A small loan could be a viable short term alternative.
Compare your options for credit and apply for a loan in minutes.
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Sunshine Loans Short Term Loan Offer
This is a short term loan offer with a fast and easy online application for good or bad credit borrowers. You can apply today to get approved for up to $2,000. Get your loan funded in 30 minutes - conditions apply.
Loan Amount: $2,000
Loan Term: 9-15 weeks
Turnaround Time: 30 minutes - conditions apply
Fees: 20% of loan amount + 4% of loan amount each month
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
* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.
Find a lender on the table above. You can compare your options by looking at the amount the lender offers, how long you'll have to repay, how much the loan costs, etc. Once you find a lender you want to apply with and that you're eligible for, click "Go to Site" to submit your application. You'll need your personal, financial and bank details as well as employment or Centrelink information, depending on your situation. Find out if you get your funds in a few minutes and receive it on the same or next business day straight into your bank account.
This calculator is designed to provide you with an estimate based on the numbers you enter. Your personal details are not taken into account and all calculations are based off the calculation model. This calculator is not intended to be the sole source of your information when making a decision regarding your loan, and this calculator also does not guarantee your eligibility. The calculator works off the following assumptions: fees do not change for the life, your lender will charge a 20% establishment fee and a monthly fee that is 4% of your principal loan amount. You may want to seek advice from a financial professional before signing up to a loan.
Hi I'm Elizabeth, Personal Loans Editor at finder.com.au. If you're thinking about applying for a short-term loan one of your main concerns is going to be the cost. We're going to break down those costs so you can decide if these loans will work with your budget.Short-term loans are one of the most strictly regulated loans available and because of this lenders are restricted as to how much they can charge. The credit regulator ASIC has made it so that lenders offering loans of less than $2,000 with terms of between 16 days and 1 year can only charge fees and not interest rates.That's right, these loans actually come with no interest. The reason people think that interest is charged on short-term loans is that the fees are expressed as percentages. So let's look at these fees.The first fee that you need to consider is the establishment fee. Lenders cannot charge you more than 20% of what you borrow for this fee. The second main fee you need to consider is the monthly fee. Lenders cannot charge you more than 4% for this fee.Remember that these restrictions only apply to loans of less than $2,000 with terms of between 16 days and 1 year. If you're borrowing more, different restrictions will apply.Now you know how much you can be charged, let's look at an example. Let's say I take out a loan of $500 with terms of 62 days, which is a pretty standard loan term offered by short-term lenders. In total I will repay $660. This includes my original loan amount of $500, my establishment fee which equals $100 and three monthly fees of $20 each.So now you know how much short-term lenders are able to charge and how to work out how much you will pay when you take out one of these loans.Remember though that not every lender will charge you the maximum allowable fees, so compare your options before you apply. To find out more about short term
loans and how to compare them head on over to finder.com.au
Good to Go Loans and Web Moneyline take products offline following ASIC "concerns".
Read more…
Some of the short term lenders we compare
What is a short term loan?
A short term loan is a form of credit that is advanced to you when you fall short of funds. It is generally paid back in line with when you are paid, hence the term "payday loan". They also can go by the terms cash advance loans and bad credit loans. Loans up to $2,000 come with fixed fees, regulated by the government at 24%. This is comprised of a 20% loan establishment fee and a monthly loan fee of 4%, which are calculated based on your principal.
What is my loan principal? How much you borrow from the lender will always be referred to as the "principal amount". It is your duty to ensure that you have the available funds to pay back your loan on the due date including any fees and charges applicable. Use the calculator above to get an idea of your repayments (principal + fees). A short term loan is unsecured, so if you can't pay it back, the lender can report the debt to a credit reporting body such as Equifax and use the services of a debt collector.
Are these types of loans a bad idea?
Short term cash advances can be a convenient way for you to access credit, but you can also be penalised for not sticking to the repayment requirements. If you default on the cash loan or the loan goes into collections you will receive a negative mark on your credit file that can stay there for as long as seven years. It’s important to only borrow as much as you will be able to repay and to budget your repayments accordingly. If you have any doubts about your ability to meet your repayments then you may want to consider other credit options.
Remember it's important to compare your options and other financial avenues before applying.
