We’ve found another payday lender called Pocket Cash whose focus is to make a profit from people in unfortunate situations.
Are you doing it tough right now? Then you should definitely avoid these short-term loans where the people behind them want to make a profit from your misfortune. The paperwork they give you shows you all the shortcomings.
We wouldn’t recommend Pocket Cash as this loan agency is a cash cow with rip-off interest rates and penalties if you default on the original debt.
In fact, we wouldn’t recommend any of these payday lenders. Their deals are heavily weighed in their favour and not yours.
Pocket Cash Australia
You’ve been on their website and it looks good. They make some interesting claims that we can immediately see. Things like:
- You can do it all online
- They could get you approved quickly
- If you have bad credit, then it’s OK
Actually, what they are doing is recommending you to one of their lenders.
These lenders take a fortune from you. We’re talking 30% interest here and hefty penalties if you can’t repay the original debt off in time.
You can’t actually get loans through Pocket Cash as they are a marketing company. This is why there is no address details on their website.
Regardless of that, you shouldn’t be taking out a payday loan. It’s risky and dangerous for many people as we’ve hinted at already.
This loan shark behaviour is rampant in Australia because it’s so profitable. In fact, it’s now become a billion-dollar industry with thousands of loans being dished out every single day.
Why we avoid these
We’re focused on helping Australians get out of debt. You might be a long way from that right now, but we wouldn’t recommend payday lending at all.
In fact, of all the financial products in Australia, these are the worst of the bunch. You’re looking at a lot of misery if you decide to take one on.
- Super high interest rates (Sometimes 2x the original debt)
- Massive penalties if they have to take you to Court for it
- You’ll have a dent on your credit history (That’s not good)
What you have to realize is that they don’t really care about you that much. It’s a revolving door where they want to make a profit from each and every person that comes in.
If you’re willing to, we would avoid these totally. It’s just not worth it.
Now that we’ve established that payday loans are no good, there are some healthy alternatives you can do instead.
One such option is asking friends and family. Do this on official terms with paperwork so that it’s much more responsible for each party.
You could also start saving some extra money each week. ASIC has some money saving tips on MoneySmart which we really applaud.
Picking up a 2nd job is often a great idea as well. Job recruiting agencies would love to hear from you if you have tangible skills where you’ll get paid weekly.
Lastly, we recommend making a focus towards slowly getting out of debt. Start chipping away today, instead of taking the biat with these profit-making payday centres.
Use the alternatives we’ve highlighted here. We’re here to help in any way we can. You might want to reach out to us if you’re doing it hard right now.
We’ve also created some resources for you to get through these tough times.
It’s our hope that the Australian payday lending industry can be shut down or heavily audited. It’s putting so many families at risk based on the lure of easy cash.