Teleloans Review: Why Payday Loans Can Lead to Bad Things

Teleloans Payday Lending

We’re on the endless hunt for payday lenders doing the right thing and Teleloans is one that The Debt Free Community is closely researching.

Often people take out a payday loan with the expectation that they will repay it back quickly, but sometimes that doesn’t quite happy. You then get hit with big penalties and slide further back into deep debt.

We’re here to tell you that it doesn’t have to be that way, and instead, you should re-consider the need for that short-term finance. You might have a genuine claim for financial hardship.

We found that Teleloans funds hundreds of payday loans every week, but are they legit? In our review, we’ll examine if you should sign yourself up for this.

Let’s get into it.

Teleloans Review

You’ve maybe see the slick advertising by some of these payday lenders. They claim things like “Instant cash today” or “No credit checks” to lure you in.

They are hoping that you’ll join their 30% interest rate payday loans where they can make a huge profit off your unfortunate circumstances. It’s unfair…but that’s how it is.

Now Teleloans does some good things. If you need emergency money and you’ve exhausted all other options (including financial hardship declarations) then you might find these to be your last resort.

If you do happen to be in dire straits, then please call the National Debt Helpline who can help you through these troubling times.

Teleloans Review Australia

Customers have left good reviews about Teleloans across Australia, but some of them weren’t happy either. The thing is: They can’t guarantee that you’ll be successful.

So then people leave their negative experience online as a “review” without having experienced the product. In this case, very expensive financing that most people should pass on entirely anyway.

Payday loans can be a living nightmare

Here at The Debt Free Community, we imagine that you’re having a tough time right now. That’s why you’re looking at this payday loan as the solution to your problems.

In most cases, they actually create more problems for their borrowers. That’s because they often are used for addictions or to fund overdue bills or other debt, such as credit cards and personal loans.

Why is that a problem? Well, it’s like fighting fire with a flame thrower. Talk about giong completely backwards on your journey towards stability.

Not only that, but most of these lenders dish out hefty penalties if you can’t make all of those repayments. So you’re then sliding further backwards with little way out.

Like a backwards spiral or whirlpool, going around and around. It’s called a debt-trap and it’s everything we’re against here on this website.

Instant cash for genuine emergencies

We’ll give these lenders some credit by saying that there are times where they can be a god-send to some borrowers, despite their very unfair terms and conditions.

A good example is needing to repair your broken down car for work. You might have an expensive repair bill, and if that’s the case, only borrow enough for those repairs and nothing more. You might even want to ask your boss for an initial payment if they’re flexible with that.

Another one is medical emergencies. Let’s say you need new reading glasses for work or driving but lack the cash. In this case, you might want to consider a payday loan IF you know you can pay it back.

Friends and family should always be the first point-of-call if you’re experiencing these troubling times. You might also want to get in touch with your superfund or Centrelink who can provide advanced payments if you can prove financial difficulties.

Teleloans and ASIC intervention

Did you know that ASIC previously had a close look at the activities of Teleloans? This was because they believed that they were operating outside the reach of the National Credit Act and the National Consumer Credit Protection Regulations 2010.

More details here: https://asic.gov.au/about-asic/news-centre/find-a-media-release/2015-releases/15-165mr-decision-in-teleloans-and-finance-loans-direct-civil-action/

It was later dismissed in court.

We really like that the Australian government pays attention to this industry and does its best to regulate it. It’s our hope that payday lenders start to offer borrowers deals which are much more affordable.

Payday alternative

We’ve highlighted some of the alternatives already, but there’s more.

Since by now you’ve realized that you could be getting into a huge financial mess with short-term financing.

You can instead:

  1. Consider selling your unused stuff online through portal websites such as Facebook Marketplace. That’s a good way to raise instant cash without ever stepping foot inside a payday loan shop.
  2. Get yourself some part-time work in the evenings or on weekends. This can bring in additional income to serve your out of control debts and overdue bill payments.
  3. Speak with the National Debt Helpline on 1800 007 007 for free advice. This is a government website who’s dedicated to helping individuals like yourself.

