Interest Rates for Cash Loan Australia

Getting a cash loan is usually associated with ceiling high interest rates that are deemed unreasonable by most critics. They say fast cash does not only offer you instant money but instant money with a huge price tag attached to it. Aussies need not to be alarmed with this oft repeated saying as interest rates for payday loans are strictly regulated by government and state laws. As long as your pay day loan provider is legit, there is no point worrying about being scammed out of your money through ceiling high interest rates!

A maximum interest rate of 48% per year is now to be strictly applied to credit companies most especially those located in Queensland. This annual percentage cap rate applies to all credit companies including pay day loan providers. An annual percentage cap rate includes interest charges as well as other charges that may be incurred throughout the transaction process. This is good news to those who often borrow from pay day loan providers as this will somehow limit pay day loan providers from abusing the borrower through charging high interest rates. Borrowers can refer to The Credit Act 2010 for calculation.