Bad credit payday loans

Compare the eligibility requirements, costs and loan options for people with a bad credit score.

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People who have bad credit aren't usually eligible for traditional finance options but can consider a payday loan if they meet the eligibility requirements. Use this guide to compare the loan options available to applicants with bad credit, the costs and repayments as well as the pros and cons of getting a payday loan.

Financial hardship

If you're experiencing financial hardship and would like to speak to someone for free financial counselling, you can call the Financial Counsellors hotline on 1800 007 007. It is open from 9:30am to 4pm, Monday to Friday. When comparing short term loans, ensure you take into consideration any fees, charges and rates you may be charged. It's important to weigh up all your options before applying for any form of credit.

⚠️ 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.

A selection of bad credit payday loans


Nimble Short Term Loan

Finder Exclusive:
50% discount on the establishment fee (now 10% of the loan amount) and monthly fee (now 2% of the loan amount)

Nimble offer a fast and easy online application. You can apply today to get approved for up to $2,000.
  • Loan amount: $2,000
  • Loan term: 62 days to 9 months
  • Turnaround time: 1 hour - conditions apply
  • Fees: 10% of loan amount + 2% of loan amount each month
  • Quick and easy Approval
Nimble Short Term Loan
  • Borrow up to $2,000
  • 100% online application
  • SMS payment reminders
Go to site More info
Updated October 14th, 2019
Name Product Maximum Loan Amount Term of Loan Turnaround time Arrears Fee Costs Fortnightly Repayment (for $1500 Loan)
62 days to 9 months
1 hour - conditions apply
10% of loan amount + 2% of loan amount each month
Finder Exclusive: 50% discount on the establishment fee (now 10% of the loan amount) and monthly fee (now 2% of the loan amount)
A loan up to $2,000 with terms up to 62 days to 9 months. Centrelink cannot be your primary source of income.
9-12 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 9-12 weeks. Loans approved and funded in as little as 30 minutes. Centrelink must not be your primary income
Up to 2 years
3 hours - conditions apply
Apply for up to $2,000 and be able to access your approved loan as a convenient line of credit.
up to 12 months
Within 48 hours
20% establishment fee + 4% monthly fee
Cash Converters offers this loan from $400 that gives you up to 12 months to repay.
3-12 months
1 business day
Establishment fee from 10% of loan amount + monthly fee from 2%
A small loan between $500 and $2,000 that can be funded in 24 hours.
6-12 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.
3 to 12 months
1 business day
10% of loan amount + 2% of loan amount each month
A small loan up to $2,000 from a lender backed by NAB. Transparent eligibility criteria and competitive costs.

Compare up to 4 providers

Wallet Wizard Smart Loan

Wallet Wizard Smart Loan


47.8 % p.a.

fixed rate

  • Borrow from $500
  • Flexible eligibility criteria
  • Transparent rates and fees
Security Logo

100% confidential application

Wallet Wizard Smart Loan

The Wallet Wizard smart loan is a credit limit that lets you access up to $5,000.

  • Loan amount: $5,000
  • Loan term: Up to 2 years
  • Turnaround time: 24 hours
  • Fees: 47.8%
  • Wallet Wizard Visa Card
  • Automatic Payments
  • Redraw and top-up available
Go to site
Updated October 14th, 2019
Name Product Maximum Loan Amount Term of Loan Turnaround time Arrears Fee Costs Fortnightly Repayment (for $5000 Loan)
Up to 2 years
24 hours
Apply for up to $5,000 and be able to access your approved loan as a convenient line of credit.
12-24 months
Next business day
$400 + 48% p.a. of borrowed amount
A secured loan up to $5,000 you can apply for in 10 minutes. Have up to 2 years to repay what you borrow.
Up to 2 years
1 hour - conditions apply*
Application fee of $400 + 47.62% p.a.
Apply for up to $5,000 and have up to 2 years to repay.
13-24 months
Instantly - conditions apply
from 12.00% interest rate + Establishment fee of $400
12-24 months
Same day
$400 establishment fee + 48% p.a. interest
A small loan with long terms: Apply for up to $5,000 and have up to 2 years to repay.
3-36 months
Within 24 hours
from 17.9% p.a. + establishment fee of between $460 - $695 + $5 monthly fee
A larger loan up to $10,000 you can apply for even with bad credit. Fast turnaround within 1 business day. Note: You must earn more than $500 per week.
Up to 24 months
24 - 48 hours
$400 (establishment fee; financed under loan) + 48% p.a. interest
A larger loan up to $4,600 available even if you have bad credit. You'll have up to 2 years to repay.

