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What Is A Multi Instalment Payday Loan?

Jan 23, 2008
Everybody feels the strain of a lack of finance every now and then. Whether it's your car breaking down, or an unforeseen medical bill, it can leave you reeling if you do not have any savings or hidden cash stash to help cover an unexpected or emergency expense.

If you need an emergency cash fix but find you are strapped for cash until your next paycheck, you now have the option to apply for a multi installment payday loan. A multi installment payday loan is also known as a cash advance or a short term loan. Payday loans have been available for numerous years. In Australia they have been available since around 2002. These types of loans are small short term cash advances of approximately $100 to $1000. There are various requirements to become eligible for a payday loan. Across the board, the basic requirements to obtain a multi installment payday loan are:

You must be at least 18 years of age.

You must be at your present place of employment for at least 3 months.

You must be a permanent full time or part time employee. To be a permanent employee you need to be receiving holiday and sick pay.

You must have your check direct deposited into your checking account.

You must have a verifiable net income of at least $400 a week.

Some payday loan companies are completely faxless which increases their convenience to consumers. All your details (such as your employment details) are confirmed with your payroll officer or manager.

If you have less than perfect credit file, this is not a problem, as bad credit does not usually hinder an individual from obtaining a multi installment payday loan. Payday loan companies are often more lenient than banks or other financial institutions. When and if a credit check is performed, it would be to determine if the potential borrower has filed for bankruptcy or would be doing so in the near future. This would affect the ability to obtain a multi installment payday loan, as lenders want to ensure that they would be able to recoup the full loan amount plus any fees or interest in the event of a client defaulting their payments.

Payday loans are designed to be short-term, with the life of the loan being the time it takes to receive your next paycheck. However, there is the option with a multi installment payday loan to have the interest and fees taken out in one installment from your next paycheck. This helps to relieve the financial burden of having the entire loan amount plus any fees deducted from one paycheck.

It is also possible to have the payment amount broken down further into two or three installments. Some payday lending institutions would allow you make several installments on your personal loan if you are paid weekly or fortnightly. However, this would not be possible if you were paid monthly as this would increase the amount of interest payable to an unreasonable amount. A multi installment payday loan is meant to be a short-term loan.
About the Author
Greg Ellis co-founded Cash Doctors, Australia's largest online cash advance lender. The founders understand their clients needs intimately, having needed a source of convenient credit in years gone by. Cash Doctors
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