Cash Doctors are offering first-time clients cash advances for just $2. Borrow $300. Repay $302. That's it. If you apply during business hours you'll get paid in 60 minutes. Once you become a member you'll get a Cash Doctors card that will give you instant access to your next cash advance in seconds.
Hi there interiordesigns.
Repayment schedules depend on your pay cycle.
Have a play with the online calculator - the link is below. Make sure you tick "new client" so you get the special $2 deal.
https://www.cashdoctors.com.au/resources/calculator-cash-loa…
Let me know if I can help with anything else..Cheers!
From the website:
Your first cash advance costs just $2 - it's just a tiny establishment fee. You repay just $2 more than you borrow.
After that, each time you take a cash advance of any amount, a $45 fee applies. Then it's just $29 a week for each week you have an outstanding balance. The maximum period we allow is 42 days as these are strictly short term solutions.
And then:
If you don't contact us and you miss your repayment, the direct debit is declined by your bank resulting in a $35 failed payment fee from us plus a dishonour fee from your bank. Your account will then be considered overdue and you can be liable for further daily overdue fees to cover the cost of the collections process.
I guess after that they take your kneecaps :P
So these people are attempting to put a shiny face on loansharking huh?
"Then it’s just $29 a week for each week you have an outstanding balance"
No doubt the "further daily overdue fees" reveal the truth about this joint.
Only for the very stupid or extra desperate.
Freaking loansharks…
Avoid like the plague.
Not at all King Tightarse,
Please refer below to my reply to all of the comments today.
Ironically, Cash Doctors have a Tight Arts Appreciation Society. You may at least be interested in that?
Have a great weekend.
Yes at all and yes totally Catie.
So your fees are revealed as $29 per week PLUS $ 7 per day!!! Or another $49 per week. Total = $77 per week regardless of amount. Just WOW. Worst loansharking spin job I have seen.
And it's all for AOK A1 responsible wage earners right? And like Cash Converters is just for those sick of their old goods, right. Just for happy, genki people as a service. No stolen goods ever…. Right Catie?
There is an old saying: " You can't polish a turd….but you can roll it in glitter"
Loansharking is loansharking, plain and simple.
I am assuming you are a young-ish, from you language. Please do yourself a favor and consider restarting your career in a more honorable industry.
This one is poison, no matter what BS the operators have sold you.
You obviously didn't watch the Mythbusters where they polished a turd - worth a look! Also, I think the $29 per week is before you become delinquent on your loan, then it reverts to the $7 per day (or $49 per week). I'd hope the standard $29 is actually replaced with the $49 and not tacked on :D
@Mazley: "You obviously didn’t watch the Mythbusters where they polished a turd - "
Hah, did they? Excellent, will have to check that out.
Lol/
@King Tightarse: Made nice shiny balls out of turds…they used animal not human though - may have been lion turds in fact. Ok, I've typed turds enough for today :P
I see no bargain here.
Yep, just like every other dirty cash advance company.
Ha! That's funny Mazley!
We don't take knee caps I can assure you! We are very careful to only lend to people who can afford it. Our cash advances are small, short-term loans.
Check this out… You may find this comparison table interesting. It compares personal loans and credit cards to our cash advances.
http://www.cashdoctors.com.au/short-term-loans
And I'm very impressed with your quick research.
Cheers!
I can find no mention of the 'further daily overdue fees' though - any chance you'd share that information with us?
"We are very careful to only lend to people who can afford it."
Uhm, they are signing up for a short term cash loan, ie. they haven't yet figured out how to save money.
Your preying on individuals with money problems to fuel your own pockets, that's not careful, that's opportunistic & somewhat disgusting.
And also one of the key causes of the recent financial crises.
You've seen zeitgeist too huh. Send me an email so we can have a chat.
None of these services are for people that can afford it.. people that could afford them would be using a credit card instead.
Hey Jaybot!
You might be interested in this comparison table.
http://www.cashdoctors.com.au/short-term-loans
Some of the reasons why people use our service over credit cards or personal loans may surprise you.
Thanks for your comments today. When it comes to "perceptions" it's confirmed to me that we've a huge amount to achieve.
"Lengthy documents and can take up to several days to arrange/be approved."
Shouldn't be an issue to some who's not desperate.
