We’re here to tell you that if you take out a payday loan with Dollars Direct, then your life may just get even harder. The Debt Free Community is massively opposed to payday lending.
Dollars Direct continues to lend at very high interest (30%) payday loans and our well-researched review shows why this is a BAD IDEA for most borrowers.
It’s such a shame that people do have to resort to such quick cash. You’re probably one of those who are having a tough time with perhaps debt collectors knocking.
This makes for the perfect opportunity for people to give you loans which only put you further into debt. Like an endless cycle which you can’t at all escape from!
Let’s evaluate further.
Dollars Direct Review
It often starts out with you needing a loan. Perhaps you’re behind on your electricity bill or have been contacted by debt collection agencies already.
You go searching online to see if someone can lend you a couple of thousand dollars quickly. After all, asking your friends and family is quite embarrassing.
But what you haven’t realized is that:
- Dollars Direct payday finance is at a whopping 30% which is crazy!
- You’ll be slugged penalty fees if you miss repayments (that sucks…)
- Reviews online also show that people have been unsuccessful
- Your credit history can be tarnished by this negative experience
So this is bad news clearly, but the good news is that you can get cash quickly.
Now, there are instances where this is definitely needed. You know, like your dog got sick and you just gotta pay that vet bill today. That’s a genuine need where Dollars Direct can help you out.
(If you can stomach the high loan interest. It’s not ideal in our opinion…)
For most people, however, it’s a bad idea. Taking out a loan to service your credit card or gambling addiction is a terrible idea.
Have you thought about alternatives? Because there are some.
The best part is that these require NOT taking out finance.
Because we both know that this can get you in hot water.
Payday finance choices
Now we think that all payday finance companies are basically the same.
They’re the main gig for them is finding people like yourself to sell highly profitable loans to. (They make a fat commission on each new loan)
That’s bad news for you, and great news for them. Luckily, you don’t need to resort to these companies to make some cash to pay your existing debts today.
You can:
- Sell your unwanted stuff on Gumtree or eBay.
- Swallow your pride and ask your friends/family for a quick loan
- Pick up a part-time job in the evenings or on weekends.
Also, if you’re struggling to meet that looming bill or loan payment, then you can actually contact the company themselves. Their payment plans are often reasonable which have to be provided under Australian responsible lending laws.
It’s only after exhausting all of that where you might actually consider using a payday lending service provider.
Dollars Direct debt collectors
If they’re chasing you for debts which you haven’t repaid (that payday loan you took out a few months back) then it’s going to be tough. Often they keep calling.
Then the letters of demand start piling up in the mailbox. You might even get text messages saying “Please call Dollars Direct urgently referencing this number”
Now, this is where things get awkward. You probably don’t have much money in the bank account, so you can’t pay them. But they want your money…today!
It’s embarrassing and the thing which most people do is avoid the phone. This is a bad idea actually. Now, if you’re feeling anxiety, then get in touch.
Why? Well, our recommended team can talk to them for you! This can take the stress and headaches away from you, so you can start sleeping better tonight.
In summary
Dollars Direct has massive upside for them and limited upsides for you.
If you’re considering a payday loan with them, then reconsider that today.
Their seriously high interest which they charge borrowers is a recipe for disaster.
Often it puts people into a spiral of ongoing debt problems (most people already have debt problems too). Payday loans are also often used to pay for non-to-legal activities which we won’t name.
We praise that ASIC is looking very closely at this short-term lending market. They have even placed massive fines with some companies for their blatant disregard for the legislation and regulations within the industry.
The Debt Free Community strives to help people in need. Our first recommended pathway is the National Debt Helpline if you need some free counselling.
Alternatively, our recommended team can chat with debt collectors for you.
Get invention before it’s too late and get yourself on the road towards stability.