Compare up to 4 providers

More bad credit payday loan comparisons

Sort through the table below to find out how much you might be able to borrow.

Loan nameLoan features
Swoosh Finance LoanBorrow up to $5,000 with the short term loan from Swoosh.
Sunshine Short Term LoansYou could borrow up to $2,000 without a credit check.
Nimble Short Term LoanApply online for up to $2,000 with the Nimble flexible loan.
Cash Train LoansCash Train offers a loan up to $2,000 for bad credit borrowers.
Ferratum Cash LoansGet a loan for up to $1,900 without a credit check.

Can people with bad credit get a payday loan?

Payday lenders have different lending criteria than other financial institutions and credit issuers. This is how they can offer loans to borrowers with negative listings on their credit reports. However, the lender will still complete a credit check and applicants must meet the eligibility requirements. Lenders will consider your current employment, earnings and forms of income including government benefits like Centrelink. Lenders will also consider the last 90 days of your bank statements to determine if you have the ability to repay the loan.

What is the eligibility criteria for a payday loan?

The requirements will vary between lenders and specific loans, but you'll usually need to meet the following:

  • Residency. Must be an Australian citizen or permanent resident.
  • Age. Over 18 years of age.
  • Income. Receive a regular income, either through employment or Centrelink benefits. People should note that many lenders won't approve applicants if the government benefits are their primary source of income, though.

These are just some examples of the criteria you'll need to meet, so make sure to check the specific eligibility requirements when you're comparing your options.

The features of a payday loan

Here are some of the features, fees and conditions that you can expect when you apply for a payday loan:

  • Online application. Applicants can apply for these products online. The application usually takes a few minutes and applicants should receive a response immediately.
  • Turnaround to receive funds. Turnaround times to receive the loan can vary between 1 hour and 24 hours, but most lenders will at least offer a one-day turnaround. If the application is submitted by the set cut-off time (which is usually 4pm) then the funds should arrive the next business day.
  • Different loan amounts. These lenders offer various loan amounts that often range between $100 and $2,000. You can also find loans up to $10,000.
  • Term of loan. Loan terms can be as short as 9–12 weeks or last for longer periods of 12–24 months. Some lenders allow customers to repay the loan early without paying a penalty fee.
  • Repayment. You'll need to repay a set amount at regular repayment intervals (such as fortnightly). Depending on the loan, the repayments may be based on the customer's pay frequency and aren't as flexible as some other credit products. The repayments can be directly debited from the customer's account to the lender to avoid missing any payments. Some lenders allow customers to repay the loan early without penalty, but this will vary between providers.
  • Fees. Payday lenders operate under strict Australian Securities and Investments Commission (ASIC) guidelines, so you will be charged set fees according to this. These fees include the establishment and monthly fees, which are usually a set percentage of the amount you're borrowing. You can learn more about these costs below.

How much does a payday loan cost?

Payday lenders set their own fees, but they're restricted as to how much they can charge. ASIC rules mean payday lenders cannot charge you more than the following:

  • Loans under $2,000. Lenders cannot charge more than a 20% establishment fee and a 4% monthly fee. Plus, default fees and enforcement expenses.
  • Loans $2,001 to $5,000. Lenders cannot charge more than a one-off establishment fee of $400 and a maximum annual interest rate of 48% which includes all other fees and charges.
  • Loans over $5,000 with terms over 2 years. Lenders cannot charge an interest rate over 48% p.a. that includes all fees and charges.

