Payday loans Australia

Payday loans can be helpful when you need cash fast, but can be expensive when compared to other loans. Be sure to check your options and look for alternatives.

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⚠️ Warning about Borrowing

payday-warningDo you really need a loan today?*

It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.

Check your options before you borrow:

  • For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
  • Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
  • If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94

The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.

* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.

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What you need to know about payday loans in Australia

  • These loans are expensive. Compare interest rates and fees from different lenders.
  • Make sure you understand the terms of the loan, including the repayment schedule and any late fees.
  • Only take out a loan if you are sure you can afford to repay it.

Name Product Maximum loan amount Term of Loan Turnaround time Arrears Fee Costs Fortnightly Repayment (for $1500 Loan)
Jacaranda Finance Express Personal Loan
$15,000
12 to 24 months
Under 1 hour - conditions apply
$35
From 18.95% p.a to 27% p.a (Comparison rate range 37.1% p.a to 45.70%)
Borrow up to $15,000 and get access to your funds in as little as 1 hour.
Sunshine Short Term Loans
$2,000
9-16 weeks
30 minutes - conditions apply
$35
20% of loan amount + 4% of loan amount each month
$396
A small loan up to $2,000 that you repay over 9-16 weeks. Loans approved and funded in as little as 30 minutes. Centrelink must not be your primary income
Fair Go Finance Large Personal Loan
$10,000
12 - 36 months
Within 24 hours
$35
Establishment fee of $515 – $795
Apply for a loan up to $10,000 and have up to 3 years to repay. Bad credit and casually employed borrowers considered. Note: You must earn more than $500 per week.
Credit24 Short Term Loan
$2,000
4 to 12 months
Same day - conditions apply
$10
20% of loan amount establishment fee + 4% of loan amount monthly.
$396
Credit24 offers this loan up to $2,000 and gives you 12 months to repay. Centrelink borrowers are considered as long as Centrelink payments are not more than 50% of income.
Nimble Small Loan
$2,000
62 days to 9 months
1 hour - conditions apply
$15
20% of loan amount + 4% of loan amount each month
$396
A loan up to $2,000 with terms up to 62 days to 9 months. Centrelink cannot be your primary source of income.
Fair Go Finance Small Loan
$2,000
3 to 12 months
24 to 48 hours
$35
Establishment Fee of $60 – $400
$354
A small loan between $500 and $2,000 that can be funded in 24 hours.
Safe Financial Small Loan ($500 to $2000)
$2,000
22 to 52 weeks
Same day - conditions apply
$35
20% establishment fee + 4% monthly.
$396
Borrow from $500 to $2,000 with same-day funding and no early repayment fees.
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How do payday loans work in Australia?

Payday loans, also known as short-term loans, are a loan designed to be repaid quickly – ideally by your next payday. You usually have between 16 days and 1 year to pay it back, although the longer it takes to repay, the more hefty fees you'll pay.

There are strict laws in Australia governing what you can and can't be charged by lenders. For example, in Australia:

  • Payday lenders may lend up to a maximum of $2,000.
  • They must charge fixed fees (rather than a standard, annual interest rate).
  • Fees are regulated by the Australian Securities and Investments Commission (ASIC).

While each lender has their own fee structure, many charge the maximum legal amount, which is a 20% loan establishment fee and a monthly loan fee of 4% of your outstanding loan.

Some lenders may have more affordable options, so it's important to compare payday loans prior to submitting an application.

Alternatives to payday loans

Payday loans are among the most expensive types of credit you can take out.

If you are facing financial difficulties and considering a payday loan, be sure to look into alternatives that may be more affordable in the long run.

