mind. Payday lending never was and never is the solution.
Instead, what you should be doing is focusing on increasing your weekly pay organically. A better paying job or utilizing the gig economy is a great example.
If you’re being hassled by debt collectors, then consider getting in touch. The recommended team can help you through mediation through these tough times.