Before applying for a loan, make sure to read through the specific fees for each product and compare options before making a decision.

How to compare payday lenders

There are many payday lenders available, so it's important to compare options and to ensure that the loan is right for you. Here are some of the factors that applicants should consider when weighing up their options:

  • Compare the lenders. Lenders will have the right to access a customer's bank account details, so you need to be sure they are trustworthy and have a good reputation. When researching options, read through the policies and loan terms, contact the lender's customer service team to ask any questions before applying and read through reviews and testimonials online.
  • Confirm the fees and interest rates. Payday loans charge higher fees than most other personal loans. Compare the establishment and monthly fees charged by different lenders. You can locate these fees in the comparison tables and product reviews on Finder as well as on the lender's website. Applicants should make sure they can afford these fees before applying.
  • Loan extensions and redraws. Some loan companies can extend the term of the loan up to 90 days. Customers will be charged extra fees associated with this, so it should be avoided if possible. Before you sign anything, customers should ask what the terms and conditions are if they're unable to pay back the loan on time. This includes any additional fees that will be charged if the customer can't pay the loan back within the original loan term.

Pros and cons of payday loans

  • Online application and turnaround time. Eligible applicants can apply online and receive a response shortly after submitting an application. If approved, customers can receive the funds within 24 hours.
  • Fixed rates and charges. The costs are fixed and won't change throughout the loan repayment term.
  • Bad credit history. Most credit issuers won't approve people with a bad credit history, so this is an option for customers who have negative listings on their credit report or a poor credit score. Other eligibility requirements still apply and if a customer is unable to make timely repayments, a payday loan could further hurt their credit history.
  • Higher fees. The fees are higher than for most other personal loans, which is why it's important to pay the loan off in full during the repayment term.
  • Payday loans are not a long-term solution. Payday loans are not a quick fix or long-term solution. It won't help minimise overall long-term debt and people should seek help from a financial adviser if they're struggling financially.
  • Dishonest lenders. There are some fraudulent lenders operating online. Customers must do their research and ensure they're not applying for a loan with a dishonest lender before applying.
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40 Responses

  1. Default Gravatar
    PamMarch 23, 2018

    I have loan with Cigno and as I need other small loan of $500. When I fill in applications to other Lenders and was declined then transferred to Cigno. Why. As when I still have active loan with Cigno I cannot be approved. Is there other lenders similar to what Cigno does

    • Avatarfinder Customer Care
      MayMarch 26, 2018Staff

      Hi Pam,

      Thanks for your inquiry.

      Different lenders have different lending criteria and requirements that you need to meet. If you’ve been declined you may have not met the criteria. Nevertheless, if you’re a bad credit and are looking for a payday/short-term loan, please refer to the loans listed above. Be sure to check the details of the loan and review the eligibility requirements before you apply.


  2. Default Gravatar
    DaleJanuary 31, 2018

    Hi need a loan of $1000 but go bad bad credit I get centrenlink I can paid back $50 fornighty help me

    • Default Gravatar
      JoelFebruary 7, 2018

      Hi Dale,

      Thanks for leaving a question on finder.

      I hope you get through these difficult times. While I am unsure if you’ll get approved for a loan or not, please check this page where you can get a guide on how Centrelink recipients get a loan even on bad credit. There are lenders listed in the table on that page with green checks which you may like to contact to discuss your options and chances of approval.

      I hope this helps.

  3. Default Gravatar
    TracyJanuary 23, 2018

    I need a $1000 bad credit loan approved and money paid with in an hour on centrelink repayments apto $100 a week

    • Default Gravatar
      ArnoldJanuary 23, 2018

      Hi Tracy,

      Thanks for your inquiry

      You can check your loan options by clicking on this link. Please note that lender will require you to meet certain eligibility criteria to qualify for the loan. Please check this out before applying.

