It’s crazy to think that people are still happy to get seriously high interest loans from companies such as SRG Finance in St Kilda.
You’re probably needing some cash quickly, right? Like things aren’t going so well. Maybe you’re overdue on some bills or other debts like your credit card.
Getting a payday loan through SRG Finance could be the worst mistake you’ll make this year, if you can’t repay it. Luckily, the reviews look great!
This appears to be a great finance company if you can stomach the excess interest they charge. In this guide, we’re actually going to discuss the payday lending challenges.
If you’re looking for a small loan which you think you can repay quickly, then that’s called a payday loan. It’s something that SRG Finance likes to offer.
The main problem is the interest rates. They are very high!
Next we have the penalties (or slap in the face) if you miss a repayment.
Also, they can put bad marks on your credit history if you don’t repay on time.
But most importantly, when you do take out a payday loan, that could restrict your chances of getting a car loan in the future. This is because too many loan applications does make banks quite nervous about your personal affairs.
Now truth be told, it’s not all that bad. When you read the online reviews, you’ll find most people are pretty hapyp with SRG Finance. Their customer service shines.
Our main gripe is the payday loans on offer for which they’ll charge you a nice 30% on. It’s very profitable for them and the Australian government lets them get away with this.
Payday can be disastrous
You think you’ve got a grip on things then something big comes up. Like you gotta repair the car quickly or your tooth has some aches and pains.
Those are genuine reasons for taking out a payday loan. That is if you’re happy with the Terms and Conditions which are very much in favour of the lender.
They are compliant it seems with the National Credit Code and ASIC restrictions.
It’s the borrowers that still often suffer with these payday loans. They take out these loans to repay other debts or use them to fuel alcohol or gambling addictions.
If you’re looking for a sure-fire way to go backwards in most cases, then a payday loan is a good one for you. Most people are smart enough to avoid these.
Banks like to lure you in. The interesting part is that they profit off your misery. Lost your job? Bad relationship? Now you need a loan and they’re going to make a fortune.
In fact, it’s a billion-dollar industry right here in Australia. Consumer Action has a massive article on this.
In the United States, it’s 90 billion. Yes, that’s billion with a B. Crazy, isn’t it?
Debt collectors soon arrive
Have you been contacted by debt collectors recently? Maybe even representing SRG Finance. You probably got a letter or SMS text message like “You must contact us now to have this immediately resolved!!” with big threats.
You really do need to take action if this is happening. Payday lending is merely a debt trap that you’ll struggle to get out of easily. Ignorance isn’t bliss and nor is taking out additional debt. That’s fighting with fire and everything we’re against here on this website.
Where we can help
Put your thoughts of a payday loan to the side for a moment. Clearly we have a debt crisis here in Australia and 85% of payday loans originate online now.
What that means is that it has become so much easier for you to take out that attractive looking loan but also, so much easier for them to lend (and make a profit!)
You’re basically trading a short term gain today (instant cash) with long term misery. That’s literally no way to live.
If you’re having a tough time paying for things, then please get in touch.
- Talk to debt collectors for you so you don’t have to answer the phone.
- Work out a way to reduce your monthly expenses so it’s manageable.
That’s how we work primarily and we advocate against payday lending constantly. In fact, we’d love to see all Australians getting out of debt.
SRG Finance is a good company but please pass on their short term finance offerings. Their personal loans may have more attractive rates.
The team is friendly but they don’t offer anything decent on payday loans. In fact, these companies often make big chunks of cash off these loans. Do you want to make a profit for them?
Why not get in touch with someone who can help you out during these tough times. The discovery phone call is FREE. Let’s see if we’re a match.