How Much Can You Get Through Payday Loans In Australia?

Australians see payday loans as a popular option for funding their emergency funds. They are approved in no time without the need for pledging the security. Sounds great!! The question at this juncture is how much can you avail through these easy payday loans Australia. It is not the lender who decides the loan amount you get but your income that decides the loan amount. The loans are capped between the limits as stated by Australian credit agencies so; all the licensed lenders abide by the norms stated by the credit unions.

Factors Affect The Loan Amount

Payday loans Australia offered at installmentloans.com.au work on a different road when compared to conventional loans. You apply for the loan amount online through an online application. The lender process the loan application immediately, and you will know the loan status within an hour of applying for the loan. After your loan application is processed, the lender lets you know if you are eligible for the loan and the loan amount you will get through your loan request for payday loans. The amount you receive through payday loans is decided based on your income. You may have to showcase your stable income source to the lender to let him decide the loan amount you can avail within limits declared by the Australian credit union. The lender also looks into your existing loans or any other debts to calculate your debt-equity ratio. Higher the ratio, greater will be the loan amount you are offered so, make sure you have no red flags in your account statement.

Loan Amount Sanctioned

Payday Loans Australia are capped between $500 to $5000 so; you will be a loan amount capped between these two limits irrespective of your earning capacity. The earning potential of the borrower decides the loan amount between these two limits. While $500 being the lowest and $5000 is highest, you can spread the loan amount through the loan tenure of year and repay it flexible installments of your choice.