Payday Loan Applications

Payday Loan Application Guide

Information verified correct on October 22nd, 2016

Payday loans can help you out when you're caught short before payday. Here's how to apply.

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.

How to compare payday lenders

With the variety of payday lenders out there, it's important to know how to compare your options to find the right loan for you. Here's a few things to keep in mind:

  • Fees. The Australian government imposed a cap on the amount of fees that payday lenders can charge, so check to see if they comply with these restrictions. Take a look at the fee cap outline below.
  • Interest rates. With any loan, you should be aware of the interest rate you'll be charged for borrowing. Most payday lenders will tell you how much your repayments, including interest, will be before you sign for the loan.
  • Loan terms. The loan terms for payday loans are usually quite short and will most likely be determined by the lender. These terms usually match up with your payment frequency.
  • Default/missed repayment penalties. You shouldn't take out a payday loan if you think you will have any problems managing the repayments, but it's good to be aware of what will happen if you can't make a repayment or default on the loan.
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

    Did you know?

    Fee cap

    Payday loan providers are only allowed to charge the following for loans less than $2,000:

    • A one-off establishment fee of 20% of the amount loaned
    • A monthly account-keeping fee of 4% of the amount loaned
    • A government fee or charge
    • Default fees or charges
    • Enforcement expenses if you default on the loan

    How to apply for a payday loan

    The application process will differ between payday lenders, but here's what you can generally expect when you apply for a payday loan.

    • The application will most likely take place online, as most payday lenders are exclusively online lenders.
    • You will need to provide proof of your identity, including a driver's license number or other forms of ID.
    • You will need to provide details about your income, including payslips, salary amount, payment frequency and proof that you are paid regularly. Some lenders accept self-employed applicants, so for this you may need to provide bank statements or tax returns.
    • You will need to provide details of your credit history to some lenders. Although they check your history, they are more interested in your current financial situation and your ability to repay the loan.
    • You will also need to provide details of any existing debts, assets or credit.

    Pros and cons of payday loans


    • Convenient way to access small amounts of credit
    • You may be approved with bad credit
    • Your repayments are set out when you apply so you can budget to repay the loan
    • There is a fee cap on payday loans so you know how much you can be charged


    • It can be easy to start relying on these loans regularly, which can cost you a significant amount of money
    • If you miss your repayments or default on the loan you can get into a debt.

    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.

    Compare payday loans

    Rates last updated October 22nd, 2016
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    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.

    Frequently Asked Questions

    How quickly will my payday loan application be processed?

    Payday loan providers generally process applications quite quickly. You usually receive a response within 60 seconds and can sometimes receive your money within the hour.

    How much can I borrow?

    This will differ between lenders. Certain factors come into play when lenders decide how much to let you borrow, including your income, credit history, assets, etc. You will generally not be able to borrow more than $2,000 from a payday lender.

    What can I use payday loans for?

    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.

    It's always important to compare your options when applying for any form of credit and Payday loans are no exception. Make sure you do you due diligence before applying for one of these loans.

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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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