We’re here to help borrowers see through the confusion of payday lending, especially from companies like Perfect Payday Loans.
They sound so good, don’t they? You’ve seen some advertising that says “Instant cash today” or some slick signs. They’re trying to lure you in!
It’s dangerous for many people to take out payday loans with Perfect Payday loans and the rest, and upon reading the reviews, we can see why this is.
What many don’t realize is the super-duper high interest rates and quick repayments expected. If you don’t repay on time, then expect hefty penalties.
Perfect Payday Loans
Australia is in the midst of a debt crisis. It’s like we’re constantly borrowing more money to repay the money we haven’t been able to service.
Like an endless merry-go-round with little in the way of an exit strategy. How do most people get out? They declare bankruptcy which causes significant challenges for their futures, including buying a car or house.
Our experience has shown that the reviews about Perfect Payday might be genuine, but the reasons why people often aren’t. Feeding addictions is one bad idea.
Ditto with taking out a payday loan to service personal loans and car repayments. Terrible idea! It’s going to be a bigger hole to dig yourself out from.
On the other hand, these guys are good. Their staff are friendly and unlike a lot of payday lenders, they actually give a damn about their customers.
In fact, they even warn their own potential customers about payday loans. That’s something we rarely see here at The Debt Free Community. Most are just out trying to make a quick buck.
They even raise very similar points that we raise about the entire short-term lending market, despite themselves being payday lenders. That’s umm…interesting.
The nightmare of payday loans
You’re probably having a tough time right now. Lost your job? Bad relationship? Overdue bills? We’ve all gone through that stress at some time in our lives.
The thing is, most people only see additional debt as the only way out. Unfortunately, it just creates more nightmares like fighting fire with fire.
The Checkout has an interesting video that explains exactly this:
So you’re up for a bad deal altogether if you decide to take out a loan with anyone, including Perfect Payday. There is nothing ‘Perfect’ about this industry.
The truth is…these are massively profitable for them. We’re talking 30% interest here. Why do they charge so much? Because they can, and because they want to.
The payday lending market is a multi-million dollar industry in Australia. Luckily, ASIC is keeping a close eye with the Consumer Credit Code and other regulations to keep these guys in check.
Unfortunately, there wasn’t really anyone trying to help the actual consumer to look at their options. That’s why we created The Debt Free Community. We actually wanted to help!
We’re not going to recommend a cheaper payday provider, because these loans are all the same.
You’re up for:
- Seriously high interest rates (30%)
- Massive penalties if you default
- Little protection on your credit report
- Might stop you from borrowing again
- Harsh debt collectors if you miss repayments
Do you really want to enter that deal? It’s all upsides for them and a terrible nightmare for you.
Instead, consider this:
- You can sell off some stuff quickly on Gumtree Australia to raise quick cash
- Ask your friends or family for a quick cash loan. It’s often on better terms
- Get yourself another job in the evenings or on weekends to help you out
- Speak to the National Debt Helpline on 1800 007 007 for assistance today
This is often a better way out of this mess that you’re in right now. The best part – you don’t have to take out additional finance to serve existing debts which commonly puts individuals into a downward spiral.
The profitable payday loan market
The short-term money market in Australia is worth a serious fortune.
Did we mention that payday loans are terrible? That’s why you don’t see us mention them, as there is nothing perfect about it!
(Unless you own the company, then it’s a massive cash cow)
Think about it for a minute. You’re having a tough time. You’re vulnerable.
These guys have money and they’ll lend it to you…with a catch! It’s expensive.
They will profit from you when you’re doing it tough. That’s really unfair and perhaps unethical, but completely legal as well. Most people struggle to keep up with payday loans.
Instead, look at reducing your expenses or bringing in additional income, through selling your unwanted stuff or getting more work. That’s a more realistic way out.
How we can help
Are you being chased by debt collectors? While Perfect Payday loans doesn’t have their own collection agency, the get someone else to do the dirty work.
You can expect to be called regularly as well as SMS text messages that say “Please contact us NOW for an immediate repayment on the full balance!” – that’s an official warning you might receive.
It’s stressful. You’re probably avoiding them because you don’t have the money to pay them back.
Instead, you should focus on what you can do. One great option is to let us talk to them for you. We can make them stop calling through negotiating your situation.
Have you got a sad story? Lost your job or the dog got sick? That’s the sort of stuff we love to hear. Hopefully, we can help you find a way through these obstacles and help you get your life back on track today.
We discourage people routinely from payday loans. What we praise about Perfect Payday loans is that they actually do the same and operate within Australian laws.
There are many cowboys in this industry and we’re proud to find one of the very few which are more realistic. They will reject loan applications if they see your credit report has too many red marks.
If you’re needing assistance to reduce your debt obligations then get in touch with us today. We’re more than happy to listen to your challenges and hopefully we can find a solution.