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.
Are you struggling financially?
If you're struggling financially and would like to speak to someone for free financial advice, information and assistance you can call the Financial Counsellors hotline on 1800 007 007 (open from 9:30am to 4pm, Monday to Friday). If you are suffering financial problems related to the coronavirus pandemic you may be eligible for additional support. Find out more here: https://www.finder.com.au/coronavirus-financial-help
⚠️ Warning about Borrowing
Do 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.
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
Go to site
More info
Compare short term loans
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.
What if the pay isn’t deposited into a bank account?
Some lenders will only approve a loan if the applicant's pay is automatically deposited into a bank account. These lenders usually process loans based on bank account data, so they won't accept other information, such as payslips, when considering the application.
If you receive your pay in cash, you'll need to be able to prove your income by supplying two or three recent payslips. The lender may also verify your income by calling your payroll officer. The lender won't disclose you're applying for a payday loan when it makes this call, but will just confirm you're employed there and you're earning the income listed on your application.
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.
Picture: Shutterstock
Hi
I’m from India Goa I’m looking for a personal loan I get payed cash in my had my salary and I have salary slips how to get a loan
Hi Ana,
Thanks for leaving a question on finder.
The lenders featured on finder only caters to residents in Australia, US, UK, Canada and New Zealand. You will have to check with your local lenders for now. Thanks for the feedback and we might consider lenders from other countries in the future.
Please send me a message if you need anything else. :)
Cheers,
Joel
woud i get the loan today can you repliy via sms on my phone
Hi Jabulisiwe,
Thank you for leaving a question.
You have reached finder. We are a comparison website that assists users on the contents of our pages. If you are looking to take out a payday loan, you may visit this page to see a selection of lenders that could assist you on your need. Kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. Hope this helps!
Cheers,
Reggie
Good day! I want to make a small loan and I’m getting paid monthly in cash and don’t have a bank account or statement. It is because I never made a loan before in my life but I am a loyal person and will pay my loan instantly full amount back. What can I do?
Hello Ursula,
Thank you for your inquiry.
You can check our list of lenders for small personal loans. Kindly familiarize yourself with the different types of loans and how their general terms work, so that you can find which one suits your needs. Each lender has their own loan conditions, requirements and turn-around for application.
Take note that since most of them would require proof of income such as 90 days period of bank statements, you may present your payslips as an alternative.
Hope this helps.
Cheers,
Jonathan