What features are you looking for?
These loans go by a range of names in Australia including cash advances, payday loans and short term loans. Before you apply, compare a range of loans that might fit your needs.
Lenders offering "payday loans" or short term loans differ from institutions and other lenders in their application processing and criteria. You will usually be able to apply for a these types of loans online and get a response quite quickly. To be approved for a payday loan you have to meet eligibility criteria and provide documentation:
Eligibility criteria
Be 18 years of age or older
Earn a minimum income, usually around $350 a week
Have a job with steady income (or benefits)
Get paid frequently into your bank account (not in cash) either daily, weekly or monthly
Receive less than half of your income from benefits
Not be self-employed (some lenders may make an exception)
If you have bad credit, you need to prove that your current financial situation is stable and reliable
It's important to note that meeting the eligibility requirements does not guarantee your approval of your loan.
Required documents
Drivers licence (or proof of ID card)
Medicare Number
Three recent payslips
Your Internet banking details
Utility bill - e.g. council rates, electricity bill, gas bill, Foxtel/Austar bill, mobile phone bills, broadband internet
How much will a payday loan cost?
Establishment fees. This fee is to cover the set-up of the loan and is capped at 20% of the principal.
Monthly account fees. Monthly fees are capped at 4% of the principal.
Interest fees. This is a percentage amount you are charged for the loan and comprises the monthly account fee and establishment fee.
Establishment fees. This fee is to cover the set-up of the loan. This is capped at $400.
Interest. Interest is capped at 48% p.a of the principal.
Along with establishment and monthly fees, if you are late or miss a repayment, you may be charged other fees, which can include:
Late payment fees. If you are late with a repayment and don't notify your lender beforehand then you will likely be charged.
Arrears fees. You will be charged a fee if your account goes into arrears.
Collection fees. Any loans which are referred to collections or are defaulted on may incur additional fees.
Collection letter send out. If you receive a collection letter because you have failed to make a repayment and the lender cannot contact you then you may be charged a fee.
Statement fee. If you request an account statement from the lender you may be charged a fee.
Since 2012, payday loans have had tighter restrictions and regulations under government reforms that capped fees and charges – no interest is charged. If you are borrowig under $2,000, fees are capped at 20% of the loan amount as an establishment fee and a 4% monthly account-keeping fee. If you borrow $100 for a month and pay back the loan on the required date, the amount debited will be $124. Keep in mind the less time you have the payday loan the higher the annualised rate will be. When comparing payday loans, it is important to keep the repayment schedule and many other factors in mind. To help you compare, you could read our frequently asked questions guide. By law, payday companies are not allowed to include any reference interest rates on the contract of credit. They can make references to the effective comparison rates and APR, but it's important to remember that payday loan interest rates are based on a shorter loan term than the standard APR calculation of 365 days.
Am I eligible for a payday loan if...
If you have retired or are physically unfit to work, you can still access a line of credit or a small personal loan. Some lenders consider your pension as income, so you may still be eligible depending on your financial situation and what you need the loan for. You can read the guide for pensioners who need a loan. It's full of tips and advice on how you could maximise your chances of success when applying.
Some payday lenders and institutions do consider Centrelink payments as income, so you may be eligible for a loan. It generally depends on how much you earn, what kind of financial situation you're in and what kind of payments you receive. To find out if you are eligible, read our comprehensive guide to getting a loan on Centrelink payments.
Short term lenders offer flexible eligibility criteria and generally accept those with less-than-perfect credit, but did you know there are lenders who don't check your credit file?
You can consider a payday loan with no credit check. Having bad credit shouldn't stop you from getting a loan. Find out which companies will lend you up to $1,000.
Find a personal loan lender that doesn't check your credit. Why should what you earn now be affected by what you did in the past? Find a lender who will assess you on your financial situation as it stands today.
It's important to arm yourself with enough knowledge to make an informed decision. When you are comparing payday loans and the repayments, some of the things that might be weighing on your mind are:
What is the purpose of your loan?
How quickly do you need access to your funds, and how much do you need to borrow? If you need immediate access you may want to consider a payday provider who guarantees funds within the hour. Some providers only offer payday loans up to $1,000 or less for first-time borrowers so if you need more than that then you should consider another lender.
