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Payday loans comparison guide

Payday loans can cover you when you need cash in a hurry, but it's important to compare lenders.

Matt Corke
Matt Corke

Last updated:

Payday loans are exactly as their name suggests – small loans to cover you when you are caught short before payday. These loans can be really useful to get access to quick cash, but comparing lenders before you apply for one of these loans will help to ensure you get the right loan for your 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 September 20th, 2019
Name Product Maximum Loan Amount Term of Loan Turnaround time Arrears Fee Costs Fortnightly Repayment (for $1500 Loan)
Nimble Short Term Loan
Exclusive
Nimble Short Term Loan
$2,000
62 days to 9 months
1 hour - conditions apply
$15
10% of loan amount + 2% of loan amount each month
$348
Finder Exclusive: 50% discount on the establishment fee (now 10% of the loan amount) and monthly fee (now 2% of the loan amount)
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
Sunshine Short Term Loans
Sunshine Short Term Loans
$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
Go to site
More Info
Wallet Wizard Smart Loan (Up to 2K)
Wallet Wizard Smart Loan (Up to 2K)
$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.
Go to site
More Info
Safe Financial Small Loan
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 + 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
Credit24 Short Term Loan
Credit24 Short Term Loan
$2,000
6-12 months
Same day - conditions apply
$7
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
Fair Go Finance Small Loan
Fair Go Finance Small Loan
$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.
Go to site
More Info
Speckle Small Loan
Speckle Small Loan
$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.
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More Info

Compare up to 4 providers

How you can compare your 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 you'll be able to borrow from each lender. Keep in mind you may not be eligible for the full amount.
  • Term of the loan. The range of repayment dates each lender may offer you.
  • Turnaround time. How quickly you may be able to receive your funds from each lender.
  • Total cost of borrowing $100. These are the fees and rates applied to the loan.

4 quick tips to help you compare

  • Sort the table. Click on the column headings to sort the table according to what you want and need.
  • Click through to the review page. By clicking on the name of the loan you can read a detailed review of the payday loan before you apply. Find out fees, features and restrictions plus other important details.
  • Find the information you need. If you're after specific information on loans, we might already have a guide for you on finder.com.au. Look through the guides section in the left hand navigation or use the search function at the top of the page.
  • Browse through the loan types. There are a number of loan types at the top of this page on the left hand side that you can navigate to help you find what you need faster. 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 for you

Now you know what each of the fields in the above table outlines, you can use this to find the right loan for your needs.

  • How quickly do you need the loan? The turnaround time offered by lenders may be the most important factor to you, depending on how soon you need the loan.
  • How much do you need to borrow? Keep in mind that you may not be eligible for the maximum loan amount offered by the lender.
  • What repayments can you afford? Lenders generally structure your repayments around your pay frequency, debiting your account on the dates you get paid. Your repayment amounts will depend on how much you borrow and the terms you're offered.
  • Are you employed or do you receive Centrelink? Payday lenders like to see regular income, whether it be from employment or Centrelink payments. Lenders have specific restrictions if you do receive Centrelink, so be sure to confirm your eligibility before you submit your application.
  • How bad is your credit history? Payday loans are generally sought by people with bad credit history as lenders generally focus more on your current situation, but the number of black marks on your file may have a bearing on your application. Check the eligibility criteria before you apply.

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

Compare a range of lenders before making your decisions

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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

    Reply
    • 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

      Reply
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