"You often get far more than you really need, which can entice you into unnecessary spending. This equates to higher levels of interest." Plus all the other "reasons"
Thought you said customers weren't stupid, and yet they don't know when to stop spending? Once again, stupid.
I'll need to consult my mate Fat Tony before i proceed ;)
Disgusting profiteering from people who may not have anywhere else to turn to. I couldn't be more negative about this one
Thanks, but my kneecaps are worth more than $2.
If I get a $300 cash advance on my credit card, I pay $1/week*
Cash doctors want $29/week. So that's equivalent to 480%pa !? (non-compounding)
How do you work around the 48% limit?
But that is unfair. Obviously this is a service for people who cannot get credit cards, or already have them maxxed out.
Can customers have repayments deducted from Centrelink?
Also love how they put a picture of a smiling girl as profile. Like it isn't some fat middle aged gelled hair gross accountant….either that or they really did get the poor secretary to signup, and she doesn't know any better.
You have me again PainToad! I simply must reply to this one…
Just for the record I'm a mother of two children, I haven't used gel in my hair since the eighties, I'm no accountant (although quite clever with figures) and…ahem…it was only this morning that someone commented on how HOT I've been looking lately. Ha!
Hmm, so $600 is the maximum amount so I pay back $602 before 45 days. Let say 30.
$600 invested in a Ubank account nets 5.75% or $34.50 a year or $2.88 a month. So I guess one does this we can make a profit of $.88 cents.
(probably screwed up the math)
Wow.
I truly thought you'd all want to know about this deal. No one else in our industry is offering it.
And please. We're responsible lenders with very strict loan criteria. We only loan up to $600 at any one time.
Just like any industry there are probably companies who are dodgy - but Cash Doctors is not.
Our fees are transparent. Everything is out in the open. We DO NOT lend to people who are unemployed or in casual employment. Our lending criteria ensures that we only lend to those who can afford it.
We must be doing something right. Check out our testimonials… https://www.cashdoctors.com.au/testimonials
We're offering a great service to those who don't want to be lumbered with credit card debt OR a personal loan for amounts they don't really need.
Yes…it's a new school product. It's a new way of providing credit. But hey, try it out before you slam us. We've helped heaps of people and will continue doing so.
We're different from other online lenders. And yes - cash advance companies have a bad name. We're aware of this. That's why we're so determined to change it by being completely transparent.
Mazley - Regarding our overdue fees. What happens when you default on your mortgage? You don't repay your credit card on time? You overdraw on your bank account? You get charged a fee. Our overdue fees are enforced rarely and are there to encourage our members to pay on time, all the time. Our failed payment fee is $35. If our members can repay us within 3 days after this fee is charged, we waiver it. The "further daily overdue fees" are set at $7 per day. As I said, these fees are enforced rarely as our small loan amounts ensure repayments are made within 42 days.
Anything you need to know about our fees is in our FAQs - You can view them here - http://www.cashdoctors.com.au/faq/repayment
This is our story - https://www.cashdoctors.com.au/about-us
We live by it.
Cheers - Catie @ Cash Doctors
There's no possible way you could have written those "testimonials"…o wait, you could easily do that.
"What happens when you default on your mortgage? You don’t repay your credit card on time? You overdraw on your bank account? You get charged a fee."
Yes, but unlike your style of "business", banks don't rely on people failing to make repayments as a key source of revenue. And that is the problem, you feed on desperate (and stupid) people.
Hi there Paintoad,
By law, our testimonials must be real. We have real clients sending in real testimonials everyday. We file these and add them to our list on the site.
Yep. We've no doubt a perception problem here, it's an amazing up-hill battle but we're determined to win it.
We do not rely on people failing. In fact, it's quite the opposite. Our business depends on return lenders. We don't want people to fail. That is detrimental to our business.
Our clients are not 'stupid' people. Our demographic is average age 32, in full time employment, generally in an office environment. They're savvy and willing to try new things.
They are in no way desperate.
"By law, our testimonials must be real."
And I'm sure your company is the most trust worthy.
"We do not rely on people failing. In fact, it’s quite the opposite."
Ok then, if your not relying on people failing to make repayments, how are you making money from $2 per loan? You're talking complete rubbish, your stupid customers might believe your spin, but trust me, NO ONE here is or will, so just go away.
