Payday Loan Applications

Payday Loan Application Guide

Information verified correct on April 30th, 2017

Find out how to apply for a payday loan to have the best chance of being approved.

Payday loans are becoming increasingly popular in Australia, with more and more lenders on the market specialising in small, short-term loans. These lenders differ in their eligibility requirements and application processes, so here's a quick guide on how to find a lender and how to apply for a payday loan.

The application process:

Step 1: Compare lenders

Finding the right lender is the first important start of the application process. Review loan amount, fees, turnaround time and loan term to ensure you are applying for a loan that meets your needs.

Step 2: Review the eligibility criteria and required documents

Lenders vary on their application criteria and the information they need when you apply. Usually, you'll need to be over the age of 18 and receiving a regular income, but lenders will differ on where that income can come from (Centrelink, employment or a combination of the two) and what level of bad credit they will accept. For example, some lenders accept discharged bankrupts but others don't.

When it comes to documents, lenders need to check the last 90 days of your bank statements as well as your employment and financial information. Check what the lender needs before you start your application.

Why do payday lenders need your bank details?
It's a requirement of ASIC for payday lenders to check 90 days of your bank statements. To help lenders get your loan to you sooner, most ask for your Internet banking logins in order to obtain a read-only version of your banking history. This is done through a secure, third-party service such as Credit Sense or Yodlee. You can find out more information about how this works in our guide.

Step 3: Approval

Lenders can usually let you know if you've been approved or not in a matter of minutes. This is because most lenders have a system approved your application rather than a human being. If more information is required in order to approve you, the lender will get in contact to get this information, but your application may be delayed.

Step 4: The contract

If you're approved, you need to agree to the loan contract before you are sent the funds. Many lenders do this by sending you an SMS or a copy of a digital contract that you can sign online. Review the contract carefully as it will set out your loan terms, repayments amounts and fees for late payments or defaults. If you have any questions about the contract, get in contact with your lender.

Step 5: How long it takes to receive your funds

This differs between lenders and will also usually depend on who you bank with. If the lender uses the same bank as you do you can receive your funds within minutes of being sent. Some lenders are able to do this if you bank with any of the Big Four.

However, with most, you will need to apply and be approved by a certain time (usually around 2pm) for the funds to be received on the same day. If you need your loan today, the earlier you apply the better chance you have.

Want to compare payday lenders?

Sunshine Short Term Offer

Sunshine Short Term Offer

This is a short term loan offer with a fast and easy online application for bad credit borrowers who are employed. You can apply today to get approved for up to $2,000.

  • Loan Amount: $2,000
  • Loan Term: 9 weeks
  • Turnaround Time: 30 Minutes - conditions apply
  • Total Cost of Borrowing $100: 20% of borrowed amount + 4% of borrowed amount each month
  • Bad credit borrowers OK
  • Quick and easy Approval
  • No Credit Checks - Must be employed
    Name Product Max. Loan Amount Term of Loan Turnaround Time Costs Product Description
    Sunshine Short Term Loans
    9 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. Family Business since 1999.
    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 a short term loan and you could borrow up to $2,000
    Ferratum Cash Loans
    Up to 6 mths
    Same Day if approved
    20% of borrowed amount + 4% of borrowed amount each month
    A small loan from Ferratum lets you borrow up to $1,900 without a credit check
    Cash Train Loans
    10 weeks or 3 months
    1 Business Day
    20% of principal amount (establishment fee) + 4% monthly charge
    Apply for a Cash Train loan and get up to $2,000 sent straight to your bank account. Fast online application

    Compare up to 4 providers

    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.

    How much does a payday loan cost?

    This depends on how much you apply for:

    • Loans up to $2,000. These are referred to as Small Amount Credit Contracts (SACCs) and have a fee cap. You cannot be charged more than a 20% establishment fee and a 4% monthly fee.
    • Loans $2,001 - $5,000. Referred to as Medium Amount Credit Contracts (MACCs), these are also restricted by an ASIC fee cap. You cannot be charged more than a $400 establishment fee plus an interest rate of 48% p.a. which includes all other fees and charges.
    • Loans over $5,000. Lenders offering loans of this amount, excluding Authorised Deposit-taking Institutions (ADIs) are restricted to charging a rate of 48% p.a. which needs to include all fees and charges.

    What if I need another payday loan?