By no means would we recommend another payday loan provider because they are all the same. Find someone who’s having a tough time, offer them an expensive loan then penalize them when they struggle to pay it back. Totally unethical!

How we can help

Are you being chased by debt collectors? Teleloans outsources their collection activities to a 3rd party where you might receive text messages or phone calls.

They will call you constantly during the day and evenings. Their motives are simple: To get you to repay the loan in FULL as soon as possible.

Maybe that’s not available to you. In that case, you should consider getting in touch with us here at The Debt Free Community who can help you with a great solution.

That involves us having a chat to your existing debt collectors for you. Most people aren’t comfortable with talking to these nasty people over the phone, so we can happily do it for you. It will save you the stress of handling all of this yourself.

The best part is that our initial phone call is FREE. You pay us nothing to have a chat and discover how we can help you, instead of offering you a payday loan.

In summary

While Teleloans are good as a company, their business practice of loans which serve them profitabily isn’t good. Borrowers sometimes really do have problems paying them back, despite the low initial loan amount.

You might end up paying back 2x the original loan amount in interest fees and penalties. It’s really short term gain with long term pain.

Instead, consider the solutions we’ve recommended here. We’d also love to help you find a way forward through these troubling financial times ahead.

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Speckle Loans Review: Is This The WORST Idea Ever?

Speckle Loans

The Debt Free Community continues to look for rogue short-term finance lenders across Australia, of which Speckle is one of the good players.

It seems so attractive to see the slick advertising, with claims like “Cash today available in just one hour” and “No credit checks, instant finance with low rates”.

What you’re not seeing is the fine print. This is the huge interest found on these loans and penalties if you default on your repayments.

We’ve been researching Speckle Loans and this review reveals why payday lending is RISKY because of the dodgy reasons that borrowers choose to use.

Let’s begin!

Speckle Loans Review

You’re probably having a tough time right now and considering payday finance. If you’re suffering from financial hardship, then this probably isn’t the best idea.

Taking on additional debt to pay off a credit card is a bad idea, as is to service your car or home loan repayments. If debt collectors are calling, then get in touch with us instead.

We’ve seen lots of payday lenders taking advantage of payday lenders in the market over recent years. Luckily, Speckle Loans is one of the good guys.

Speckle Loans Review

But is it worth it? For most people, no. Payday loans are just a terrible idea.

You might be doing it tough, in which case a call to the National Debt Helpline is a good idea. You can call them on 1800 007 007.

Likewise, we can talk to your debt collectors for you. This way you can get on with life.

But back to the issue here. It’s just not a good idea in most cases to get involved with any payday lending service provider.

Customers with this company have left mixed reviews on Speckle Loans. Some say “They are fantastic and I got approved immediately, with the funds in my account the next day” while others were flat out refused “Bad experience, never again!”.

Compared to most others in the industry, they are actually pretty good.

It’s always a good idea to check their Product Disclosure Statement prior to joining.

This is because you’ll be hit with excessive penalties if you miss a single repayment. Plus – you’re already up for 30% interest rates which are crazy high for a $2,000 payday loan!

We’re pretty much against the short-term lending market here at The Debt Free Community. It’s loan shark style behaviour and luckily ASIC is closely monitoring this industry.

The nightmare of payday

These loan providers claim to help people in emergency situations. While that’s true, they are also massive profit houses where the rich just get richer.

They look for the vulnerable who have been rejected from banks or who are on their last legs financially, with overdue debts or who have been struggling to get work.

In most cases, it only sends people into a greater downward spiral where they will struggle to get out from. You simply can’t take out more debts to pay your existing debts. It’s just a dodgy excuse that so many borrowers give.

The good news is that Speckle Loans will warn you of this, but some people just don’t heed the message. They think they will be alright and be able to payback the small payday loan, but it often sends them into greater financial hardship.

Genuine emergencies with Speckle Loans

Their loans are designed for legitimate emergencies. Let’s say you need to get some repairs done on the car to get yourself to and from work. That might be a good idea to take out finance for, if your car loan company can’t increase the current loan.