"They are in no way desperate."
Needing to borrow $300 is by definition desperate. Especially if their credit card options have been canceled.
@PainToad: This is the last reply today for me! And as you request, I will then go away.
Firstly, our members are not stupid.
Secondly, we don't make any money from our $2 loans. If you read my reply again you'll note that our business relies on "return" lenders so if people fail to make repayments, we've failed them and we've failed ourselves…because we cannot lend to them again. Ever.
We are a highly regulated industry. And we are ultra-compliant.
Our $2 loans mean that people can try our service. It's a new-school lending model - we understand that. They act to squash old-school perceptions - those that are apparent here.
But yes, time to go. Thanks for your comments PainToad.
I'll depart now as you request, before I get hit in the head with another old-school rock. Ouch!
@catiecash: 'relies on “return” lenders'
You STILL didn't say how you actually make money, besides from penalties from people who default on repayments.
@PainToad: Ahhhhh…you've dragged me back one final time PainToad!
Like any other lender, we make money through our fees - but on subsequent loans. There is no secret in that.
Every time a member takes out a loan with us it costs them a fee of $45. Then there is a weekly management fee of $29 per week.
All of this is very clear on the site. We hide nothing. Additionally, if members want to repay us early they can. There is no penalty - unlike other financial institutions.
So you will see from this that it is DEFINITELY important to us that people repay us on time. It is close to ludicrous to think that we want people to fail? If they do, we cannot lend to them again.
This link is very informative…
http://www.cashdoctors.com.au/about-us/responsible-lending/
I will now definitely depart. It's been interesting PainToad. Thanks - truly.
Cheers.
Catie @ Cash Doctors
So if you had a $600 loan, and failed to pay it within 42 days, you'd be charged at roughly 425% interest ($7 per day). At least you're honest about the fee - short term loans tend to perpetuate debt more than assist people, but each to their own :D
Sorry, I'm a little late to the partaye.
We’re responsible lenders with very strict loan criteria. We only loan up to $600 at any one time.
You should add another $66 to the maximum loanable amount, it would make more sense :-)
"We don't want you to go overdue. We want you to repay on time and get on with your life. Cash Doctors does not allow rollovers. <b>A $300 cash advance can't turn into a big debt.</b> "
Pretty sure if you cant pay it back, it will grow substantially.
And when trying to appear caring, don't be condescending, of-course you want people to go overdue. You need to make a profit, if nobody makes a profit, there's no employees, no lending, and along way down the path, no money at all.
Hey there devz,
Refer to my comment above to PainToad. It explains why we do not want our members to go overdue.
Thanks everyone for their comments today. Wow!
I referred to the comment above made by PainToad, and his spot on "banks don’t rely on people failing to make repayments as a key source of revenue"
Also you forgot to mention in your reply comment that the average customer earns $38k/year, whilst thats not huge figures, people needing to borrow money who earn $38k+ appear to be living beyond their means. Thats where your company steps in, and hopefully benefits from them living beyond their means.
Or are you trying to tell us your a financial institution with the interest in 'ONLY' benefiting your clients? If so, im not sure how the below statement (from your website) can possibly be true.
"We already have many 5 figure a month affiliates on board." So unless this is complete rubbish, you have $10,000+ payments to MANY affiliates every month, and you still want to claim "we do not want our members to go overdue" sounds like some FUD being spread around.
I wish I could vote negative, again.
Sorry Catie, I have to agree with PainToad - all lenders feed on desperate and stupid people - 'cause that's how they make money. Some may argue that's part of business (making money) but a true test of a company is HOW they make that money. And the way you make money is not seen as ethical or decent by most people (including me).
In regards to fee transparency, this is part of the law so being transparent is no feat. What you probably mean is that the fees aren't buried in a 120 page document. That however still doesn't change the fact that desperate/stupid people are NOT going to add up the potential costs should they not be able to repay their loan - and that is what your company is counting on.
If you REALLY cared about supporting desperate/disadvantaged/distressed people you would be offering micro loans with no fees and low rates - but then there wouldn't be any money it.
So bottom line is, you can dress a mutton up as lamb (ie. loan shark in a new way) but it doesn't change what it is.
Thanks The Bear,
You're the nicest and politest one here!
