Responsible Lending

PaydayExpress is proud to be a responsible payday loans broker. We think that payday loans can be a great product, but have to be used appropriately. This is why we always do our best to live up to these aims:

• We will not encourage you to take out a pay day loan if we are aware it is not suitable for you.
• We will not target you with our advertising if we are aware that you have long term financial issues, are unemployed or under 18.
• We will not encourage anyone you directly to borrow directly to borrow more than they will be able to repay.
• We will not charge you a fee to apply.

We also:

• aim to give you a clear, full, understanding of our services through our website
• follow legal and ethical marketing practices.

If you feel we are doing anything that does not live up to these aims, please contact us and tell us.

How to choose your payday loan safely

You should always look for some actual contact details, especially a phone number and address. If something goes wrong, you will need to be able to contact them. Real contact details (not just an email address) are a good sign that the company is accountable. Also, check you can see their licence number either on their homepage or their "about us" page.

Budgeting

If you have not looked at your budget to decide whether or not you can take on a payday loan, please do so. If you will not have enough money coming in to pay it back comfortably, it could be a much more expensive way to borrow than it is intended to be. You can find lots of good budgeting information online.

Missed or late payments

If you miss a payment, you will be likely to incur extra charges, although this will depend on the lender. You will almost certainly continue to incur interest on the full amount outstanding, and not just the amount that you borrowed in the first place. We always suggest that you repay in full and on time, as that is the best way to limit the cost of payday loans.

Non-Payment

Each lender will have their own policy on recovering outstanding debts, and this could involve extra fees. We always recommend repaying in full and on time.

Annual Percentage Rates (APR) and Disclosure of fees

Annual Percentage Rates show the cost of your loan if, instead of taking it out for a few weeks, you were to take it out for a full year. This varies between states:

• New South Wales and Queensland - The combined annual percentage rate and all credit fees and charges under the contract must not exceed 48%
• Victoria - The annual percentage rate must not exceed 48%. This cap does not include credit fees and charges.

For the rest of Australia and territories, there are no interest or credit fee caps. The annual percentage rates of our lenders varies between 781.62% and 1112.25%, and fees may vary between lenders.

You will be given a full breakdown of all costs associated with your loan if your application is accepted, and you will not be under any obligations to accept this loan offer.

Renewal Policy and Rolling over payments

Rolling over payments is sometimes possible and can help in terms of avoiding penalty charges, but it is highly likely that the interest will continue to grow on the loan amount in the same way as missed payments. You may also be likely to be asked to repay the outstanding interest in advance. Paying back on time and in full is the best way to avoid paying more on your loan.

Repeated loans

You may be misusing payday loans if you are taking them out on a regular basis, for more money each time. Please consider independent advice and taking a serious look at your budget.

Short term loans

It is important to realise that payday loans are short term products, not solutions to long term financial problems. If you are taking out payday loans regularly in order to cover normal monthly expenses, you may need some advice or help.

Where to get advice

You will be able to find lots of advice that is both free and easily available. We suggest you start at the Australian Competition and Consumer Commission pages on debt.