    Most payday lenders will allow you to borrow for them more than once if you prove yourself to be a responsible borrower. Some lenders, such as Nimble, make it easy for people to repeatedly take out loans with them by providing them with "members benefits". These benefits include a member's area that makes it easy to apply and a Nimble debit card through which you can receive instantaneous loans.

    Have more questions?

    How much can I borrow?

    This depends on the amount lenders offer and what you can afford. If you're a first-time borrower you may be restricted to a slightly lower amount than what is available.

    What can I use the loan for?

    You can use the funds for any worthwhile purpose, which can include car repairs, medical expenses or to help manage bills.

    What if I'm not approved?

    Any loan you aren't approved for will be listed on your credit file, meaning the next time you apply for a loan a lender will be able to see you have recently applied with another lender. Keep this in mind when submitting any additional applications.

    Do I have to give my Internet banking logins?

    Many lenders require this as this is built-in to their application process. However, you can find lenders that do not require this, allowing you to submit PDFs of your statements, or have a storefront where you can bring your statements in person.

    Payday loans are designed to cover you for expenses that come up before payday. These can include car repairs, large purchases such as furniture or appliances, to pay forgotten bills or for medical emergencies. You should not use these loans to solve longer-term financial problems such as to make repayments on existing debts.

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    10 Responses to Payday Loan Application Guide

    1. Default Gravatar
      Jessie | March 17, 2016

      Are there any payday lenders who will approve you loan with your employment contract if you have only started and are yet to receive your first payslip?

      • Staff
        Elizabeth | March 18, 2016

        Hi Jessie,

        Thanks for your question.

        Payday lenders use a variety of criteria to determine your eligibility for a loan, but they will look at your last three months of banking history for some evidence of income so you can repay the loan. Lenders will also take your form of income into account.

        You can look at what’s required with each lender before applying to see if you are eligible and if a payslip is required.

        I hope this has helped,


    2. Default Gravatar
      Micheal | December 15, 2015

      My only income is disability pension no employment and I have default with cash stop long term loan cash loan who will give me a loan

      • Staff
        Elizabeth | December 15, 2015

        Hi Michael,

        I’m unable to recommend any specific lenders to you. However, you can find lenders who may consider you for a loan while receiving the pension on this page. When you’ve found a lender you want to apply with and that you are eligible for you can click “Go to Site” to submit your application.

        I hope this has helped.



    3. Default Gravatar
      | December 1, 2015

      Hi i need to borrow 1700 to pay rent tomorrow but i get paid cash in hand and also get 750 a fortnight from centrelink but that money goes straight to my mothers medical bills. Can you please tell me what i could do?

      • Staff
        Elizabeth | December 1, 2015

        Hi Lelola,

        Lenders need to be able to see some evidence of your pay, and if you apply online this is usually verified using your Internet banking logins, through which they will receive a read-only copy of your bank statements. If you deposit your pay into your account or receive payslips you can use this as evidence – just make sure the lender will accept this. You can compare payday lenders here and click through to the review pages to find out what is needed in the application. Your best bet might be to call the lenders and find out if you are eligible before you apply.

        You might also want to consider alternative loan options, such as a Centrelink cash advance, which can bring your next Centrelink payment forward to help you pay your rent.

        I hope this information has helped.



    4. Default Gravatar
      Glen | November 2, 2015

      Hi, I need to borrow 1200 tomorrow
      Regarding furniture for me and my kids,

      • Staff
        Elizabeth | November 2, 2015

        Hi Glen,

        Thanks for your question.

        Your eligibility for a payday loan will depend on your income, your employment and your current debts. This guide should give you a rough idea of whether or not you are eligible. You can then compare and apply for loans here.

        I hope this will help.



    5. Default Gravatar
      Mel | September 24, 2015

      My problem is I get paid by cash in a pay packet with my wage info on the envelope so I don’t have proof in my bank statements where do I go from here ?

      • Staff
        Elizabeth | September 25, 2015

        Hi Mel,

        Thanks for your question.

        Payday lenders need to be able to verify your income using payslips or your bank statements. If they are not able to verify this information then you may not be able to be approved. Lenders need to see the last three months of your bank statements and see regular salary deposits, so if you’ve been depositing your cash salary into your account yourself at regular intervals this might be okay. Reviewing the approval requirements on our review pages is a good place to start, and you might also want to get in touch with the lenders before you apply to discuss your eligibility.

        I hope this has helped.



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