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Payday Loans in Melbourne

Information verified correct on October 22nd, 2016

Payday loans can be a quick and convenient option when you need quick access to finance — but not all Melbourne payday providers are created equal.

When it comes it borrowing money, whether it be a small payday loan or even a larger sum in the form of a home loan, you want to make sure you’re borrowing from a reliable source. This is where it pays to do your research and make sure the provider you apply for a payday loan with is trustworthy.

There are a huge amount of payday lenders in Melbourne, and there is no one list outlining the lenders you should apply for a loan with and the lenders you should stay away from. Keeping that in mind, there are a few ways to determine whether a payday lender is one you should opt for, or steer clear of.

Skip to the signs to watch out for >>

Sunshine Short Term Offer

Sunshine Short Term Offer

This is a short term loan offer with a fast and easy online application for bad credit borrowers who are employed. You can apply today to get approved for up to $2,000.

  • Loan Amount: $2,000
  • Loan Term: 9 weeks
  • Turnaround Time: 30 Minutes - conditions apply
  • Total Cost of Borrowing $100: 20% of borrowed amount + 4% of borrowed amount each month
  • Bad credit borrowers OK
  • Quick and easy Approval
  • No Credit Checks - Must be employed

    Payday Loans available in Melbourne that you can apply for

    Rates last updated October 22nd, 2016
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    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.

    How do payday loans providers in Melbourne work?

    It is not uncommon for a resident of Melbourne to fall short on money before their next paycheque. A payday loan provider is a quick loan service that will loan you that money upfront, usually in just a few hours.

    In some cases, the provider will ask you what the loan is for so they don’t overlend. If you intend to use the loan to pay off another loan, chances are that your application will be declined as well.

    What to look for in a Melbourne payday loan provider

    If you’re looking for a payday loan provider in Melbourne, chances are you are after fast access to the money you need. Still, it pays to take the time and consider your options and choose the most competitive payday loan provider available in your city. While you’re likely to be charged similar rates and fees (as there is a cap on what they are able to charge — outlined below) the lenders are likely to differ on a few key features:

    • Fair interest and fees. As mentioned above, check the lender doesn’t charge more than what they are meant to. Payday loans of less than $1,200 cannot have an interest rate that exceeds 20% of the principal loan amount per month and fees that are more than 4% of the principal loan amount per month.
    • Suitability to your borrowing needs. Different lenders will have different restrictions for their payday loans. Some will only let you borrow a certain amount the first time you borrow, and others will be able to transfer you your loan amount more quickly than others. Check to see the terms and conditions of the loan set by the lender and whether the loan will be suitable to your borrowing needs.

    Things to take note of with payday loan providers in Melbourne

    • Do they conduct credit checks?If you have a poor credit rating you might consider searching for a payday loan provider who uses alternative scoring methods. These types of credit checks into your current financial state will not show up on your credit report.Find out if you qualify for a no credit check payday loan
    • What is the amount of loan?Look to find the payday lender who is willing to loan you the amount of money you need. The maximum amount allowed will vary greatly between providers. If you have bad credit, you'd be looking at a maximum loan amount of $2,000.
    • Find out the exact terms of the loan?
      This is referring to the amount of time that you may take to pay the money back and can vary from a week to up to one year. Even with the interest restrictions, the amount you are paying is considerably higher than any other type of loan. When choosing terms try and choose the shortest amount of time reasonable for your circumstances to avoid paying excessive fees.

    Signs of a dodgy Melbourne payday loan provider

    Just like you should look for the signs listed above for trustworthy providers, there are also signs of disreputable providers. Here are a few things to watch out for:

    • Difficult to contact. As most payday providers in Melbourne operate online, this can sometimes be difficult to ascertain. But it’s important to work out before you apply — it’s only when you really need to contact your loan provider that this will be a problem. See how quickly they respond to emails or pick up the phone.
    • No Australian Credit Licence Number (ACL). All lender in Australia, including payday lenders, require an ACL in order to approve loans. This number should be listed on their website and you should be able to check it on ASIC Connect’s Professional Registers.
    • Rates and fees are difficult to find. The rates and fees of the loan you’re taking out should be readily available on the lender’s site or you should be able to get a clear answer from the lender when you speak to them. Make sure you have a clear understanding of all the fees and charges before you apply.

    Areas of Melbourne and Victoria to watch out for payday lenders

    Victoria's capital city is the fast growing in all of Australia with a population of close to 4.5 million coming from all over the world. A large amount of international investment into its industries and property market are responsible for its rapid growth and multi-faceted culture.

    You may want to be wary of lenders operating in lower socioeconomic areas of Melbourne and the greater state of Victoria. This may indicate a predatory lender, so it pays to be on your guard. Based on statistics released in March 2013 from the Australian Bureau of Statistics (ABS), here are Melbourne and Victoria’s most disadvantaged areas:


    • Broadmeadows. This north-lying suburb is the most disadvantaged suburb in Greater Melbourne, according to ABS data. The area had a population of 10,578 at the time of the 2011 census, with just over half of that population having been born in Australia.
    • Campbellfield-Coolaroo. The Campbellfield-Coolaroo areas are also north of Melbourne’s CBD within the City of Hume. The combined population of these two areas is 8,728, with the areas falling into the second spot for Melbourne’s most disadvantaged suburb, and Campbellfield being ranked in the top four for Melbourne’s most crime-ridden suburb.
    • Meadow Heights. This suburb also lies in the City of Hume, approximately 18 km north of Melbourne’s CBD. From the 2011 census we can see that 10.1% of the population was of Australian descent, with nearly a quarter (23.2%) being Turkish. Meadow Heights is ranked third for Melbourne’s most disadvantaged suburb.
    • Doveton. This suburb lies in the south-eastern outskirts of Melbourne, 31 km away from the CBD. It has a population of approximately 8,404, the majority of which (15/3%) were of Australian descent. Doveton was the fourth most disadvantaged suburb in Melbourne according to the ABS data.
    • St Albans - South. Ranked fifth in the ABS list of disadvantaged areas, St Albans is located in the north west of Melbourne with a population of 35,091. That population is highly diverse, as well, with over half (53.5%) of residents being born outside of Australia.


