So you’re considering taking out short term finance with Purple Payday Loans.
There are numerous lenders you can choose from in Australia. Truth be told that you’re often far better off NOT taking out finance unless you’re in absolutely dire straits.
The Debt Free Community preaches a debt-free lifestyle. No loans, no credit card debts etc. That sort of freedom that a small portion of Australia lives by.
Getting quick cash with Purple Pay Day Loans can be very hazardous for some people. Plus – if you read the reviews, some people aren’t too happy either.
You owe it to yourself to read this through to the bottom.
Let’s get into the nitty-gritty of this fiasco.
Who is Purple Payday Loans
Purple loans is a payday finance provider where you can get loans up to $2,000.
They serve Australia-wide but mostly they are an online-based service provider.
Most people can get a loan with them, but there is a huge catch. Are you ready for it?
Their interest rates can be as high as 30%. No kidding! That’s the industry norm.
You see, people like you are considered high-risk to them. They think you’ll stop paying. That’s why they gotta charge more to cover their backside.
So what they do is jack up the interest rates. This way you’ll have to pay much more. It’s profit for them!
But then again, they are a good company. They do their best that they can.
Their staff are generally friendly and often go out of their way in the name of customer service.
Purple Payday Loans have minimal reviews online meaning they are a small player in a big pond.
Recent reports show that approximately 1 million Australians have payday loans now.
This means that there are other companies out there offering such services to borrowers.
However, we’re not a fan here at The Debt Free Community. Why? Let’s address it.
The problem with payday lending
Payday lending is what we call a form of legal loan sharks. Big interest, lots of fees.
It’s a lucrative business model for them. Find someone who’s in dire straits.
Then offer them bad credit finance that causes them more stress in the future.
This is so far removed from the concept of a debt-free lifestyle that we preach.
But anyway, these payday lenders are here to stay. They certainly make a profit too.
It’s a big problem based on our economy, but also people’s economic situation.
One minute everything is safe and stable. You’re just getting by.
The next you just don’t know what to do next. It’s scary!
Interest rates with Purple Pay Day Loans
The interest rates offered by Purple Payday loans can be significant, up to 30%.
It all depends on a range of factors in your application.
Things like employment history, your past defaults, the amount borrowed etc.
If things look good, you could get finance under the 10% mark. If not, expect lots.
And while it’s a turn off for most people, other lenders are mostly the same.
Options you can do instead
If you’re needing additional cash, then consider an additional job instead.
This way you don’t have to pay any fees or interest payments on loans.
That said, if you need a car for work, then these guys might be good.
A common trait we see is that you’re already struggling with heavy debts.
Like debt collectors are chasing you already. You’re up to your eyeballs.
How we can help
Endless phone calls, text messages and demanding letters from debt collectors.
We’ve seen this all before. You’re trying to handle things by bringing on more debt.
Truth be told…that this seldom works. You can’t fight fire with fire, my friend.
What you need to do is have someone talk to the debt collectors for you.
The National Debt Helpline is there to assist, or simply use our team.
Either way, it’s FREE and can get you out of hot water with this mess.
While we simply don’t recommend payday loans at all, Purple is good.
They genuinely try their best to stay within Australian rules and regulations.
At the same time, you might be shocked at their high interest rates.
We wouldn’t recommend you shop around. They’re all the same actually.
Instead, perhaps deal with the current problems you have at hand today.
We would recommend getting in touch and having these problems sorted.
So you can actually sleep better tonight, without the stress of debt.