All I can do to change your perception is to give you this link here if you're interested…
http://www.cashdoctors.com.au/about-us/responsible-lending/
It'd be great if you had a look. Our members aren't "desperate" and they are certainly not "stupid". I personally communicate with members on a daily basis.
We don't "count on" people defaulting on their loan. It's the complete opposite.
At the end of the day we are a company providing a small short-term loan solution for people who need cash fast. We do this responsibly.
Today has been a big day. I better go before PainToad strikes again:)
Cheers. Have a great weekend.
no deal
i like your avatar :)
THANKS! IT'S REALLY ME!
lol i thought it might be , its been a bit of a harsh ride here for you , we are nice people here although can be defensive, usually for good reason :)
personally i am not sure either way with the bargain but at least you have been quite professional and nice , thank you .
Mikinoz!
Aren't you lovely! I'm sure you all are nice. I've been following ozbargain for a while now.
To be honest, it didn't even occur to me to put our $2 loan special on here until today. I'm usually here to source bargains for our members for our Tight Arts Appreciation Society. I certainly didn't expect today's payday loans perception battle!
But in hindsight, it's been great because it's allowed me to show our case. We are the FIRST to admit our service and the industry as a whole has a perception problem. It's a shame, because loads of people love us! IF ONLY I could get at least ONE positive response here to balance out the (presently) 8 negative ones. HA!
Thanks for your kind comments. Have a brilliant bargain-filled weekend.
Cheers!
@catiecash: Errrr did you just do some uppers or something?
People here are expert bargain hunters/tightasses. They can smell a dodgy deal a 100ks away. They think Cash Doctors, the dodgy loanshark company sucks. See all the red "neg" votes.
You on the other hand seem to have a very friendly and bouncy personality.
It makes me despise the operators even more using your youth and enthusiasm to put a happy face on a dirty industry.
Have a good weekend Catie but please think about a career change.
@King Tightarse: No uppers for me King Tightarse!
Just a few sweet vanilla coffees and a piece of sticky date pudding to get me through.
And yes…I see the votes. I do.
If only I had my army of happy Cash Doctors members swarming around me to help deflect the negative comments today.
I've stated the facts and now I must retreat. This is definitely not a perception battle to be had alone.
And the weekend begins…yippeeeee.
@catiecash: You are persistent Catie.
I was almost convinced you were working for a marketing company hired by The Boys at CD.
If not, and you ever feel pricked to leave the loansharking industry, you may have a career there!
This can't be a stock photo, can it? :-)
http://www.cashdoctors.com.au/Content/graphics/blog/catie-ca…
@freddy: That's not a stock photo freddy, but I'm flattered you think it is! It was actually taken for a piece we did on the Big Day Out. I was just mucking around with the guitar and this was the end result.
I work for Cash Doctors…not the loansharking industry.
I was just doing my job today, getting the word out about our $2 loans. Isn't it amazing how it has ended up.
I feel like the Guardian Angel of Payday Loans, and changing people's perceptions here in this forum is going to take a miracle it seems :)
I've presented my case as best I can. I haven't replied to all the comments as I didn't want to repeat myself. So I think that's enough for today - what do you reckon freddy?
Have a great weekend. I'll try my best not to come back and check later for more comments…eeek.
@catiecash: Kudos for not taking any of the comments personally, and keeping a positive attitude throughout - have seen many reps get narky at people for neg comments :D
I also want to mention, I don't see the bargain, there's no money saved here, there's money lost - quite the opposite of a 'bargain'
@samelf.
Pos Vote………………… why?
Lol///
Ha! Considering the above comments, even I think that's funny! How can I tell where that one came from King Tightarse?
Response to question: http://www.ozbargain.com.au/node/23106/votes (top right 'votes' button)
samelf must have stopped reading after the $2.
lol @ samelf - must have liked your profile pick catiecash :P
I love you samelf, whoever you are! <3 <3 Yippee.
You see people, he's done the research and has made a balanced, educated vote. An advocate, finally.
Ha Ha. Only one positive but I feel VICTORIOUS!
Just remember folks, for every smiling attractive PR front-person, there are several ugly, overweight thugs with tattoos and shaved heads in the debt collection agency they employ. Yes, even thuggery is outsourced these days, so payday lenders don't need to employ goons directly, and can wash their hands of the methods. Even if knee-capping is a little passée, the harassment and intimidation they employ is not pleasant.
