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SpotMe Payday Loan
Maximum loan amount
Turnaround time
24 hrs
Term of loan
16 days to 3 months
Do you really need a loan today? If you would like to speak to someone about your finances you can call the free National Debt Helpline on 1800 007 007.


SpotMe offers short term loans up to $1,000. Turnaround times are fast, but this loan features high fees and charges.

SpotMe offers payday loans between $250 and $1,000 with terms of 16 days to 3 months. Borrowers can choose a repayment schedule that is weekly, fortnightly or monthly depending on the frequency of their income. Fees include an establishment fee of 20% the loan amount and a monthly fee of 4%. As payday loans are expensive, they should only be used in case of emergencies. They are not a long-term financial solution.

In this guide

  • Review
  • Details
    • Product Details
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  • Ask a question


Product Details

Product Name SpotMe Payday Loan
Minimum loan amount $250
Maximum loan amount $1,000
Initial Maximium Loan Amount $1,000
Arrears Fee $25
Loan term 16 days to 3 months
Turnaround time 24 hrs
Costs 20% of principal amount establishment fee + 4% monthly fee
Available to Centrelink Borrowers? No

⚠️ 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 does a loan from SpotMe work?

SpotMe loans are available for up to $1,000. To get started, applicants need to create an online account and submit their application. If approved, they can receive their loan on the same day or at the least the next business day. They can repay their loan via direct deposit and can manage their account through their online dashboard. They can repay their loan early without penalty if they provide SpotMe with two days notice.

SpotMe loan features

  • Fees and repayments. Borrowers are usually required to make repayments weekly, fortnightly or monthly to align with when they receive their pay. A one-off establishment fee and monthly fees apply. How much they pay will depend on the size of the loan and the length of the loan term. They will receive a full list of the charges they can expect after they apply and before they sign the contract. Applicants can compare the fees that will be charged in the section below.
  • Account management. Keep track of the repayments and details of the loan through an online dashboard.
  • Turnaround time. If approved, SpotMe can debit the loan in as little as 60 minutes but usually within the next business day.
  • Prepaid card. SpotMe offers a prepaid debit card to borrowers to access their cash. It will charge no fees for this card but they should be aware of fees for checking their balance or withdrawing cash from any non-Westpac branded ATMs.
  • No refinancing. SpotMe doesn't allow customers to refinance their loan, so it's important to make repayments on time and pay the loan off in full.

Compare other payday loans

While we don't compare this loan directly, here are some other loans that are similar.

Name Product Maximum loan amount Term of Loan Turnaround time Arrears Fee Costs Fortnightly Repayment (for $1500 Loan)
Sunshine Short Term Loans
12-20 weeks
30 minutes - conditions apply
20% of loan amount + 4% of loan amount each month
A small loan up to $3,000 that you repay over 12-20 weeks. Loans approved and funded in as little as 30 minutes. Centrelink must not be your primary income
Fair Go Finance Small Loan
3 to 12 months
24 to 48 hours
Establishment Fee of $60 – $400
A small loan between $500 and $2,000 that can be funded in 24 hours.
Nimble Small Loan
62 days to 9 months
1 hour - conditions apply
20% of loan amount + 4% of loan amount each month
A loan up to $2,000 with terms up to 62 days to 9 months. Centrelink cannot be your primary source of income.
Credit24 Short Term Loan
4 to 12 months
Same day - conditions apply
20% of loan amount establishment fee + 4% of loan amount monthly.
Credit24 offers this loan up to $2,000 and gives you 12 months to repay. Centrelink borrowers are considered as long as Centrelink payments are not more than 50% of income.
Credit24 Medium Term Loan (Good Credit)
12 to 24 months
Same day
$400 establishment fee + 48% p.a. interest
A small loan with long terms: Apply for up to $5,000 and have up to 2 years to repay.
Fair Go Finance Medium Personal Loan
7 to 19 months
Within 24 hours
Establishment fee of $437 to $771
A larger loan up to $5,000 you can apply for even with bad credit. Fast turnaround within 1 business day. Note: You must earn more than $500 per week.

The costs to be aware of

SpotMewill confirm the repayments and charges specific to an applicant's loan after they apply and before they sign the contract. They can compare the fees and charges they pay on their first loan below:

  • Establishment fee that is 20% of what they borrow
  • Monthly fee that is 4% of what they borrow

If borrowers fail to pay their loan on time, they may be charged:

  • Payment dishonour fee of $25 if a direct debit is not made in full or is rescheduled at their request
  • Daily account arrears fee of $5 where their account remains in arrears

If customers don't think they can make a repayment on time, they must contact SpotMe as soon as possible to notify them. They may be able to move the repayment due date. If applicants default on the loan, this will be registered on their credit report and will remain there for up to five years.

Eligibility to apply for a loan

  • An Australian resident or citizen
  • At least 18 years of age
  • Hold an Australian bank account into which they receive their salary
  • A fixed line or mobile phone account is held in their name
  • Employed full-time or part-time in an ongoing role (can be self-employed)
  • Receive Centrelink and its payments do not make up the majority of their income

How to apply

  • Register online. Set up an account with SpotMe and then wait for a confirmation email. Follow the link to confirm the account.
  • Fill out an application. From the online account, customers can apply for their loan. Select their loan amount, fill in their details and provide read-only access to 90 days of their transaction history through Credit Sense.
  • Make the offer. If approved, SpotMe will send the loan details and credit contract, which customers will then agree to and sign. By electronically signing the credit contract, they are making an offer to borrow, after which SpotMe will move forward with their application.
  • Receive the loan. Once everything has been received SpotMe will transfer their loan into their nominated bank account. This will either be the same day or the next business day.

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