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Payday loans Australia

Payday loans can be helpful when you need cash fast, but can be expensive compared to other loans. We explain exactly how much and explore some alternatives.

⚠️ 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.

Swipe to see more loans
Name Product Maximum loan amount Term of Loan Turnaround time Arrears Fee Costs Fortnightly Repayment (for $1500 Loan)
Sunshine Short Term Loans
Sunshine Short Term Loans
12-20 weeks
30 minutes - conditions apply
20% of loan amount + 4% of loan amount each month
A small loan up to $3,000 that you repay over 12-20 weeks. Loans approved and funded in as little as 30 minutes. Centrelink must not be your primary income
Go to site
Fundo Small Loan
Fundo Small Loan
13 to 26 weeks
Same day - conditions apply
20% of loan amount + 4% of loan amount each month
Borrow up to $2,000 and pay it off over 20 weeks. Same day approval for eligible borrowers.
Go to site
Fair Go Finance Small Loan
Fair Go Finance Small Loan
3 to 12 months
24 to 48 hours
Establishment Fee of $60 – $400
A small loan between $500 and $2,000 that can be funded in 24 hours.
Go to site
Credit24 Short Term Loan
Credit24 Short Term Loan
4 to 12 months
Same day - conditions apply
20% of loan amount establishment fee + 4% of loan amount monthly.
Credit24 offers this loan up to $2,000 and gives you 12 months to repay. Centrelink borrowers are considered as long as Centrelink payments are not more than 50% of income.
Go to site
Safe Financial Small Loan ($500 to $2000)
Safe Financial Small Loan ($500 to $2000)
13 to 50 weeks
Same day - conditions apply
20% establishment fee + 4% monthly.
Borrow from $500 to $2,000 with same-day funding and no early repayment fees.
Go to site

What is a payday loan?

A payday loan, also known as a short-term loan, is designed to be repaid very quickly – ideally by your next payday. It should be used as an absolute last resort, as the fees and interest rates and much higher than you'll pay for other types of loans.

You usually have between 16 days and one year to pay the loan back, and the longer it takes you to repay, the more fees you'll pay.

There are strict laws in Australia around what you can and can't be charged by payday lenders:

  • You can borrow a maximum of $2,000.
  • The lender must charge fixed fees, rather than an annual interest rate.
  • Fees are regulated by the Australian Securities and Investments Commission (ASIC).

How does interest work with payday loans?

Licensed lenders are not allowed to charge interest on payday loans, but they can charge a lot in fees. When you take out a payday loan, even if its only for a few weeks, you'll have to pay back a lot more than you borrowed.

Each lender sets their own fees, but the maximum legal amount is:

  • 20% loan establishment fee
  • a monthly loan fee of 4% of your outstanding loan.

For example, if you borrow $500 for one month, you could pay a maximum amount of $100 establishment fee and $20 for the month.

Some lenders may have more affordable options, so it's important to compare payday loans prior to submitting an application.

What are some things to be aware of?

  • Your repayment for a payday loan can not be more than 10% of your after-tax income over the repayment period. For example, for every $100 you earn after tax, your repayment can be worth no more than $10.
  • Payday loans are fast. When you need a quick option to access cash immediately, a payday loan means you can get the cash in your account the same day you apply. But, you pay a premium for this.
  • If a medical emergency occurs, your car needs repairs, or some other unexpected expense pops up and you have bad credit, a payday loan can give you fast access to cash if you aren't eligible for a loan from banks or other financial institutions. But if you don't pay it back in time, the fees get very high.
  • The fees on these types of loans can really add up. You might pay an early repayment fee for paying off your loan early; and a late payment fee if you don't make a repayment on time and you don't inform your lender beforehand.
  • There are usually cheaper ways to borrow money when you need it. If you're struggling with your overall budget or you're getting a payday loan to pay off another loan, talk to a financial counsellor. The National Debt Helpline is free and confidential.

What are some alternative ways to borrow money?