Another one is emergency healthcare. If you need to get your teeth fixed because you pain where you can’t work, then alright that’s another good one.

Those are genuine emergencies. An example of a non-emergency is taking out a loan to pay back your credit card that’s due today. You can instead ask them for a flexible payment play or even claim financial hardship.

A lot of these credit card and electricity suppliers are happy to work with you. They will find a solution that meets your needs. While debt collection often eventuates, it’s expensive for them so they want to find a way to help you out, without charging you 30% as a payday loan would.

Speckle Loans debt collection

Are you being chased by the debt collector representing Speckle Loans? You’ve probably received contact by way of an SMS message, letter or email that says “You must contact us immediately to have this matter resolved!” – They might expect full payment today.

Speckle Loans debt collection text message

You’re probably going to struggle to come up with that sort of money right away, aren’t you? We understand that it isn’t easy. Being up to your eyeballs in debt is a terrible feeling where things have just gotten out of hand.

How The Debt Free Community can help

If you’re being hassled by debt collectors anywhere in Australia, then please get in touch. Instead of you having to ignore the phone calls, we can talk to them and hopefully make the phone calls stop.

We know it isn’t a good time that you’re having right now. You just wish it could be easier, and there’s a chance that it could be. We’d love the chance to help you.

Simply drop in your details into the form and we’ll be in touch very soon.

In summary

We’ve found Speckle Loans to have a friendly team who cares about their borrowers, but not everyone is successful. They will check your credit history.

It’s common for people to use payday loans for the wrong reasons. One example is taking out a loan to pay back other creditors, which is a bad idea for sure.

Instead, you should get in touch with us and see if we can assist you today. To stop those endless phone calls, text messages and letters in the mailbox.

There is a way through this mess and we do look forward to helping you.

Because it’s the worst idea ever to get a payday loan to pay existing debt.

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Swoosh Finance Review: Our WARNING On Payday Lending

Swoosh Finance Australia Review

The Debt Free Community has an official warning for those considering payday loans.

It sounds attractive, doesn’t it? Fill out some basic information and BAM! Get some cash into your bank account.

But stop, it isn’t that easy! You’re up for a rough ride if you think that they have your best interests in mind.

In this Swoosh Finance review, we’re going to share why we believe dodgy payday lending is RISKY and could end up costing you thousands of dollars.

It’s not an attack on them per se but the entire industry. We’re out to help the general public get a more informed view of what the real cost is.

Review of Swoosh Finance

You’ve probably been searching online because you want to know if there are any reviews of Swoosh Finance. After all, their own website sounds so inviting.

Luckily, The Checkout paints a very clear view of what to expect:

Sounds a bit dodgy, doesn’t it? They actually operate very legally and legitimately under Australian regulations.

The industry is actually quite profitable. When Swoosh Finance gives you a payday loan, they put 30% on the top and can keep re-lending that money again and again.

They even expect you to struggle and miss repayments. This is why if you look in the fine print, there is a clause that shows the excessive fees that they will charge you.

Review of Swoosh Finance

But it’s not all that bad. If you need the cash for a genuine emergency AND you know that you 100% can pay it back on time, then it could work out for you.

Genuine payday loan needs

What we’re talking about here is real needs for payday loans.

Like let’s say you’re needing new uniforms for that new job you got, or a car to get yourself to and from there. Then YES – a payday loan could be a good idea.

Another one is medical expenses. Sometimes you just gotta do it in order to avoid pain. Vet bills is another one.

Next, we’ll talk about not so legitimate reasons.

When Swoosh Finance isn’t a good idea

Many people actually get payday loans for the wrong reasons.

It’s sometimes to fuel an addiction, and if that’s you, then please call Lifeline Australia. You’re only creating bigger wounds if you continue down this path.

Others are taking out loans to pay existing debt. This is NOT a good idea at all!

Swoosh Finance payday loans should never be used to pay off credit cards, personal loans or car loans. That literally is fighting fire with fire.

