Payday loans comparison guide

A guide to how to compare payday loans

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Payday loans are exactly as their name suggests – small loans to cover customers when they are caught short before payday. They are not long term financial solutions and should only really be used in instances of financial emergency. Comparing lenders before applying for one of these loans will help customers to ensure that they get the best possible loan for their needs.

Financial hardship


If you're experiencing financial hardship and would like to speak to someone for free financial counselling, you can call the Financial Counsellors hotline on 1800 007 007. It is open from 9:30am to 4pm, Monday to Friday. When comparing short term loans, ensure you take into consideration any fees, charges and rates you may be charged. It's important to weigh up all your options before applying for any form of credit.

⚠️ 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.

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Short term loan comparisons

Updated November 12th, 2019
Name Product Maximum Loan Amount Term of Loan Turnaround time Arrears Fee Costs Fortnightly Repayment (for $1500 Loan)
$2,000
62 days to 9 months
1 hour - conditions apply
$15
10% of loan amount + 2% of loan amount each month
$348
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A loan up to $2,000 with terms up to 62 days to 9 months. Centrelink cannot be your primary source of income.
$2,000
9-12 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 9-12 weeks. Loans approved and funded in as little as 30 minutes. Centrelink must not be your primary income
$2,000
Up to 2 years
3 hours - conditions apply
$10
47.8%
$316.70
Apply for up to $2,000 and be able to access your approved loan as a convenient line of credit.
$5,000
22 - 52 weeks
Same day - conditions apply
$35
Up to $2,000 - 20% establishment fee + 4% monthly.

Above $2,000 - $400 + from 8.7% to 48% APR
$396
Borrow from $1,000 to $5,000 with same-day funding and no early repayment fees.
$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.
$2,000
3-12 months
1 business day
$35
Establishment fee from 10% of loan amount + monthly fee from 2%
$354
A small loan between $500 and $2,000 that can be funded in 24 hours.
$2,000
3 to 12 months
1 business day
$5
10% of loan amount + 2% of loan amount each month
$348
A small loan up to $2,000 from a lender backed by NAB. Transparent eligibility criteria and competitive costs.

Compare up to 4 providers

How to compare payday loan options

  • The lenders. These are companies who provide payday loans. Underneath is a short description of their offerings.
  • Max. loan amount. The maximum amount customers will be able to borrow from each lender. Prospective applicants should bear in mind that they may not be eligible for the full amount advertised by the lender.
  • Term of the loan. The range of repayment dates each lender offers.
  • Turnaround time. How quickly someone may be able to receive their funds from each lender.
  • Total cost of borrowing $100. These are the fees and rates applied to the loan.

4 quick tips for making comparisons

  • Sort the table. Prospective loan customers cab click on the column headings to sort the table according to what they want and need.
  • Click through to the review page. By clicking on the name of the loan, people looking for payday loans can read a detailed review of the loan before they apply. There they can find out the fees, features and restrictions that are included, plus other important details.
  • Find the necessary information. If someone is looking for specific information on loans, we might already have a guide for their needs on finder.com.au. Loan customers can look through the guides section in the left hand navigation, or use the search function at the top of the page.
  • Browse the loan types. There are a number of loan types at the top of this page on the left hand side that customers can navigate to help them find what they need faster. They can find loan types such as Centrelink loans, loans for unemployed people or instant cash loans.

How to use the above table to find the right payday loan

Now we've clarified what each of the fields in the above table outlines, this information can be used this to find the best possible loan. First, it's good for people to have an idea of exactly what they want from a payday loan by asking themselves the following question?

  • How quickly do I need the loan?

    The turnaround time offered by lenders may be the most important factor, depending on how soon someone needs the loan.

  • How much do I need to borrow?

    People should keep in mind that they may not be eligible for the maximum loan amount offered by the lender.

  • What repayments can I afford?

    Lenders generally structure their customers' repayments around their pay frequency, debiting their account on the dates they get paid. Their repayment amounts will depend on how much they borrow and the terms they're offered.

  • Am I employed or do I receive Centrelink?

    Payday lenders like to see regular income, whether it be from employment or Centrelink payments. Lenders have specific restrictions if someone does receive Centrelink, so applicants should be sure to confirm their eligibility before they submit an application.

  • How bad is my credit history?

    Payday loans are generally sought by people with bad credit history as lenders generally focus more on someone's current situation in order to determine their eligibility. However, the number of black marks on a person's file may have a bearing on their application so it's always a good idea to check the eligibility criteria.

By doing a quick comparison of payday options before clicking "Go to Site" prospective applicants can rest assured that they're applying with the right lender for their needs and situation.

Compare a range of lenders before making a decision

Picture: Shutterstock

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2 Responses

  1. Default Gravatar
    keishaOctober 25, 2017

    I am on centerlink youth allowance, I am inquiring about a 700 loan even though my income from centerlink is living away from home an which I get $437 PER fortnight need help asap from my big ass bill from the dental department

    • Avatarfinder Customer Care
      HaroldOctober 26, 2017Staff

      Hi Keisha,

      Thank you for your inquiry.

      Since yu are currently receiving a centrelink payment you may want to try with the options listed here.

      I hope this information has helped.

      Cheers,
      Harold

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