ProductMainly used forProsCons
No interest loan schemeno interest loan iconMoney for emergency purchases for eligible individualsNo interest, fees or charges; access up to $3,000Very specific eligibility criteria as this is a not-for-profit organisation
Buy now pay laterbnpl iconPaying for a purchase in 4 regular instalments, usually over 6 weeks instead of all at onceRelatively easy approval process, usually no interest or monthly feesMost have low credit limits. Can encourage unnecessary spending
Pay advance appspay on demand iconAccessing a portion of your pay ahead of timeRelatively quick and easy access to money. Generally no credit checksYou're charged for every withdrawal, regular use can become expensive
Debt consolidationdebt consolidation iconA way to merge multiple debts into an easier-to-manage and potentially cheaper loanSimplifies managing multiple debts, can result in a lower interest rateYour rate is often based on your credit score. Only worthwhile if your new debt is cheaper than your existing debts
Payday loanPayday loan iconQuick access to up to $2,000Faster than many forms of credit, easier approval for people with low credit scoresExtremely expensive, must be paid off in under 12 months
Centrelink Advancecentrelink advance iconReceiving an advance on your next Centrelink paymentNo interest or feesThe amount withdrawn comes from your next payments

Where can you get urgent financial support?

If you're struggling to make ends meet, talk to a financial counsellor. They offer a free and confidential service to help you understand your options and deal with money issues.

National Debt Helpline — 1800 007 007

When you call, you'll be transferred to a financial counselling service in your state, and their services are 100% free and confidential.

Mob Strong Debt Helpline — 1800 808 488

A free legal advice service about money matters for Aboriginal and Torres Strait Islander peoples from anywhere in Australia.

Frequently asked questions about payday loans

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Joselle Delos Reyes's headshot
To make sure you get accurate and helpful information, this guide has been edited by Joselle Delos Reyes as part of our fact-checking process.
Sarah Megginson's headshot
Head of editorial

As an authority on all things personal finance, Sarah Megginson is passionate about helping you save money and make money. She is an editor and money expert with 20 years’ experience and an extensive background in property and finance journalism. Sarah holds ASIC RG146-compliant Tier 1 Generic Knowledge certification, and she's a regular media commentator, appearing weekly on TV (Sunrise, Channel 7 news, Nine news), radio (KIIS FM, Triple M, 3AW, 2GB, 6PR) and in digital and print media. See full bio

Sarah's expertise
Sarah has written 185 Finder guides across topics including:
  • Home loans
  • Personal finance
  • Budgeting and money-saving tips
  • Managing the cost of living

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89 Responses

    Default Gravatar
    DaveApril 27, 2019

    I have bad credit. I only need a $500 loan fast approval 100% guaranteed. Where can I go? Who will lend to me first application?

      JoshuaApril 28, 2019Finder

      Hi Dave,

      Thanks for getting in touch with Finder. I hope all is well with you.

      If you want to make sure that you get a loan fast, you would need to make sure as well that you meet the eligibility requirements of the specific loan you are applying for. As of now, there’s no 100% guaranteed loan that you can get because the approval would depend on your ability to provide needed documents.

      As of now, what I can suggest is for you to check your options above. Use our table to compare your options based on maximum loan amount, turnaround time, and others. You can then click on the “Go to site” green button of your chosen lender to learn more. Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision. Moreover, check the eligibility requirements as well and consider whether the product is right for you.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!


    Default Gravatar
    VidaMarch 19, 2019

    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.?

      Default Gravatar
      NikkiMarch 20, 2019

      Hi Vida,

      Thanks for getting in touch! For loan options while on Centrelink, you may refer to our comparison table. 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.


    Default Gravatar
    VickyMarch 4, 2019

    Just wondering if I can get loan

      ValMarch 5, 2019Finder

      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!


    Default Gravatar
    MaryFebruary 20, 2019

    I would like to get a loan for today to payoff my debt

      Default Gravatar
      NikkiFebruary 21, 2019

      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!


    Default Gravatar
    PalamoSeptember 17, 2018

    Just wondering if there any chance I can get a loan, please?

      JhezelynSeptember 17, 2018Finder

      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.


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