The Cost of a Cash Doctors Cash Advance

Your first cash advance costs just $2 - it's just a tiny establishment fee. You repay just $2 more than you borrow.

After that, each time you take a cash advance of any amount, a $45 fee applies. Then it's just $29 a week for each week you have an outstanding balance. The maximum period we allow is 45 days as these are strictly short term solutions.

Some people think the fees seem expensive, but they forget that these are very small cash advances for short term purposes only - just days or weeks. It's also the fastest and most convenient way to borrow in Australia - as a member you get up to $600 in seconds around the clock - even from you mobile phone.

Why the APR (Annual percentage rate) is not the best measure of the costs of our loans

APR or annual percentage rate is a measure for comparing the costs of traditional loans that run for years. The APR is the amount you will pay in interest and fees over a year. For certain financial products - short term cash advances, or any loan less than a year - the APR is not a useful comparison tool.

Using the APR when considering a Cash Doctors cash advance is a bit like planning a short hotel stay using the cost expressed as if you were to stay all year. 'How much is it to stay here? - $54,700 per year. How many nights would you like?'

The taxi analogy is hard to beat - using Cash Doctors to solve a short term cash flow problem is like taking a taxi to get from the airport to the city... it's cheaper to walk for 4 hours, hitch hike or take a bus, but most people are happy to pay a bit extra for speed, 24/7 availability and safety.

For example, Cash Doctors cash advances run for an average of 21 days - and no more than 45 days. The APR was designed to compare interest and fees charged for loans of several years. Our APR is under 48% -this is the result if you run the $45 draw down fee and the $29 weekly fee through a complex APR calculator.

We believe the most useful information for a short term cash advance is the total cost of the cash you want to borrow. So we provide all the information as clearly as possible. Then it's up to you to decide how much it's worth paying for cash accessible in seconds 24/7.

The subject of short term lending costs is often misunderstood. In reality it is not terribly complex. If you're a curious type and want a complete understanding of the subject, read our article 'The Economic and Social Benefits of Payday Lending'.

Is Cash Doctors right for me?

People use Cash Doctors for all sorts of reasons, but you should always ask yourself whether you can possibly wait until your next payday. If there's a chance you can, then a quick cash advance from Cash Doctors may not be the best option as it is more expensive than other sources of credit. We're here to help you manage your cash flow when you can't wait until payday.

We offer a solution for occasional, urgent and short-term cash needs as opposed to a larger loan or credit card you have to commit to for a long time. Nor is it a solution to a bad debt situation. If you're worried that you're drowning in debt, please don't apply. Our loan will only add to your existing commitments because it needs to be paid back within 45 days at the most.

Transparency and good communication

We'll always tell you upfront exactly what the costs are. There are no catches or extra costs to worry about. Play with the calculator before you apply. See a breakdown again when you confirm your cash advance after the application form. You can also login anytime and view your current cash advance and all previous cash advances. SMS messages and emails are also sent to help you track your applications and keep up to date with repayment details. The only way your costs can increase is if you fail to honour your side of the agreement.