The fees, charges and interest associated with a short term loan
The fees and costs will determine whether or not you can afford the repayments, so is important to take into account. Payday loans usually offer set fees and interest rates which make their value easier to compare. You should also check the fees you will be charged if you miss or are late with a repayment before deciding on a loan.
What lender are you applying with?
When choosing an instant payday loan you should also think about the lender. Check the lender's website and make sure they are a reputable company. You should see how transparent they are with their information on fees and interest rates, as well as how easy it is to contact them.
"Payday loans near me" – Which lenders are mobile-friendly?
When it comes to applying for a loan, a lot of it is about convenience. Can you apply for the loan from your phone? Does the lender have a mobile app? We've got the information you want if you're looking to apply for a payday loan wherever you are.
Questions you've always had, but were too scared to ask.
Payday loans are called so because they are all about your payday. Your repayments are structured around when you get paid, they're based off how much income you earn, and you are taking one out because your payday is too far away. Payday loans give you a way of bringing your payday closer – maybe you have a wedding on the weekend and you've forgotten to buy a gift, maybe your car has broken down and you need it to drive to work. Whatever has happened you can apply and bring your payday closer with a short-term loan. Have more questions? We have the answers below.
What can I use payday loans for?
Payday loans can be used for a wide range fo of purposes, but are generally for unexpected expenses. Common uses for payday loans include forgotten bills, car repairs, to cover medical expenses or any other sudden events.
What shouldn't you use a payday loan for?
Payday loans are expensive forms of credit so you shouldn't use them to fix long-term financial issues, for day-to-day expenses or for a big ticket item such as a car or house. You should also not use a payday loan if it will put your budget under strain – late fees for payday loans can build up quickly and put you in a cycle of debt.
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.
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.
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 payday 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.
Where in Australia can I get a payday loan?
Before the new payday loan(SACC) regulations came in effect, there were different lending requirements and criteria for each state in Australia. However, with the current government regulations, Australian's can have access to extra cash if, and when they need it if they meet the criteria. Use the map below, and click on the state where you need your loan
If you have done your due diligence and still wish to apply for a credit Loan, and understand the risks of borrowing, start a comparison of payday loans
Thanks for getting in touch! For loan options while on Centrelink – you can review this page. It shows a list of short term credit options and banks that may accept your application while unemployed. You can also use the calculator on the page to calculate your borrowing ability. As a friendly reminder, review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the policy.
Hope this was helpful. Don’t hesitate to message us back if you have more questions.
Thank you for leaving a question. 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 given on the page.
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.
Thanks for getting in touch! It’s helpful to know that our page doesn’t facilitate any online loan applications. To apply for a loan today, check out the calculator to start to find out your repayments for the loan. Choose the provider as listed on the page and click the GO TO SITE to be redirected to their page to get started on the application. As a friendly reminder, review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the policy. Hope this helps!
As long as you meet the eligibility requirements and has the capacity to repay a loan, you may be eligible to get a loan. Please contact the lender and see your eligibility before submitting an application.
Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you.
Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
Hello I am just wondering what would be the best loan for me to try and get to purchase a car for $3500 but is worth $8000 but I am a single father of A 8 month old baby so I am on single parent payment and I am also a ex bankrupt from 2011
Thank you for contacting finder. We are a comparison website and general information service, we’re more than happy to offer general advice.
You may refer to this page for options that may suit your needs. You may review and compare the offers available on the table. Once you have selected one, you may proceed by clicking the green “Go to Site” button.
Just to confirm, are you looking for a personal loan where you can use your car as a security? If so, you may check your eligibility and compare your options for a loan and discuss your chances of approval and options with a lender featured on this page.
I work have worked full time at my new job for about 6 months now but my boss pays me cash but I’m still on the books, like I pay tax stuff. Is there I way of getting a loan for around $1000 ?
I take home over $1000 every week
There are actually ways on how you can improve your credit rating one of which to avoid enquiries on your file. An enquiry happens if each time you apply for any form of credit. Another is by avoiding payment defaults as it is difficult to remove from your file. For more information on how you can improve your credit score, please click this link.