      Hope this information helps


  4. Default Gravatar
    TcookDecember 11, 2017

    I need to borrow a large amount but I only have centerlink and I have bad credit.

    • Avatarfinder Customer Care
      HaroldDecember 11, 2017Staff

      Hi Tcook,

      Thank you for your inquiry.

      Your approval will depend on the lender you apply with and also the type of loan you apply for. You may want to consider the other options on this page.

      I hope this information has helped.


  5. Default Gravatar
    Deano_ingraAugust 24, 2017

    I would like to loan $1000 so I can pay part or all of a loan I received from Cigno loans.

    • Avatarfinder Customer Care
      RenchAugust 24, 2017Staff

      Hi Dean,

      Thanks for reaching out to us. If you are borrowing money to pay off other loans, you should first contact your current credit provider and speak to them about your situation.

      It’s important to know that lenders will also ask if you currently have any short term credit contracts.

      It might be good to contact a free credit support counselor to discuss your situation.

      I hope this helps.


  6. Default Gravatar
    RenieJune 15, 2017

    I’m trying to get a fast easy loan $500 to fix my car

    • Default Gravatar
      LiezlJune 15, 2017

      Hi Renie,

      Thanks for reaching out. You can refer to this page for instant cash loan options. Click the “Go to Site” button to get more information and to apply.

      Please make sure to check that you meet the eligibility criteria set by the lender before you apply.


  7. Default Gravatar
    DrossosFebruary 8, 2017

    I have bad credit ,
    i have not been approved for loan of $600
    from lenders you have listed here.

    I am a disability support pensioner.

    Please help me find a loan .

    I am able to make the repayments .

    I just need a chance , please

    • Avatarfinder Customer Care
      MayFebruary 8, 2017Staff

      Hi Drossos,

      Thank you for your inquiry.

      You can actually get in touch a lender on featured this page. Please note though that the approval will still be on a case by case basis, so be sure to read the requirements/criteria and discuss your chances of approval with a lender featured on that page.

      Hope this helps.


    • Default Gravatar
      DrossosFebruary 8, 2017

      Hi May , and thnk u for your reply .

      I tried all you suggested , and still no luck !!

    • Avatarfinder Customer Care
      MayFebruary 8, 2017Staff

      Hi Drossos,

      I’m sorry to hear that. Maybe you can try getting in touch with a lender on this page. I hope they would accept your application.


  8. Default Gravatar
    SandiNovember 25, 2016

    I am on an aged pension, am I eligible to apply for a small loan.

    • Avatarfinder Customer Care
      MayNovember 25, 2016Staff

      Hi Sandi,

      Thanks for your question.

      Please feel free to check this page if you wish to compare your loan options for a small loan. Be sure to review the criteria and read our guide before your apply.

      Hope this has helped.


  9. Default Gravatar
    JadeNovember 1, 2016

    Ive started work full time n im in need of a payday loan of 500 untill 7th of this month when i can pay it in full do i have any luck of obtaining what i need atall

    • Avatarfinder Customer Care
      DeeNovember 1, 2016Staff

      Hi Jade,

      Thanks for your question.

      If you are looking to apply for a payday loan, the eligibility criteria to apply are listed on our review pages. Simply click the name of the loan product above so you’ll be redirected to its review page. To send an application, just click the ‘go to site’ button.


  10. Default Gravatar
    TimmyJune 18, 2016

    Iam needing $1090,oo as my father has passed my credit aparently is shot an am currently in an out of wrk as per mining boom 〽

    • Avatarfinder Customer Care
      ElizabethJune 20, 2016Staff

      Hi Timmy,

      You can find some loan options available to those who are unemployed on this page. Keep in mind you’ll need some sort of income to be approved (Centrelink income, etc.)

      Hope this helps,


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