ProductMainly used forProsCons
Payday loanPayday loan iconQuick access to up to $2,000Faster than many forms of credit, easier approval for people with low credit scoresExtremely expensive, must be paid off in under 12 months
Buy now pay laterbnpl iconPaying for a purchase in 4 regular instalments instead of all at onceRelatively easy approval process, usually no interest or monthly feesMost have low credit limits. Can encourage unnecessary spending
Pay advance appspay on demand iconAccessing a portion of your pay ahead of timeRelatively quick and easy access to money. Generally no credit checks. You're charged for every withdrawal, regular use can become expensive.
Debt consolidationdebt consolidation iconA way to merge multiple debts into an easier-to-manage and potentially cheaper loan.Simplifies managing multiple debts, can result in a lower interest rateYour rate is often based on your credit score. Only worthwhile if your new debt is cheaper than your existing debts.
No interest loan schemeno interest loan iconEmergency purchases for eligible individuals.No interest, fees, or charges.Very specific eligibility criteria as this is a not-for-profit organisation.
Centrelink Advancecentrelink advance iconReceiving an advance on your next Centrelink paymentNo interest or fees.The amount withdrawn comes from your next payments

Learn more about alternative to payday loans

How to compare Australian payday loans

Finder compares lenders from across Australia to help you find the most suitable option for you. If you are looking at taking out a payday loan, here are the features and fees to keep in mind:

Monthly fee. Payday loans in Australia cannot charge an annual interest rate and instead charge monthly fees. The maximum fee for each month is 4% of what you borrowed. Over 12 months, this adds up to 48%.

Establishment fee. Also known as an administration fee, it is to be paid upfront once you've been approved. Payday loans often have very high establishment fees of 20% of what you borrowed.

Default fee. Also known as a dishonour or late payment fee, this is charged if you miss a payment. This can add up to a significant amount on top of the monthly fees.

Loan term. This is how long you have to repay the loan. Payday loan terms range from 16 days to 1 year. You may be able to repay your loan in full before the agreed date and through this save money on the monthly fees. However, it is important to check if your payday lender charges a fee for early repayment.

Payday loan rates and fees explained

What are the risks of payday loans?

  • Unaffordable repayments. Payday loans are an expensive way to borrow money. Check the size of each repayment and ensure you will be able to pay on time. If you can't afford the repayments, you will end up paying late fees that will only make your financial situation worse.
  • High rates and fees. Interest rates, late payment and default fees on payday loans are high. Make sure your lender is not charging you more than the ASIC allows and check what you would be charged if you are late on a payment or if you can't pay back the loan altogether.
  • Be careful who you borrow from. All the companies listed on our tables are accredited by the ASIC. If you are thinking about taking a loan from a company not on our tables, check that it has a credit licence on the ASIC Register and ensure that the lender is easy to contact.
  • Impact on credit score. Every loan application shows up on credit reports. While some lenders might not consider credit rating, applying for lots of loans in a short period can have a negative impact on your credit score. Building up a good credit score is important as it will help you to get better deals on financial products in the future.

How to apply for a payday loan

Most Australian payday lenders will let you apply online and you will need to meet the eligibility requirements to be approved. The exact eligibility criteria will depend on the loan and lender, but the application process usually involves the following steps:

Step 1: Compare lenders

While payday loans are all expensive, some lenders are more affordable than others. Comparing lenders helps you find the best deal for your situation. Keep an eye on how expensive the loan is, any fees for early or late payments, and the repayment schedule.

Step 2: Review the eligibility criteria and required documents

Make sure you're eligible for the loan before you apply. Being rejected for too many loans can lower your credit score, which will make future loans more expensive.

Step 3: Get approved and review

Payday lenders can usually let an applicant know if they've been approved or not in a matter of minutes. They manage to do this by automating the process, so delays will only occur if they need to reach out to you for more information or if your application is flagged for manual review.

Once approved, you'll be sent your contract. This should have all the details and costs, so make sure you review it carefully before signing. After you sign, the money will be sent to your bank account.

How much will a payday loan cost?

Lenders who try to charge you more than these fees are breaking the law.

Loans under $2,000

  • Establishment fees. 20% of the borrowed amount
  • Monthly fees. 4% of the borrowed amount

Fees and interest for loans between $2,001 and $5,000

  • Establishment fees. No more than $400.
  • Interest. No more than 48% p.a.

Other payday loan fees to watch out for

  • Early repaymentRepaying your loan early may come with a fee.
  • Late payment.You will be charged a late payment fee if you fail to make a repayment on time and don't inform the lender beforehand.
  • Collection. Any loans which are referred to collections or are defaulted on may incur additional fees.

