Compare payday loans online to save time when you need it most.
If you're in need of a small, short term loan, online payday loans could be the most convenient option for you. You can compare payday loans online to find out which lender is right for you and how quickly you'll receive your loan. Most lenders who offer payday loans online keep the process quick and simple, requiring little more than an online form and some document uploads before approval.
Read on to find out more about applying for payday loans online and compare a range of lenders offering online payday loans.
- Bad credit applicants considered
- Fast approval service
- Borrow up to $2,000
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
These lenders offer online payday loans with a quick application process:
What is a payday loan?
A payday loan is a small, short term loan that's usually for less than $2,000 but can be for as much as $5,000. Loan terms differ but are usually around 16 to 60 days, and can extend up to 12 months. You can apply for these payday loans online, but some lenders will also have a physical location in addition to accepting online applications.
Need a quick online payday loan? Here's how to apply
- Find a lender using the table above. Look at how quickly you will receive the loan, the loan costs, the loan amount and the terms.
- Click through to the lender's website once you've found the right online payday loan by clicking the "Go to Site" button. Here you can confirm the loan details.
- Apply online by sending through your personal, financial information (income, assets and debts) employment (job and/or Centrelink) and bank account details.
What you'll pay when you apply online
Payday lenders have capped fees, whether you apply in-store or online. On a loan of $2,000 or less, lenders can charge the following fees:
- Establishment fee. that is 20% of what you borrow
- Monthly fee. that is 4% of what you borrow
- Government fee or charge
- Default fees and late payment fees
- Enforcement expenses if you are taken to court for failing to repay
The benefits of online payday loans
While not intended to be long-term or ongoing finance solutions, online payday loans bring a range of advantages to people in need of short term cash.
The features and benefits of online payday loans include:
- Quick online application. One reason payday lenders operate online is that they can offer a faster application process. Most applications for payday loans online can be completed in under ten minutes, with a preliminary response ready in 60 seconds. Lenders will still need to view your bank statements and other financial documents, but some lenders make this process simply by allowing a secure login to your Internet banking to provide statements directly to the lenders, without having to create and upload PDFs of your bank statements.
- Fast and convenient funds. Applying for payday loans online mean that, once the application is approved, the funds can be deposited into your nominated bank account almost instantaneously.
- Repeat borrowing. Most lenders have member areas where you can easily borrow from them a second time. Free payday debit cards are also offered by lenders to give you instant access to subsequent loans. Keep in mind, however, that online payday loans aren't meant to be a long-term financial solution.
- Comparing lenders. Use the table above to compare fees, terms and loan turnaround times to find the right online payday loan provider for you.
- Transparency. Lenders are required to publish their fees, charges and other relevant information online, making it easier to compare online payday loans.
Case Study: John and Mandy
John and Mandy are both busy working parents with a three-year-old in daycare four days a week. One week their daughter falls sick with chicken pox and John has to stay home with her. As a shift worker he loses money from his take-home pay. They also have to pay extra for doctor's appointments and medicine.
Like many young families, John and Mandy live pay cheque to pay cheque and have no emergency expenses to fall back on. The costs of their daughter’s unexpected illness add up, and the couple start to wonder how they’re going to make ends meet until their next payday. To make matters worse, their credit was negatively affected by a defaulted mortgage repayment from a year ago, making them ineligible for most standard credit products.
They start to compare payday lenders online as they only need a few hundred dollars until Mandy gets paid next week. After comparing the range of loans available, Mandy submits an application and they receive the loan the next business day.
Comparing the positives and negatives of online payday loans
- Turnaround time. Online payday lenders can often have your loan to you within one business day, with some lenders even able to send your money to you within a few hours.
- Easy to compare payday loan options. With a range of online lenders at your fingertips, comparing your options is easy. Look at the features on offer from different lenders and apply for the one that suits you best.
- Quick and simple applications. Complete your application for payday loans online in a matter of minutes and receive instant approval.
The not so good?
- Disreputable lenders. There are some disreputable lenders operating in the online space, so you need to be careful when comparing and applying for loans. A reputable lender will never charge an upfront fee to process a loan application.
- Higher fees. Payday loans come with much higher fees than normal personal loans. It's important to decide whether you really need a loan before applying.
- The payday loan spiral.Online payday loans are intended to cover one-off financial emergencies like medical bills or costs associated with replacing or fixing a broken appliance or faulty car. Unfortunately, online payday loans can be so simple to apply for and receive that people can get caught in the cycle of taking out payday loans regularly, or using funds from a payday loan to service other debts. Be honest with yourself about the reason for your loan before you apply.
Who can apply for online payday loans?
Payday loans aren't just popular for their convenience, but also for their flexible lending criteria. Online payday loans are small and are designed to be easily repaid when the borrower receives their next pay cheque. From the point of view of lenders, this makes online payday loans less of a risk than longer term loans.
Because of this, people who have bad credit can still receive payday loans. The lenders need only be satisfied that you will be able to repay the loan amount when you receive your next pay cheque, rather than being confident that you can afford ongoing loan repayments over the coming months or years.
What will I need to provide in order to apply for a online payday loan?
- You will need to provide evidence of your regular income, which could be a mixture of employment income and Centrelink benefits.
- Lenders are required to check your bank statements for at least the past 90 days.
- If you are a new customer, you may be required to provide 100 points of identification.
What other options are available instead of a payday loan?
In some circumstances, an online payday loan could be the perfect solution to help you through a difficult financial period. In other circumstances, a different option for short term finance may be a better choice.
- People on low income could qualify for a low interest or interest-free loan from a not-for-profit organisation.
- Centrelink recipients could apply for an advance on their benefits to assist with financial hardship.
- Depending on the circumstances, it may be a better option to use a credit card to finance your expense, rather than applying for a payday loan online.
- If the loan is to cover a phone or utilities bill or to pay land rates, contact the provider directly. Many utilities providers in Australia offer payment plans for people in financial hardship.