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Important information about this website
finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of major banks, insurers and product issuers.
finder.com.au has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product. You should consider whether the products featured on our site are appropriate for your needs and seek independent advice if you have any questions.
Products marked as 'Promoted' or "Advertisement" are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options and find the best option for you.
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Please read our website terms of use for more information about our services and our approach to privacy.
Do you really need a loan today?*
Payday loans are called so because they are all about your payday. Your repayments are structured around when you get paid, they're based off how much income you earn, and you are taking one out because your payday is too far away. Payday loans give you a way of bringing your payday closer – maybe you have a wedding on the weekend and you've forgotten to buy a gift, maybe your car has broken down and you need it to drive to work. Whatever has happened you can apply and bring your payday closer with a short-term loan. Have more questions? We have the answers below.
Hi
Im looking for small fast loan for one months
Im not working at the moment and i get centerlink income
I dont know what can i do.?
Thanks
Hi Vida,
Thanks for getting in touch! For loan options while on Centrelink – you can review this page. It shows a list of short term credit options and banks that may accept your application while unemployed. You can also use the calculator on the page to calculate your borrowing ability. As a friendly reminder, review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the policy.
Hope this was helpful. Don’t hesitate to message us back if you have more questions.
Best,
Nikki
Just wondering if I can get loan
Hi Vicky,
Thank you for leaving a question. 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 given on the page.
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.
Hope this helps!
Cheers,
Val
I would like to get a loan for today to payoff my debt
Hi Mary,
Thanks for getting in touch! It’s helpful to know that our page doesn’t facilitate any online loan applications. To apply for a loan today, check out the calculator to start to find out your repayments for the loan. Choose the provider as listed on the page and click the GO TO SITE to be redirected to their page to get started on the application. As a friendly reminder, review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the policy. Hope this helps!
Best,
Nikki
Just wondering if there any chance I can get a loan, please?
Hello Palamo,
Thank you for your comment.
As long as you meet the eligibility requirements and has the capacity to repay a loan, you may be eligible to get a loan. Please contact the lender and see your eligibility before submitting an application.
Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you.
Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
Regards,
Jhezelyn
Hi there, just enquiring about which lender for a small cash loan, (no credit checks) & either 6 or 12 months to pay?
Hi Karen,
Thank you for your inquiry.
We don’t currently compare any low-doc personal loans. If you’re self-employed and considering a personal loan, compare your options here.
I hope this information has helped.
Cheers,
Harold
Do you have a business loan?
Hi Josh,
Thank you for your inquiry.
Should you need a list of lenders that offers a business loan you may consider the available options here.
I hope this information has helped.
Cheers,
Harold
Hello I am just wondering what would be the best loan for me to try and get to purchase a car for $3500 but is worth $8000 but I am a single father of A 8 month old baby so I am on single parent payment and I am also a ex bankrupt from 2011
Hi Gaertner,
Thank you for contacting finder. We are a comparison website and general information service, we’re more than happy to offer general advice.
You may refer to this page for options that may suit your needs. You may review and compare the offers available on the table. Once you have selected one, you may proceed by clicking the green “Go to Site” button.
I hope this helps.
Cheers,
Danielle
How can I get a loan against my car I own?
Hi Rhys,
Thanks for your question.
Just to confirm, are you looking for a personal loan where you can use your car as a security? If so, you may check your eligibility and compare your options for a loan and discuss your chances of approval and options with a lender featured on this page.
Hope this has helped.
Cheers,
May
I work have worked full time at my new job for about 6 months now but my boss pays me cash but I’m still on the books, like I pay tax stuff. Is there I way of getting a loan for around $1000 ?
I take home over $1000 every week
Hi Jack,
Thanks for reaching out.
If you’re getting paid in cash, we have a guide on this page that will help you find lenders who can help with your borrowing needs.
Cheers,
Anndy
Hi,
Can using one of these fast money loans improve your credit score when paid accordingly?
Thank you
Hi Jess,
Thank you for your inquiry.
There are actually ways on how you can improve your credit rating one of which to avoid enquiries on your file. An enquiry happens if each time you apply for any form of credit. Another is by avoiding payment defaults as it is difficult to remove from your file. For more information on how you can improve your credit score, please click this link.
Cheers,
May