Payday Loans Q&A
What is a Cash Advance or Payday Loan?
A payday loan or cash advance is a short-term loan for a small amount ($100 - $600), usually loaned until your next payday. The cost of a $100 loan is typically about half the cost of a bank dishonour fee, less than paying late fee's for your rent, and certainly more convenient and private than having to visit a bank.
What are the main criteria to get a payday loan?
Cash Doctors lends to people who have been employed for at least 3 months and are paid more than $400 per week net (take home) directly into their bank account. Unfortunately, if you are employed casually or on a pension we cannot lend to you.
Which documents do I need to apply for a payday loan?
None. The application is paperless.
How do I apply?
- Complete the online application form and choose a password - no documents required
- You'll receive an email and SMS requesting that you contact your payroll officer and let them know Cash Doctors will be in touch to confirm some details.
- Contact Cash Doctors to confirm your payroll officer has been contacted. You'll then receive an email with your account log-in details, so you can view your application's progress.
- Cash Doctors then confirms ID, DOB, bank details, employment and income with your payroll officer.
How much can I borrow?
You can borrow up to 30% of take home pay (after tax). If it is your first payday advance and you are paid weekly, $250 is the maximum. If paid fortnightly, $300 is the maximum first loan. Clients paid monthly are eligible for the lesser of $400 and 30% of their pay for their first loan. Once you have paid off your first payday advance, you will be able to borrow more providing your circumstances have not changed. We are always careful to lend amounts which will not lead to repayment difficulty or bad credit.
How do I get the money and how soon?
New Clients - Your funds will be available in your nominated account within 60 minutes of when you sign your contract. With Cash Doctors, you don't have to wait 24 hours or more for funds to clear. If you sign your contract after 3.30 pm your funds will be available the next morning. After your first loan, you'll be paid onto your Cash Doctors card within seconds of signing your contract online.
Returning Clients - Funds will be available to you on your Cash Doctors Debit Card within seconds of signing your contract online. Just log-in sign your contract online and by the time you visit and ATM or log-into your Cash Doctors account online, the cash will be there.
We do 60 minute deposits with all major banks. Click here to view a list of these banks. If your bank is not listed you will be paid by overnight transfer.
Can Cash Doctors Pay Into All Banks Within 60 Minutes?
You will be paid within 60 minutes if you bank with ANZ, NAB, CBA, Westpac, St. George, Bank of QLD, Bendigo Bank, Adelaide Bank, Woolworths, Colonial, Heritage, HSBC, Bank of NZ, QLD Teachers Credit Union, Bank of SA, Suncorp, Westpac.
If it is your first loan and you bank with another financial institution, your funds will be available within 24 hours.
You will be paid within 10 seconds of signing your online contract for all loans after your first loan.
Can I still get a loan if I have bad credit history?
Cash Doctors approves loans for applicants with defaults on their credit history. After all, some people use Cash Doctors as an additional source of credit because traditional lenders will not approve applicants with any defaults. While Cash Doctors' lending policy is quite liberal with respect to credit history, there are cases when loan applications are denied. If you are bankrupt, in a part nine debt agreement or have an extremely bad credit history, your loan application will be denied.
What if I cannot pay on due date?
If you think you will not have sufficient funds in your bank account, you must contact us immediately to halt the direct debit. You must contact us at least two days prior to the direct debit date or it will be rejected resulting in a dishonour fee from your bank.
How long do I have to wait to get an approval?
Cash Doctors will do everything they can to get you your loan as soon as possible. There are, however, a few things you can do to make this process even quicker.
Check them out here.
How does the Payday Advance process work?
With your member log-in you can see whether we've contacted your payroll, you've been approved, your contract is waiting to be digitally signed and whether you've been paid. You will also receive emails and SMS messages to keep you up to date. We know time is of the essence. The best way to ensure your application is processed quickly is to read the requirements contact your payroll officer to authorize us to contact them, then get in touch with Cash Doctors straight away.
Cash Doctors sends SMS updates. Does that mean I can't get a loan without a mobile phone?
Not at all. Cash Doctors sends emails, SMS messages and makes updates available in your login area in real time. If you do not have a mobile phone, you will not receive SMS updates but will be kept up to date via your member log-in and emails. You can also call us anytime on 1300 327 828.
When are you open for business?
Our office hours are 9:00am to 5:00pm weekdays
We accept online applications 24 hours a day, 7 days a week, 365 days a year.
 
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the confidentiality and security of all your personal details, your
bank details and other information as it is transmitted and stored online.
What will it Cost?
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