Payday loans for cash pay

For people who are paid in cash or have difficulty proving income, it can be hard to get approved for a loan. However, there are some lenders that will allow these applicants to borrow money.

Learn what you'll need to provide, how to apply for short term loans and compare the options below.

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Sunshine Short Term Loans

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: 9-14 weeks
• Turnaround Time: 30 minutes - conditions apply
• Fees: 20% of loan amount + 4% of loan amount each month
• Bad credit borrowers OK
• Quick & easy Approval

• Bad credit applicants considered
• Fast approval service
• Borrow up to $2,000

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Compare short term loans

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Name	Product	Maximum loan amount	Term of Loan	Turnaround time	Arrears Fee	Costs	Fortnightly Repayment (for $1500 Loan)
Sunshine Short Term Loans		$2,000	9-14 weeks	30 minutes - conditions apply	$35	20% of loan amount + 4% of loan amount each month	$396	A small loan up to $2,000 that you repay over 9-14 weeks. Loans approved and funded in as little as 30 minutes.	Go to site More Info	Compare	loading Fetching your data...
Credit24 Short Term Loan		$2,000	6-12 months	Same day - conditions apply	$10	20% of loan amount establishment fee + 4% of loan amount monthly.	$396	Credit24 offers this loan up to $2,000 and gives you 12 months to repay.	Go to site More Info	Compare	loading Fetching your data...
Nimble Short Term Loan		$2,000	62 days to 9 months	1 hour - conditions apply	$15	20% of loan amount + 4% of loan amount each month	$372	A loan up to $2,000 with terms up to 62 days to 9 months. Centrelink cannot be your primary source of income.	Go to site More Info	Compare	loading Fetching your data...
Safe Financial Small Loan		$5,000	22 - 52 weeks	Same day - conditions apply	$35	Up to $2,000 - 20% establishment fee + 4% monthly. Above $2,000 - $400 + loan management fee of up to $399 + from 8.7% to 48% APR	$396	Borrow from $1,000 to $5,000 with same-day funding and no early repayment fees.	Go to site More Info	Compare	loading Fetching your data...
Fair Go Finance Small Loan		$2,000	3-12 months	1 business day	$35	Establishment fee 20% of loan amount + monthly fee 4%	$354	A small loan between $500 and $2,000 that can be funded in 24 hours.	Go to site More Info	Compare	loading Fetching your data...
Ferratum Cash Loans		$1,900	3 to 12 months	Same day - conditions apply	$55	20% of borrowed amount + 4% of borrowed amount each month	$396	Borrow what you need with loans starting from $500 and approval in minutes.	Go to site More Info	Compare	loading Fetching your data...

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What's needed to apply for a loan?

Legally, lenders need to see bank account statements for the last 90 days. If the applicants receive pay into two accounts, they will need to provide statements for both accounts.

Many payday lenders will ask for Internet banking login details to access a read-only copy of bank statements. This is standard practice for short term lenders and is one of the reasons why they can provide such a quick application process. You can find more about how this works here. If you're uncomfortable handing over your login details, you may be able to instead provide copies of your bank statements.

Lenders may also ask for payslips or Centrelink statements, copies of bills, other account statements or rental statements.

What are the risks of payday loans?

• Unreputable lenders. Check the lender has a credit licence and is not charging you more than ASIC allows. The lender should be easily contactable.
• Unaffordable repayments. Consider the size of the regular repayments and ensure the loan is able to be repaid during the loan term. If not, extra fees apply to extend it. Be careful, since repayment periods for these kinds of loans tend to be shorter than regular loans.
• Multiple applications. Every loan application shows up on credit reports. While lenders might not consider credit history, several applications within a short period can have a negative impact on your credit score moving forward.
• Check rates and fees. Establishment and monthly fees are capped, so be wary of lenders quoting prices beyond the legal maximum amounts. Be crystal clear on what will be charged for late payments or a default on the loan. The total cost of the loan matters here - lenders can charge interest rates on top of everything else.
• Long-term repercussions and legal issues. Once the loan agreement is signed, the customer is bound to its conditions until the loan and any associated rates and fees have been paid. Typically these loans are unsecured, which means that the lender can initiate legal proceedings against the customer if they can't repay.

Which lenders provide this service?

• OK Money. Applicants can provide payslips to support the application, along with bank statements. If pay isn't deposited into a bank account, another option is repaying the loan via a "payroll deduction". OK Money will get in contact with the payroll officer to set up the deductions.
• Cash Converters. Applicants need to provide their last 90 days of bank statements. Recent payslips can be used to support the application at a Cash Converters store.
• Cash Stop. As long as there is provided proof of income along with bank statements, applications can be made online or in-store.

Have more questions?

I don’t have payslips from my employer. Can I still apply?

You may be able to approach your employer for some kind of proof of income. Explain you're trying to apply for a loan and you need proof of your income. You could also start depositing your pay regularly into your bank account. This step will start building a good relationship with your bank and add to your banking history.

I receive cash-in-hand pay and pay from Centrelink. Are both considered?

As long as you can prove your cash pay, both incomes will be considered. You can compare a range of Centrelink loan options on this page.

Can I get a loan without 90 days of banking history?

Unfortunately not. From 1 March 2013, the Australian Securities and Investments Commission (ASIC) requires all payday lenders to check 90 days' worth of banking history for everyone applying for a payday loan. This means you'll need to wait until you have this history to apply for a loan.

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