    • Central Goldfields. This was reported to be Victoria’s most disadvantaged areas according to ABS data, and had a population of 12,496 in 2011. The Central Goldfields Shire is located in the central part of Victoria and includes several towns, such as Bealiba, Dunolly and Talbot.
    • Greater Dandenong. Located in the south east of Melbourne, Greater Dandenong was listed as state’s second most disadvantaged local area. In 2014 it was reported to have approximately 146,000 residents and includes suburbs such as Noble Park, Springvale, Keysborough and Bangholme.
    • Mildura. Mildura is located in the northern part of Victoria and ranked as the third most disadvantaged area. Its runs along the banks of the Murray River and had an approximate population of 30,000 people in 2009.
    • Loddon. Also located in northern Victoria is Loddon, which falls into the fourth position for the ABS’ most disadvantaged areas in the state. In the 2011 census it had a population of 7,459 and includes towns such as Pyramid Hill, Inglewood, Serpentine, Boort and Wedderburn.
    • Northern Grampians. This shire comprises several towns from Victoria, including Stawell, St Arnaud, Stuart Mill, Navarre, Halls Gap, Marnoo and Great Western, and is located in the Western part of Victoria. This is the fifth most disadvantaged area in Victoria.

    Types of Melbourne payday loan providers: is one better than the other?

    There are a few different types of Melbourne payday loan providers, with the one you opt for depending on your needs and situation. Unfortunately, there are disreputable lenders operating in all categories of payday lending, but it may be easier to spot these lenders depending on the type of lender you choose to go with.

    Online vs physical lenders

    The majority of Melbourne payday lenders operate online as it helps them keep their operating costs down. Although, there are some physical payday lenders who you may also want to consider. When looking at online lenders you can apply directly through their website using an online form and your application will usually be processed within a few minutes. The turnaround time for these loans is also generally quite quick, with some lenders able to have your loan amount to you within the hour.

    On the other hand, physical lenders come with their own benefits, such as you being able to discuss your situation and loan in person. These lenders may also offer secured loans whereby some borrowers may have a better chance of being approved for a loan. When you visit a physical lender you can ask questions direct to the employees to determine the reputability of the business, helping you to make a better informed decision regarding your loan.

    Secured vs unsecured payday loans

    Many payday lenders offer unsecured payday loans. This helps make for easier applications and allows lenders to provide quick turnaround time for loan amounts. Although, some lenders will offer secured payday loans. This added security may help borrowers who do not meet the payday lender’s criteria access a loan, as the lender will have a guarantee should the borrower default. The security used can be anything from household appliances, jewellery, to larger assets like cars, bikes or equity in property.

    Large amount loans vs small amount loans

    Small amount loans generally fall into the $100 - $1,200 category, while larger payday loans can be anywhere in upwards of $5,000. Lenders who offer loans that fall into the first category are restricted by the amount of interest they are able to charge — namely, 20% interest per month and 4% in fees per month.

    Lenders who offer loans that are larger than $2,000 do not have such restrictions imposed on them, apart from not being able to offer terms of less than 16 days. Therefore, you can expect higher interest and fees in return for being able to borrow a larger amount of money.

    Questions to ask your Payday Loans provider

    Will I be subject to a credit check, and how will my creditworthiness be assessed?

    Loan Fees

    What are your rates and fees and how much more will I have to pay if I am late on a repayment?

    Learn more about Payday loan fees here

    Loan Term

    What are your rates and fees and how much more will I have to pay if I am late on a repayment?

    Loan Repayments

    How many repayments will I have to make, or will I be obligated to pay the balance back at one time?

    Credit Check

    Will I be subject to a credit check, and how will my creditworthiness be assessed?

    The payday industry is booming, and new lenders are springing up in Melbourne everyday. So while a definitive ‘good’ and ‘bad’ payday lender list doesn’t exist, it helps to know how to identify what options are going to help rather than hinder you in your payday search

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    4 Responses to Payday Loans in Melbourne

    1. Default Gravatar
      Mic | July 9, 2015

      Do you receive any commission type payments when someone click from your sight on a link to a lender’s site?

      • Staff
        Elizabeth | July 9, 2015

        Hi Mic,

        Thanks for your question. is a free service that allows you to compare financial products. If you’d like to find out more about how we work with lenders and are able to provide this service, you can take a look at our about us page.



    2. Default Gravatar
      Jan | March 21, 2015

      What are my options in northern suburbs for cash advance loan today instore

      • Staff
        Shirley | March 23, 2015

        Hi Jan,

        Thanks for your question.

        There are a number of cash advance locations at: Broadmeadows, Campbellfield-Coolaroo, Meadow Heights, Doveton and St Albans – South.

        If you would like to discuss your eligibility or options, please get in touch with a lender featured on this page.


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