Payday loans can be used for a wide range of purposes, but are generally for unexpected expenses. Common uses for payday loans include forgotten bills, car repairs or medical expenses.
How much can I borrow?
Lenders will have a maximum loan amount and some will have a lower maximum amount for first-time borrowers. The amount you're able to borrow depends on how much you get paid and your financial situation – in short, your ability to repay your loan. You can use the payday loan calculator above to help see what your repayments will be on different loan amounts.
I've never taken out a payday loan before. What do I do?
If this is your first time taking out a payday loan, it's important to understand the process before you apply. The entire application will take place online, so make sure you have all your personal documents and financial details handy. You'll need to compare things like minimum income, employment terms, Centrelink eligibility and whether the lender does a credit check. You can also get an idea of the repayments using the tables above.
Each lender is different so ensure you read each step before continuing. Make a note of the terms and the repayment amounts (and dates) and ensure you will have enough to repay your loan.
If you need any assistance, once you've clicked "Go to site" the lender will be able to answer questions you may have, or you can start an application.
Are payday loans a bad idea?
Payday loans are an expensive form of credit and people should compare their options as well as research any rates, fees and conditions before applying. While payday loans are heavily regulated by ASIC, it's important to remember they are costly and you shouldn't apply if there are alternatives available to you. Before you apply, see if you may be eligible and if the other credit types suit your needs. It's also a good idea to calculate costs to see if any of the alternatives are cheaper than a payday loan.
Can I pay out my payday loan early?
Many payday lenders allow customers to pay their loan early without any extra fees associated. However, customers will still need to pay the full amount associated with the credit contract. Contact your payday loan credit provider if you need to organise an early payment.
Can I get my loan deducted from my pay?
The majority of lenders will direct debit your account on the day you get paid but will not deduct the repayment amount directly from your pay.
How quickly will I get my cash advance money transferred?
Most payday lenders will assess an application and give a response within 60 seconds. However, it may take longer if the lender requires further supporting evidence including proof of income or employment via bank statements or payslips. If approved, customers can usually expect the funds in the nominated account within one to two business days.
Under government law all small amount credit providers must check 90 days worth of your bank statements. This is to check that you can service the loan and the repayments. Instead of faxing or emailing these statements to the bank, some lenders use online verification through Credit Sense. Credit Sense uses 128-bit security encryption to safely provide the customer's bank statements. Bank details and login information aren't stored.
Read more: Why lenders need your details
I already have a payday loan. Can I get another one?
Payday loans are regulated by government law and designed to be a "stop-gap" solution to financial problems. There are various restrictions around borrowing more than one loan at once. Find out if you might be eligible here.
I am struggling with repayments. Can I renew my payday loan?
In line with Australian government regulations, you can not renew or roll over your loan. If you want to take another loan, you'll first have to pay off your current loan and then re-apply (after assessing your current financial situation).
Is it a bad idea to keep taking out payday loans?
If you make all of your repayments on time then a lender may approve you for another loan. Some lenders have benefits for repeat borrowers such as increased borrowing amounts and quicker funding. However, these loans are not a long-term solution and if you need to borrow money frequently, you may want to reassess your expenses or consider a more stable line of credit.
How do I know if my details and account are secure?
Australian payday loan companies use a secure online system, such as Verisign, McAfee or Norton to secure data. Payday loan applications are generally carried out on a secure online application form to help protect the applicant's privacy. These systems use a 128-bit secure server and SSL encryption to ensure personal information cannot be stolen. To verify the applicant's income, payday lenders will need a snapshot of your account for the past 90 days. These services are secure and they only provide a "read-only" view of your account.
I just changed bank accounts, can I still apply for a loan?
As per the government regulations, payday lenders require at least 90 days of bank statements. If you've recently changed bank accounts, you can contact your old bank to request the bank statements that you require.
Use the map below to find a lender based on your location.