If you’re struggling with too much right now, then please get in touch. The Debt Free Community can help you through these challenging times ahead.

Alternative options

One thing we always recommend here is to sell your own stuff on Gumtree.

Chances are that you have some stuff around the house which you’re not using.

You could also get yourself a job in the evenings or weekends. Some extra income.

Others resort to driving for Uber or jumping on Airtasker. These are awesome ideas.

Payday loans, especially from Swoosh Finance, is the very last option you should ever consider.

You can even get a payment extension from most creditors and service providers. Seriously! Call them up as they will be willing to work with you.

In summary

We’re not a fan of crazy high interest personal loans as dished out by cowboys in the industry.

Australia is already going through a debt crisis and we don’t want to make it worse.

Instead, focus on knocking down debts as best you can.

If you happen to be hassled right now by debt collectors, then please get in touch.

We know it’s a little embarrassing but we can talk to them for you over the phone.

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Loan Ranger Review: Our WARNING Against Payday Lending

There are dangers with Payday lending that so many Australians are unaware of!

While it looks great on the surface with the ability to have instant cash today, you’ll be far worse off in the long run. Many people struggle with short-term finance and we’re here to tell you why.

We’ll closely examine Loan Ranger in our review of this payday lending provider, showing you why it’s RISKY for Australians to get involved with any lender.

The Debt Free Community genuinely wants to help people doing it tough. If that’s you, please get in touch if you’re being swallowed by debts and overdue bills.

Loan Ranger Review

It sounds so tempting to fill out your details and get yourself in the hands of some money fast. Perhaps an unexpected emergency came up or you just have some overdue bills.

Loan Ranger is one of the dozens of Australian payday lending services dishing up these extremely profitable loans. We say profitable because they make a lot of money with these loans from people who are vulnerable and typically during times of crisis.

Loan Ranger Review Australia Debts

It’s unfortunate, and if you’re struggling right now then a call to the National Debt Helpline is a good idea.

When you think of loan shark, then payday loans is exactly that.

  • They’re high interest (30%) with little negotiation power for the borrower.
  • Lenders love to load on big penalties if you miss repayments (you will…)
  • Tarnished credit ratings are typical of borrowers who go down this path

But why are we so against these? Because people are taking out short-term finance for mostly the wrong reasons. There are times, of course, where we need money quick.

Need to fix the car for work? Probably a good idea. Your cat is sick? Another good reason.

So that’s where Loan Ranger could be worthwhile if you can stomach the excessive fees involved. Some people may benefit from getting finance through other lenders, including raising their credit card limits if possible.

Payday loan alternatives

Often you’re just needing some quick money to tie you over until your next payment from the boss. We recommend just selling some unused stuff on Gumtree or eBay to get yourself started.

Even using a pawn shop could be a good idea if their interest rates are more affordable. You will have to repay them much faster though, otherwise, they will sell the item which they have on security.

Are you struggling with debt collectors? Using Loan Ranger is probably a terrible idea to pay these collection agencies. Instead, we recommend you get in touch with us.

We love talking to debt collectors on behalf of clients to organize a friendly resolution between both parties. That way you can get on with your life.

Common Loan Ranger Criticisms

The biggest problem we have with payday loans with Loan Ranger isn’t them, but the borrowers themselves. In most cases, they are making the wrong decision.

Because most of them are struggling with the weight of other debts. You know, like car loans and credit cards. They are all maxed out and now Loan Ranger looks attractive.

Paying debts with money accumulated from another debt is sending people down a spiral. Bankruptcy is a common outcome with lasts for many years (forget buying a house etc).

Next, we have addictions. People borrow money to feed an addiction. If that’s you, then please call Lifeline Australia who can help with free counselling.

Next steps

If you’re looking at payday loans to solve your complex financial problems, then it’s not a wise idea. We would recommend that you get in touch if you need help.

There are times however when you do need the money, and Loan Ranger can be helpful. Do your best to pay back the loan ASAP and don’t miss repayments.

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