Are you looking to take out a payday loan with Lazer Money? It’s probably NOT a good idea and we’ll tell you why.
The economy is in a tough spot right now, and we believe that these high interest loans are NOT helping people. Sure – they might give you a short term breather from your bills and other debts, but over the long term…you lose.
Lazer Money is an Australian payday lending company with not many online reviews which is unfortunate. It’s dangerous anyway to get a high interest loan.
Read this entirely as we’ll share our thoughts.
Lazer Money Australia
Here we have yet another payday lending provider who’s out to make a big profit on poor individuals. It’s like a broken record nowadays.
In fact, this is how it’s worked for thousands of years. The rich taking from the poor. These payday lending houses are extremely profitable for them.
You’ll be slugged with high interest and potentially big fees. They know that you’re probably going to struggle to make those repayments, so you’ll be up for penalties if you don’t repay on time.
It’s a tough place to be in, but that’s how it is. We’d love to be more optimistic in this review of Lazer Money, but we can’t ignore the truth.
That is: Massive upside for them, with minimal upside for you.
Now, there are some good things about them. Like the quick financing (less than 2 days) and a friendly team. But you see, most other payday lenders provide this too.
Lazer Money Review
We’ve analyzed them quite closely through our research and we’ve found some big issues.
The biggest problems with Lazer Money are:
- Seriously high loan interest. 30% is quite common but some people get less.
- Penalties if you don’t reach your repayment commitments monthly.
- Debt collectors could start chasing you, only adding to more financial stress.
- Potential tarnishing your credit history so it’s harder for you in the future.
Lazer Money needs to protect themselves as they think you’ll default on your obligations, hence the higher interest. Lots of people take out loans with them they run away, so they think you’ll do the same.
We know you wouldn’t do that. What you really want is a chance to get on top of things, because you’re having a tough time. Heaps of bills and debt collectors calling.
You can count on The Debt Free Community to help you out during these difficult times, NOT payday lending services who are out to make a HUGE profit.
Think about who has your best interests at heart.
The dark world of payday lending
Let’s look at the challenges at payday lending as a whole:
It’s quite evident that they are trying to maximize their profits wherever they can.
And unfortunately, you’re the victim. Again: Little upside for you in this game.
You can always get a payment extension for any bill or existing loan that you have.
This is because, by law, lenders and service providers HAVE to provide this.
It’s called financial hardship. It’s embarrassing but way better than payday lending.
(Because you don’t want to fight fire with fire through yet another loan, do you?)
So we would recommend that you don’t apply for another loan of any type.
Because while Lazer Money is a good company, you’re just so much better.
Better alternatives
Right – the fun part. Exactly what can you do instead of this loan application?
Payday lending has its uses of course. Emergency money being one of them.
In most instances, however, people use these loans to just pay other loans.
It’s very irresponsible, but that’s exactly how it is. We’re here to say NO.
Lazer Money would LOVE for you to take out their high interest loan.
Instead, what you can do is:
- Get yourself a better paying job or pick up part-time work.
- Drive for Uber or hop on Airtasker for casual gigs on weekends.
- Speak to the National Debt Helpline if you’re having a tough time.
- Ask our friendly team to speak to your debt collectors for you.
In summary
We wouldn’t recommend Lazer Money just as we wouldn’t recommend any payday lending provider. It’s high profits for them, and somewhat of a scam.
But they are a good company that does analyze if people can genuinely afford the loan repayments. That’s a compliment from us.
Popular financial author and journalist Scott Pape from The Barefoot Investor has thoughts that we mirror closely. There are just far better options than payday lending.
If you’re being chased right now by debt collectors or if things are just getting a bit difficult, then get in touch. We may be able to assist with your challenges.
