Instant Payday Loans

Need some cash to get through to payday? Find out your options, even with bad credit.

If you need money in a hurry, a payday loan, also known as a cash loan, may be a good option for you. Such small loans can provide up to $1,500 to be repaid in a short period, usually between 16 days and a year. Find out how you can get an instant payday loan when you need it in the guide below.

Sunshine Short Term Offer

Sunshine Short Term Offer

  • Bad credit applicants considered
  • Fast approval service
  • Borrow up to $2,000
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100% confidential application

Sunshine Short Term Offer

A short term loan with a fast and easy application available to those with good or bad credit. You can apply today and get approved for up to $2,000.

  • Loan amount: $2,000
  • Loan term: 9-15 weeks
  • Turnaround time: 30 minutes (conditions apply)
  • Fees: 20% of borrowed amount + 4% of borrowed amount each month
  • Income requirement: 50%+ of income cannot be from Centrelink
  • Bad credit borrowers OK
  • Quick and easy Approval
  • No Credit Checks
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Comparison of Payday Loans

Updated February 22nd, 2019
Name Product Maximum Loan Amount Term of Loan Cash Deposited In Costs Fortnightly Repayment (for $1500 Loan)
9-15 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 9-15 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.
62 days to 1 year
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 1 year. Centrelink cannot be your primary source of income.
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.
6 to 12 months
20% of loan amount + 4% of loan amount each month
A short-term loan from $500 that you can have up to 12 months to repay. All credit histories considered.

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Whether you find yourself caught up in an emergency or just need some extra cash fast, payday could be option, especially if you have bad credit and are therefore ineligible for other types of loans. Bank loan eligibility can be an issue for people with a default listed on their credit report or for people with little or no savings, which leaves them with payday loans from small lenders as their only option during emergencies.

Instant Cash- how do they work

How do payday loans work?

It's important to understand how payday loans work before applying. First of all, it is advisable to only take up a payday loan if you are in an emergency or ineligible for other types of finance. This is due to their extremely high fees and short repayment terms.

The eligibility criteria for a payday loan is more flexible compared to personal loans offered by banks and credit unions. So if you have bad credit, then this could be an option. However, this doesn’t guarantee that you’ll be accepted or approved. You'll usually need to be over the age of 18, be earning an income and have three months of bank history.

All payday loans usually have a quick turnaround times, so repayments can take a huge toll on your budget. Payday loans usually offer you access to a small amount of money, which is usually less than $1,500. Although these loans have a much shorter repayment term than other types of loans such as bank loans, they do come in handy when you need money fast or when you cannot access other types of loans due to bad credit.

Features of instant payday loans

  • Short repayment period. With a payday loan, you will usually be required to pay the full amount plus fees within a shorter timeframe, which is usually not beyond one year. Small emergency loans may even have a turn-around time as short as 16 days.
  • Fees. Payday loans come with very high fees, so it is important to borrow only what you need and repay it quickly. You will be required to pay an establishment fee and monthly account-keeping fees which may raise your loan amount. If you miss a repayment, penalties such as arrears and late payment fees usually apply.
  • Loan amount. The maximum amount you can get on a cash advance is usually limited to $1,500 to $2,000.
  • Application. Payday loans are very easy to apply for, with lenders offering online applications and fast responses on your loan approval (usually 24 hours). Requirements for a successful application typically include being over 18 years, stable financially, earn a minimum of $300–$500 per week and receive your pay into your bank account. You can apply for a small loan even with a bad credit history as long as you can prove that your finances have improved.
Payday loan accessibilty

How does your credit affect your ability to access payday loans?

Your credit history contains all your financial information, and it is used by lenders to determine if you are likely to default. Information about your credit card applications, late bill payments, late loan repayments and bankruptcy notes are among the things your lender will examine in your credit file before approving your payday loan application. Having bad credit can deter lenders from giving you a loan, especially if you seek financing from bigger lenders such as banks.

Payday loan providers will ask for bank statements to determine how much you earn and therefore how much they can lend you. Lenders use systems to verify your bank statements electronically, but you may be required to provide other documentation. s.

Alternatives to instant payday loans

Payday loans are a good option during emergencies, but they tend to be expensive and can end up becoming unmanageable. The short repayment period on such loans also make them unattractive to many. Here are several alternatives to payday loans:

  • Secured personal loans. If you have an asset such as a house or a car, a secured loan can be a good option to consider if you need money. Lenders will use your asset as collateral to secure the loan.
  • Credit repair. If you are having trouble getting a personal or unsecured loan due to your bad credit, you can initiate a credit repair to rectify any errors in your credit file that could be affecting your credit rating. There are credit repair agencies that you can hire to find your credit listings and sort any issues in there.
  • Credit cards. Credit cards are a great source of financing, as they allow you to get credit from that you can use for purchases. Before getting a credit card, be sure to check the interest rates and fees on the card and to always pay your balance each month so as to keep you debt down.
  • Debt consolidation loans. Consolidating all your debt into one manageable payment can make it easier to track repayments and save you money on late charges. This is a great option if you have many high interest installment loans or if you have run up all your credit cards, and it can help you avoid bad credit.

Improving your chances of being approved for other types of loans

Getting your credit card application approved or getting a home or personal loan requires a good credit rating, so here are several things that you can do to improve your credit and get a better chance of securing loans.

  • Consider debt consolidation. Consolidating all your loans into one payment makes it easier to make payments on time, which improves your credit rating while saving you money on late payment fees and other penalties. This could also ensure you manage your payments better, ensuring you improve your credit rating by paying your bills on time.
  • Pay your bills on time. Lenders usually check for red flags in your credit file, which include late bill and loan payments. To improve your credit rating and get approved for bigger loans, you should try and pay all your bills and credit card balances on time.
  • Check your credit file. Checking your credit file can help you improve your rating by rectifying any errors in it i.e. loans incorrectly listed as defaults by lenders. You can order a copy of your credit file personally or have a credit repair company help you with the task of removing any negative marks on your credit file.

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