Reasons why your payday loan application could be rejected

Lenders have a range of rules around who they will or will not approve for a loan. Some common reasons loans are rejected include:

  • You have too much existing debt
  • You are currently unemployed
  • Centrelink is your only source of income
  • You have too many missed payments for bills or other debt
  • The lender can't verify your income - such as if you're paid in cash
  • You've made too many payments to gambling sites
  • You don't meet the lender's eligibility requirements
  • Frequently asked questions about payday loans

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    89 Responses

      Default Gravatar
      DaveApril 27, 2019

      I have bad credit. I only need a $500 loan fast approval 100% guaranteed. Where can I go? Who will lend to me first application?

        Avatarfinder Customer Care
        JoshuaApril 28, 2019Staff

        Hi Dave,

        Thanks for getting in touch with Finder. I hope all is well with you.

        If you want to make sure that you get a loan fast, you would need to make sure as well that you meet the eligibility requirements of the specific loan you are applying for. As of now, there’s no 100% guaranteed loan that you can get because the approval would depend on your ability to provide needed documents.

        As of now, what I can suggest is for you to check your options above. Use our table to compare your options based on maximum loan amount, turnaround time, and others. You can then click on the “Go to site” green button of your chosen lender to learn more. Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision. Moreover, check the eligibility requirements as well and consider whether the product is right for you.

        I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

        Have a wonderful day!

        Cheers,
        Joshua

      Default Gravatar
      VidaMarch 19, 2019

      Hi
      Im looking for small fast loan for one months
      Im not working at the moment and i get centerlink income
      I dont know what can i do.?
      Thanks

        Default Gravatar
        NikkiMarch 20, 2019

        Hi Vida,

        Thanks for getting in touch! For loan options while on Centrelink, you may refer to our comparison table. It shows a list of short-term credit options and banks that may accept your application while unemployed. You can also use the calculator on the page to calculate your borrowing ability. As a friendly reminder, review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the policy.

        Hope this was helpful. Don’t hesitate to message us back if you have more questions.

        Best,
        Nikki

      Default Gravatar
      VickyMarch 4, 2019

      Just wondering if I can get loan

        Avatarfinder Customer Care
        ValMarch 5, 2019Staff

        Hi Vicky,

        Thank you for leaving a question. If this is your first time taking out a payday loan, it’s important to understand the process before you apply. The entire application will take place online, so make sure you have all your personal documents and financial details handy. You’ll need to compare things like minimum income, employment terms, Centrelink eligibility and whether the lender does a credit check. You can also get an idea of the repayments using the tables given on the page.

        Once you’ve compared your options you can click “Go to Site” to head to the lender to start your application.

        Each lender is different so ensure you read each step before continuing. Make a note of the terms and the repayment amounts (and dates) and ensure you will have enough to repay your loan.

        If you need any assistance, once you’ve clicked “Go to Site” the lender will be able to answer questions you may have.

        Hope this helps!

        Cheers,
        Val

      Default Gravatar
      MaryFebruary 20, 2019

      I would like to get a loan for today to payoff my debt

        Default Gravatar
        NikkiFebruary 21, 2019

        Hi Mary,

        Thanks for getting in touch! It’s helpful to know that our page doesn’t facilitate any online loan applications. To apply for a loan today, check out the calculator to start to find out your repayments for the loan. Choose the provider as listed on the page and click the GO TO SITE to be redirected to their page to get started on the application. As a friendly reminder, review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the policy. Hope this helps!

        Best,
        Nikki

      Default Gravatar
      PalamoSeptember 17, 2018

      Just wondering if there any chance I can get a loan, please?

        Avatarfinder Customer Care
        JhezelynSeptember 17, 2018Staff

        Hello Palamo,

        Thank you for your comment.

        As long as you meet the eligibility requirements and has the capacity to repay a loan, you may be eligible to get a loan. Please contact the lender and see your eligibility before submitting an application.

        Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you.

        Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.

        Regards,
        Jhezelyn

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