Freddy!
Ahhhh….You've dragged me back on the weekend. Now, it's very flattering that you think I"m attractive, but I'm no dumb PR chick smiling sweetly without substance or integrity.
We don't employ a debt collection agency. No thuggery. No thugs. No harrassment. No intimidation. We have a Customer Care team and a Repayments team. They all sit together in the same office and when last I was there (yesterday) I didn't notice any ugly, overweight, shaved headed thugs. Although, I will admit "skin fashion" i.e. tattoos, is certainly a popular choice amongst our (mostly) female employees. More signs of the times, than signs of scary door-knocking debt collectors I'd say.
Skewed, old-school perceptions. That's what we are up against here. We accept that. I remember back in the 90's when I got my first ever mortgage with Aussie Home Loans. My goodness, didn't I go through the ringer with my family and friends for NOT using one of the traditional "big four" banks. "They're not a bank - you can't trust them!" It's probably because the guy I was dealing with had an office NOT in a shiny big, austere bank - and he didn't wear a tie. And oh…he also wore an earing in one ear. What a thug! Luckily, he did not have a shaved head.
Aussie are still around now and are offering all sorts of financial services - personal loans much larger than what we offer being one of their major products. No-one trusted them back then but they stuck to their guns and offered great service, revolutionary ways of doing things and slowly through time changed the perception in the marketplace. Other mortgage lenders have copied their model - now there's quite a few alternative mortgage providers out there. All the better for consumers I say.
We're new. We know we need to establish trust. But "new" also means we're a refreshing change form the norm. You won't find any other cash advance company like Cash Doctors.
In summary, our service may well not be for those in this forum but plenty of other Australians love it. Our $2 first time loans are definitely a bargain to them, hence my original post.
No more! No more!
I feel like I've just given a sermon! And it's only Saturday. Ha! I have groceries to unpack and kiddies to feed. Gotta go now Freddy! Cheers.
I think your more up against the fact for many years now, there has been numerous financial institutions profiteering off people who are slaving away day to day, for the sake of banks.
"If there were no debts in our money system, there wouldn`t be any money"
-Marriner Eccles-Governor of the Federal Reserve
Your main struggle on this site is, you have numerous members who utilize this service in order to save (or get the most out of) their money. Your intent is to obtain these users money, ie. marketing. Which is where the failure exists.
Devz!
Yes. I absolutely see your point. Ozbargain has proven to be a difficult journey for our type of product.
I suppose I remain steadfast in the knowledge that my intentions were not as you say. At time of posting, it wasn't a greedy little lender keen for a quick buck. It was a financial service provider saying "Wow", look at this offer…a chance to enjoy our service at a hugely discounted rate. It's just what ING have done here…and they've heaps of positive votes.
Whether everyone on this forum likes it or not, people WILL source our type of product. How lucky are they that Cash Doctors exists. Because we are what we are - The most responsible payday loans lender in Australia. (yeah…you'll vomit from the sales speech but it's the truth.)
So for those who benefit from our type of service, and search for it in a free market, our $2 first-time loans are most certainly a bargain.
But hey…it's Saturday night and my kids are keen to watch Star Wars.
Again…I gotta go!
Cheers devz - your comments have made me think. I like that.
Hey guys. I'm Greg Ellis, one of the guys who started Cash Doctors. It's great to see some emotional discussion about what we're doing.
One thing I must say is that the way people view the product in general really underlines why we need to try this $2 deal. It's new. People are understandably wary, so we want them to try it out wiithout being worried.
For those who really like to understand how things work behind the scenes, I'd really encourage you to read some of this material http://www.cashdoctors.com.au/resources/understanding-payday… I've written one of the papers. It's good stuff if you want to school up. Surprising stuff.
Just a few quick things to add in response to some of the posts:
*My co-founder and I, Sean Teahan are not fat cigar smoking pin stripe suit wearing corporates. We're normal guys and we identify closely with our clients. See here http://www.cashdoctors.com.au/about-us We're still working super hard to build something. We both drive cars with wind up windows.
