Compare short term cash solutions

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.

Once you've compared your options you can click "Go to Site" to head to the lender to start your application.

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.

Are payday loans a bad idea?

Payday loans are an expensive form of credit and should only be applied for if you have no other options. High-profile lenders such as Cash Converters have been fined by ASIC for overcharging customers and others have been criticised for predatory behaviour and approving loans to people who can't afford it.

While these loans are heavily regulated by ASIC, it's important to remember they are expensive 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.

For example, a credit card cash advance is also a convenient way to get cash but can carry a 20% interest rate. There are also no and low interest loans you can consider if you receive Centrelink or are on a low income and need money to purchase essentials. If you have no other alternatives and have determined you can afford the loan, then a payday loan is a viable option for you to consider.

Can I pay out my payday loan early?

Many payday lenders allow you to pay out your loan early without any extra fees associated. You will still have to pay the full amount associated with your 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 provide you with a decision on the spot or within 60 seconds. They may need supporting evidence of your wage and employment via bank statements and pay slips. Depending on who you bank with, the funds will be in your account within 24 – 48 hours. This will also depend on whether this is your first loan and if it is a weekend or public holiday. Many payday loan providers claim to offer same day funding, but this usually depends on which bank you are with or whether you hold a prepaid payday loan Visa card. If you are stuck for cash on a Saturday or Sunday, and you already have a relationship with a lender, it could be worth considering comparing its offerings. Under government law all small amount credit providers must check 90 days worth of your bank statements. This is to genuinely 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 you bank statements. Your bank details are never stored and neither will your logins.

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. You'll never be charged a renewal fee for any loan you take. 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. But keep in mind these loans are not a long-term solution, and if you frequently need to borrow money then you may need to consider a longer term borrowing option or a more stable line of credit. It may help to lower your expenditure each month to overcome your cash shortfall.

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 loans applications are generally carried out on a secure online application form to help protect your privacy. These system uses a 128-bit secure server and SSL encryption to ensure your personal information cannot be stolen. To verify your income, payday lenders will need a snapshot of your account for the past 90 days. These services involved are 100% safe and secure and they only provider a "read-only" view of your account. There are no personal details transmitted and no access to any other information besides your financial history is needed.

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 have recently changed bank accounts then your income may be hard to prove. If you have access to your previous bank account, you should attempt to obtain statements for the last three months to prove your income. If not, your previous institution should be able to give you access. The more information you can provide, the better your chances are of getting approved.