Payday loans

Payday loans can be helpful when you need cash fast but can be expensive when compared to other loans.

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If you're struggling financially and would like to speak to someone for free financial advice, information and assistance you can call the Financial Counsellors hotline on 1800 007 007 (open from 9:30am to 4pm, Monday to Friday). If you are suffering financial problems related to the coronavirus pandemic you may be eligible for additional support.

⚠️ 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.

Swipe to see more loans
Name Product Maximum loan amount Term of Loan Turnaround time Arrears Fee Costs Fortnightly Repayment (for $1500 Loan)
Jacaranda Finance Personal Loan
9 to 24 months
Under 1 hour - conditions apply
$0 - $1,000 depending on credit
Borrow up to $15,000 and get access to your funds in as little as 1 hour.
Sunshine Short Term Loans
9-14 weeks
30 minutes - conditions apply
20% of loan amount + 4% of loan amount each month
A small loan up to $2,000 that you repay over 9-14 weeks. Loans approved and funded in as little as 30 minutes. Centrelink must not be your primary income
Fair Go Finance Small Loan
1 to 12 months
24 to 48 hours
Establishment Fee of $18 – $400
A small loan between $300 and $2,000 that can be funded in 24 hours.
Credit24 Short Term Loan
4-12 months
Same day - conditions apply
20% of loan amount establishment fee + 4% of loan amount monthly.
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 Short Term Loan
62 days to 9 months
1 hour - conditions apply
20% of loan amount + 4% of loan amount each month
A loan up to $2,000 with terms up to 62 days to 9 months. Centrelink cannot be your primary source of income.
Safe Financial Small Loan
22 - 52 weeks
Same day - conditions apply
Up to $2,000 - 20% establishment fee + 4% monthly.

Above $2,000 - $400 + loan management fee of up to $399 + from 8.7% to 48% APR
Borrow from $1,000 to $5,000 with same-day funding and no early repayment fees.
Ferratum Cash Loans
3 to 12 months
Same day - conditions apply
20% of borrowed amount + 4% of borrowed amount each month
Borrow what you need with loans starting from $500 and approval in minutes.

Compare up to 4 providers

Short term cash loans, also known as payday loans, are a type of personal finance generally borrowed on terms of between 16 days and 1 year. They are one of the most expensive ways to borrow money, and should generally only be used for financial emergencies.

What are you looking for?

A fast payday loan might be helpful when you're in need of quick cash to pay for unexpected bills or expenses. But they are amongst the most expensive forms of credit and shouldn't be used as a long-term financial fix. They should also not be used to cover day-to-day expenses (unless absolutely necessary) or buy a big-ticket item such as a car. You should avoid payday loans if it will put your budget under strain, as late fees and interest charge for payday loans can build up quickly and result in debt.

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 then 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 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 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 easily contactable.
  • 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 much do you want to borrow?

This calculator is designed to provide you with an estimate based on the numbers you enter. Your personal details are not taken into account and all calculations are based on the calculation model. This calculator is not intended to be the sole source of your information when making a decision regarding your loan, and this calculator also does not guarantee your eligibility. The calculator works on the following assumptions: fees do not change for the life of the loan, your lender will charge a 20% establishment fee and a monthly fee that is 4% of your principal loan amount. You may want to seek advice from a financial professional before signing up to a loan.

Looking for a specific loan amount?

Payday loan rates and fees explained

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What is a short term loan?

A short term loan or "payday loan" is a form of credit that must be repaid in less than 12 months. The term of the loan will vary, but can sometimes be as short as 62 days or as long as 12 months. Customers are usually required to make repayments in line with when they're paid (such as fortnightly), hence the term "payday loan".

People can apply for loan amounts up to $2,000, which come with fixed fees that are regulated by the government body ASIC. Fees consist of a 20% loan establishment fee and a monthly loan fee of 4%, which are calculated based on your principal. Most payday loan lenders will charge the maximum possible capped fees. However, some lenders may have more affordable options, so it's important to compare payday loans prior to submitting an application.

What is loan principal?
The amount you borrow from the lender is referred to as the "principal amount". Before deciding on a principal amount, you should ensure you have the available funds to pay back the loan on the due date including any fees and charges. Use the calculator above to get an idea of the repayments (principal + fees). A short term loan is unsecured, so if you can't pay it back, the lender can report the debt to a credit reporting body such as Equifax and use the services of a debt collector.

What if I can't repay the loan?

If you don't make repayments on time you will be charged a fee. Any defaults on the loan will also be listed as a negative mark on your credit report and can remain there for as long as seven years. If you already have a loan and you don't think you can make a repayment, contact the lender to discuss what your options are.

When comparing loans you should only apply for as much as you can repay and ensure your budget aligns with the repayments. If you have any doubts about your ability to meet repayments, consider other options and don't apply for the loan.

Payday loans aren't your only option. Make sure to compare payday loan alternatives before applying.

Short term loans to suit your situation

Remember it's important to compare your options and other financial avenues before applying.

What features are you looking for?

These loans go by a range of names in Australia including cash advances, payday loans and short term loans. Before you apply, compare a range of loans that might fit your needs.

How to apply for a short term loan

You can apply for a payday loan online and will need to meet the eligibility requirements to be approved. The applications can usually be completed online. The exact eligibility criteria will depend on the loan and lender, the application process usually involves the following steps:

Step 1: Compare lenders

Finding the right lender is the first important start of the application process. Prospective payday loan applicants should review the loan amount, fees, turnaround time and loan term to ensure that they are applying for a loan that meets their needs.

Step 2: Review the eligibility criteria and required documents

  • Be 18 years of age or older
  • Earn a regular income, usually around $350 a week
  • Be employed, receive an income or government benefits
  • Receive less than half of your income from benefits
  • Get paid frequently into your bank account (not in cash) either daily, weekly or monthly
  • Not be self-employed (some lenders may make an exception)
  • If you have bad credit, you need to prove that your current financial situation is stable and reliable

It's important to note that meeting the eligibility requirements does not guarantee approval of your loan.

Required documents

  • Driver's licence (or proof of ID card)
  • Medicare number
  • Three recent payslips
  • Your Internet banking details
  • Utility bill such as council rates, electricity, gas, Foxtel/Austar, mobile phone or Internet

Step 3: Approval

Lenders can usually let an applicant know if they've been approved or not in a matter of minutes. This is because most lenders have an electronic system, often known as a loan engine, to assess their applications, rather than a human being. If more information is required in order to approve someone, the lender will get in contact with the applicant to get this information, and the person's application may be delayed.

Step 4: The contract

If someone is approved, they need to agree to the loan contract before they are sent the funds. Many lenders do this by sending their customers an SMS or a copy of a digital contract that they can sign online. Applicants should review the contract carefully, as it will set out their loan terms, repayments amounts and fees for late payments or defaults. If someone has any questions about the contract, they should get in contact with their lender before signing.

Step 5: How long it takes to receive funds

This differs between lenders and will also usually depend on who the applicant banks with. If the lender uses the same bank as the applicant, they can receive their funds within minutes of being sent. Some lenders are able to do this if a customer banks with any of the Big Four.

However, with most, customers will need to apply and be approved by a certain time (usually around 2pm) for the funds to be received on the same day. If an applicant needs their loan today, the earlier they apply, the better chance they have.

How much will a payday loan cost?

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

Reasons why your payday loan application could be rejected

Am I eligible for a payday loan if...

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!


    Default Gravatar
    VidaMarch 19, 2019

    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.?

      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.


    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!


    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!


    Default Gravatar
    PalamoSeptember 17, 2018

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

      Avatarfinder Customer Care
      JhezSeptember 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.


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