*King Tightarse said: "No doubt the “further daily overdue fees” reveal the truth about this joint." - in reality it DOES reveal the truth. We do not charge late fees plus normal fees simultaneously ie charging the normal weekly fees PLUS daily late fees. We make a loss on overdue accounts - which are therefor kept to a minimum. You might ask why chase overdue accounts? Well we can wear the loss on fees but cannot afford to lose the principal lent out also.
*We also make a loss on the first cash advance which costs people just $2. We make our revenue from people who like us returning a few times (but not too many times a year). If people did not like it they would not come back. People are not stupid. People have choices.
*It also needs to be said that we CAP overdue accounts at 45 overdue - only charging late fees until then. A few hundred dollars outstanding CANNOT become a few grand with Cash Doctors like with some other providers. We do not allow spiralling fees and debt traps. We also don't do rollovers - allowing people to repay very little and have the small loan as a long term solution. This is not ethical. This also addresses DEVs concern about it growing out of control.
*Our clients are not desperate unenlightened folks. They are typically office bound professionals, health workers, teachers, recruitment workers, finance workers. They weigh up their need for extra funds today with the repayment plus fees in X days hence and make the decision.
*BAZ123 said: "Disgusting profiteering from people who may not have anywhere else to turn to. I couldn’t be more negative about this one" - We've been around 4 years and have been building a business people like. If we weren't spending all of our revenue on the business and forgoing short term profits, our margin would be 5% - maybe 10%. hardly profiteering.
*King Tightarse also said: People here are expert bargain hunters/tightasses. They can smell a dodgy deal a 100ks away. They think Cash Doctors, the dodgy loanshark company sucks. See all the red “neg” votes. You on the other hand seem to have a very friendly and bouncy personality. It makes me despise the operators even more using your youth and enthusiasm to put a happy face on a dirty industry.Have a good weekend Catie but please think about a career change.
…from a pricing point of view, we cannot afford to operate on the same cost base as for larger long term loans. Check out http://www.cashdoctors.com.au/faq/how-much-does-it-cost The taxi analogy is a good one. If a taxi charged the same rate/km as a QANTAS flight to london, he'd charge you 10c per km or $1.50 for a 15km ride - he cannot afford to provide the service at that price - much like if we charge standard annualised commercial interest rates. Our av cash advance is 400 for 21 days. At 12% P.A we'd make $3 on that loan - so if we did 1000 a month we'd make $3000. an APR is irrelevant as our loans never go for more than a few weeks - even if overdue. I hire the same people as a bank, have higher financing costs, market and lease an office and it is simply mathematically impossible to provide this service at the same costs. You have to remember they give you thousands for months years, not a few hundred for just a few days. It's very different when you drill into it. There's a convenience element too from the demand curve side of the equation also. Feel free to ask me more and I'm happy to flesh it out further. We have nothing to hide at all.
*THEBEAR had some good stuff: "In regards to fee transparency, this is part of the law so being transparent is no feat. What you probably mean is that the fees aren’t buried in a 120 page document. That however still doesn’t change the fact that desperate/stupid people are NOT going to add up the potential costs should they not be able to repay their loan - and that is what your company is counting on.
If you REALLY cared about supporting desperate/disadvantaged/distressed people you would be offering micro loans with no fees and low rates - but then there wouldn’t be any money it."
….We voluntarily disclose more than required as WE WANT people to be fully aware of actual and possible costs. We certainly do not proft from overdue accounts. We'd rather people solve their problem, repay and egt on with their life and maybe come back if they have a positive or negative issue to sort out - an maybe even tell their friends! Once we hit our feet we DO plan to give back to the community, tithing off a portion of profit for people who really have no options or those in other countries.
OK well I hope I've shed some light on a few things. It's really interesting to read all the chat. Sorry to write so much and I might to too late for feedback.
ge
JUST GIVE UP!
Missed this exciting little post somehow, maybe its because it was negged so quickly.
Point being missed by many here is that this is OZbargain
We look for ways of saving money, while this deal might help some people in trouble etc - no I dont want to go into those details again. ITS the WRONG MARKET for this type of product. So promoting it here just doesn't make sense.
Really you guys should spend more time doing market research into promotion rather than waste your time here, now if you are offering $$ for market consulting which you seem to need desperately …..
whats the repay time.