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Payday Cash Advances

If you’re strapped for cash, you might want to consider a payday cash advance.

No matter who you are or what kind of state your finances are in, one day you might find yourself in a situation where you need fast access to finance. Your financial circumstances do, however, affect the type of credit you can access. You may also want to consider how quickly you need the money, how much you need to borrow and what repayments you can afford when deciding on your financing options.

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

If you are in need of quick access to funds, you could consider a payday cash advance.

Rates last updated June 21st, 2018
Name Product Max. Loan Amount Term of Loan Turnaround Time Costs Fortnightly Repayment $1,500 Product Description
Sunshine Short Term Loans
9-15 weeks
30 Minutes - conditions apply
20% of loan amount + 4% of loan amount each month
Apply online with Sunshine Loans and you could borrow up to $2,000 paid directly into your account. Note: Centrelink must not be your primary source of income.
Nimble Short Term Loan
62 days to 1 year
1 hour - conditions apply*
20% of loan amount + 4% of loan amount each month
Apply for up to $2,000 and have 62 days to 1 year to repay. Note: Centrelink must not be your primary source of income.
Credit24 Short Term Loan
6-12 months
Same day
20% of loan amount establishment fee + 4% of loan amount monthly.
A loan with a quick turnaround time and generous loan term. To be eligible, Centrelink must not be 50% or more of your income.

Compare up to 4 providers

How does a payday cash advance work?

A payday cash advance involves a line of credit that is designed to cover you until your next payday. Lenders who offer this type of loan let you borrow money, usually between $100 and $2,000 with varying loan terms. You can also receive a cash advance using your credit card, with a small personal loan or through your bank. People who are considering these type of finance options usually need money to cover an expense that has come up before their payday, such as car repairs or medical emergencies.

These loans can also be an option for people who have negative listings on their credit file. If you are looking for a loan option, look for lenders who offer payday loans as the eligibility requirements for these types of loans are generally less strict than with other lenders. The lender will use your income to determine your ability to pay back the loan using the current state of your finances, your debts and your income.

Types of payday cash advances

When looking at your options for a payday cash advance, you’ll find that you have a few choices to consider. If you are in need of a fast financing option then the type of finance option you go with will depend on your individual needs and situation.

Payday loans.
These types of loans can help you cover expenses that crop up before payday. You can usually borrow between $100 and $2,000 for a period of between 16 days and one year. Bad credit history usually isn’t an issue with these types of loans, as the lender will generally be more interested in your ability to pay back the loan based on your income.
Cash advances.
This involves withdrawing money using your credit card. A cash advance can be a quick and convenient way to access cash without having to pay for any new forms of credit, but the interest rate is generally quite high.
Line of credit.
This is something that you organise with your current bank and it basically acts as an available form of credit should you need it. This usually needs to be set up in advance so you can access the credit quickly.

How to get a payday cash advance

  • Compare your options. To make sure you get the best deal available, compare some of the payday cash advance options that are out there. You may find a lender that can offer you better repayment terms or a quicker turnaround time.
  • Organise your application. Different lenders require different documents for when you apply. You'll generally need identification documents, proof of your employment and bank account details. Check what is required and have it ready before you start the application process.
  • Budget your repayments. It's important to ensure that you'll be able to afford your repayments before you apply. Most lenders will set out their fees and rates so you can work out what your repayments are likely to be, and then your repayments will actually be specified in your loan contract. Consider whether you'll need to make adjustments to your budget to afford to repay the loan.
  • Apply. Once you've found the lender you want to apply with, the last step is filling out the application. Most lenders operate online and offer a quick application and approval process.

Things to consider

Before deciding whether to take out a cash advance, there are a few things you should keep in mind:

  • Fees. Cash advances and other types of credit and loans usually come with fees, so be sure they do not contribute significantly to the cost of the loan.
  • Interest. Payday loans have a fixed interest rate but other forms of cash advances may not. Take a look at the interest rate, the loan terms, and then try and work out what you will be likely to pay.
  • Repayments. Some of these loans will allow you to see what your repayments will be before you apply, and this can help you budget and pay the loan back. It’s important to choose a repayment period that suits your finances and pay frequency.

How to apply

If you decide to take out a payday loan, you can use the comparison table on this page to compare your options. If you find a loan you want to apply for you can click the ‘Go to site’ button. When you apply you will need to provide details of your income, savings, assets and expenses.

Payday Loan Comparison Guide

Picture: Shutterstock

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