If you’re looking for quick cash, you’re potentially about to fall into a trap!
There are inherent issues with payday lending that not that many people know about. It’s a high-risk thing for borrowers for more than one reason.
We’re going to review the Speedy Money payday loan service and tell you how RISKY it is to even consider short-term finance online. You’ve been warned!
The Debt Free Community strives to monitor these guys and debt collection agencies so Australians can get back on track with their lives and rebuild from nothing.
Let’s begin.
Speedy Money Review
Speedy Money might give you cash instantly, but is it worth the risk? We don’t believe so.
Because it is risky to take out payday financing. They know that you’re probably going to default on that loan, which is why the penalties are so high.
(Don’t believe us? Go check your paperwork! You’ll be pleasantly surprised!)
So not only that, but you’re up for a pretty hefty interest bill each month. It’s like 30% with Speedy Money, the highest legally available payday finance in Australia.
Now to be fair, there are times when you absolutely need that instant approval and money into your bank account. Got a new job and need a car to get there? Maybe a good idea if the big banks have turned you down.
But in most instances, people aren’t using these guys for the right reasons.
Payday lending issues
You really need to have a good, hard look if this is the right idea for you.
Most people who are applying with Speed Money probably are doing so in order to pay off their credit cards. This is a really bad idea in our opinion.
You’re basically taking the heat off one bank and putting it with another, who actually charges you more. Did you know you can get payment extensions?
Others are doing payday finance to fuel an addiction. Please call Lifeline Australia if this is you, as they are more than willing to help you during these tough times.
Either way, payday lending has big problems and we’re happy to hear that ASIC is also closely monitoring this industry like hawks. Good stuff!
Alternative Speedy Money options
Did you know you could just sell off some old stuff you’re not using? That’s always the best way to raise some instant cash. Just post them on Facebook Marketplace at a cheap price.
Also, consider getting a job that pays better or picking up additional work on weekends or in the evenings. It’s often easier than taking out finance, even if you’re paying more in taxes.
Another thing is that The Debt Free Community is more than happy to help you! Being chased by debt collection agencies? Speedy Money isn’t the solution for you.
Instead, our recommended team can talk to debt collectors on your behalf.
Getting harassing phone calls and text messages? More letters keep arriving saying “Please pay us NOW or else?” – well, it’s time to take action, and it doesn’t have to be you talking to them. ?
Next steps
Payday lenders are out to make a huge profit on people in vulnerable positions.
And when you’re it tough and missing those repayments, they’ll slug you even more. It can quickly add a considerable amount to the principal to the loan.
It’s unfair, but it doesn’t have to be this way. Avoid the payday loan in the first place. That’s always our 1st recommendation.
Our team is ready to talk to the collection agencies on your behalf, while the National Debt Helpline can provide support if you really need it today.
