How to use a payday loan for emergencies

Life can be unpredictable, but luckily there are options out there to cover you financially.

Last updated:

They say bad things happen in threes, so what would you do if three things went wrong and you needed money to fix them? If you need quick access to finance you can consider a payday loan to see you through. Compare and apply for loans below and find out what's involved.

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.


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

Comparison of Emergency Payday Loans

Updated September 17th, 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.
22 - 52 weeks
Same day - conditions apply
Up to 2K - 20% establishment fee + 4% monthly. Above 2K - $400 + from 8.7% to 48% APR
Borrow from $1,000 to $5,000 with same-day funding and no early repayment fees.
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.
3-12 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.
3 to 12 months
Within 24 hours
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

How to get your emergency payday loan

Follow the steps below to take out an emergency payday loan.

  1. Compare the range of payday lenders in the table above. Look at the amount being offered and how quickly you can receive the loan.
  2. Click "Go to Site" on the lender you have chosen to apply with
  3. Review the rates and fees once on the lender's site to confirm the loan is right for you
  4. Submit your application to the lender and wait to see if you have been approved.

How quickly will you receive your loan?

Lenders take varying amounts of time to get your loan to you. In the table above, you will see an estimated turnaround time that the loan will take to be processed. The average processing time is one business day, but some lenders can have your loan to you on the same day if you get your application submitted before 2:30pm.

How much will you be charged?

For loans less than $2,000 that come with terms of between 16 days and one year, lenders are restricted to the following fees:

  • An establishment fee that is 20% of the loan amount
  • A monthly fee that is 4% of the loan amount

You may also pay Government fees and charges and late or default fees if you fail to repay your loan on time.

What situations can you use payday loans for?

Payday loans are usually used for emergency situations when you have limited access to other forms of credit. When you apply for a payday loan you will be lent the money that the lender thinks you will be able to afford. Your repayments will be scheduled in line with when you next get paid. Some common situations people use payday loans for include:

  • Car repairs
  • Emergency medical situation
  • Forgotten bills or accounts
  • Forgotten necessary purchases eg. school books for your kids
  • Replacement necessities eg. furniture, electrical appliances

What kind of people should consider using payday loans?

Generally, payday loans have more flexible lending criteria than other personal loans. You will still need to provide details of your finances, incomes, assets and debts, as well as provide evidence that you receive regular pay. Payday lenders focus more on your current financial situation rather than your past debts or financial issues and are more focused on your ability to manage the repayments.

Because of this, these types of loans are also popular for people who need quick access to credit but may have a few negative listings on their credit file. The way payday loans work means that you do not need impeccable credit history to apply for these loans, but you will need to be able to make the repayments. You may want to consider a payday loan if you don't want to take out an overdraft or increase the debt on your credit card. Remember though, a payday loan is simply an alternative form of credit and should be thought of as the same as any other type of debt.

Case Study - Kelly


Kelly works as a clerk in a legal firm which pays her in monthly instalments. It's two weeks before payday when her car breaks down after she drops her kids to school. She gets the car taken to a mechanic and heads off to work, worried about how she will pay the bill at the end of the day. She:

  • Has two credit cards, both of which are maxed out
  • Has spent the majority of her paycheque already and needs the remainder for groceries and other expenses for the kids
  • Cannot take out an overdraft with her bank because she has a negative mark on her credit file from two years ago

When she gets to work she compares payday loan providers online and finds one that can meet her needs. She uses the details on the lender's website to work out her total fees and repayments to see if she will be able to afford it. She then applies for the loan online and only has to wait a few minutes to see if her loan has been approved. Because of the bank she is with, she receives her loan within four hours and she is able to pay the car repairer later that afternoon.

The good and not-so-good of using payday loans for emergencies

The good

  • Quick turnaround. These loans are usually approved via an online application process and once approved you can expect to receive your money on the next business day at the latest.
  • Restricted fees. Payday loan providers are restricted as to the type and amount of fees they can charge you, so there's little chance of you being ripped off.
  • Outline repayments. Before you settle the loan you will be able to review an outline of your repayments. This feature will be available from most lenders.

The not-so-good

  • Costly. For the convenience these loans offer you will usually have quite a high rate of interest.
  • Unreliable lenders. Although there are a good deal of reputable lenders on the market, there are some unscrupulous lenders out there, so be sure you do your research before going with one lender.

Payday loans are an option to consider in emergency situations, but remember to compare your options before you apply and only submit your application if you feel you can repay the loan.

Was this content helpful to you? No  Yes

Related Posts

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

6 Responses

  1. Default Gravatar
    DanDecember 11, 2016

    Is there any of these lenders that can performthe entire loan process on a Sunday? I realise the transfer of funds into a bank account would be very difficult to manage on a non-business day, but are there any other options? For instance, can I go to an office in person to undergo the loan approval process, and receive cash or other form of payment that can be used on a Sunday?
    Thanks for any help you can provide.

    • Avatarfinder Customer Care
      MayDecember 11, 2016Staff

      Hi Dan,

      Thank you for your inquiry.

      Generally, lenders will process your application on a business day, so you would also expect that your funds will be received on a business day. If you will send your application online on a Sunday, then if your approved, the lender will most likely inform you when you can expect your cash. I suggest that you contact the lender featured on this page to discuss your loan options and chances if approval.


  2. Default Gravatar
    chamundeshwariSeptember 2, 2016

    hi sir I need help from ur side . I need Money 2laks its too urgent because of emergence heart oppression plssssszzs help me sir

    • Avatarfinder Customer Care
      ElizabethSeptember 2, 2016Staff

      Hi chamundeshwari,

      Unfortunately as an Australian financial comparison site the lenders on the page above can only issue loans in Australian dollars and to current Australian residents. You may need to find a lender in India to apply for a loan.

      Sorry I couldn’t be of more assistance,


  3. Default Gravatar
    MarkJune 3, 2016

    I have a stable job in hospitality for which I am on the books and pay tax. The boss however is old fashioned and doesn’t pay anybody via their bank account, to my knowledge at least he pays all the employees cash. For this reason I don’t have and don’t need a bank account. Is there any way around this or by law am I simply ineligible for any type of small credit loan unless I receive my income directly into a bank? The only proof of employment documentation I would be able to provide is my weekly pay slips and my group certificates.

    • Avatarfinder Customer Care
      ElizabethJune 3, 2016Staff

      Hi Mark,

      You may be able to be approved for a loan using your payslips but you may need to apply at a payday lender’s store. Some of the lenders that have branches include Cash Converters, Ok Money, Jacaranda Finance, Cash Stop, City Finance and Money Plus. You can visit these lender’s websites to find a store that’s convenient to you, and if you have any questions about your eligibility you may want to get in contact them directly.

      I hope this has helped,


Ask a question
Go to site