Small payday loans

With loan amounts up to $2,000 or $5,000, understand how these payday loans work as well as the fees, features and eligibility requirements that apply.

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There are different payday loans to suit different financial needs, but small payday loans generally range between $150 and $2,000 or $5,000. Depending on the loan, the repayment terms can sometimes be as short as 62 days or as long as two years. You can usually apply for these loans online and receive the funds within 24 hours if approved.

However, it's important to consider the fees that will be charged and the eligibility requirements that applicants must meet before applying. You can use this guide to learn more about the features, fees and application process for small payday loans.

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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

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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Compare small personal loans in Australia

Data indicated here is updated regularly
Name Product Maximum loan amount Term of Loan Turnaround time Arrears Fee Costs Fortnightly Repayment (for $1500 Loan)
Sunshine Short Term Loans
$2,000
9-14 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 9-14 weeks. Loans approved and funded in as little as 30 minutes.
Nimble Short Term Loan
$2,000
62 days to 9 months
1 hour - conditions apply
$15
20% of loan amount + 4% of loan amount each month
$372
A loan up to $2,000 with terms up to 62 days to 9 months. Centrelink cannot be your primary source of income.
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 + loan management fee of up to $399 + from 8.7% to 48% APR
$396
Borrow from $1,000 to $5,000 with same-day funding and no early repayment fees.
Fair Go Finance Small Loan
$2,000
3-12 months
1 business day
$35
Establishment fee 20% of loan amount + monthly fee 4%
$354
A small loan between $500 and $2,000 that can be funded in 24 hours.
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What are the features of a small payday loan?

  • Loan amounts. Small payday loans usually range between $150 and $2,000 or $5,000. How much the applicant is approved for will depend on their financial situation.
  • Loan terms. Loan terms can range between 62 days up to one or two years. Although a longer loan term will give you more time to pay it off, you'll likely pay more in monthly fees. If you're considering a long loan term but think you might have the ability to pay it off sooner, look out for loans that don't charge a penalty fee for early repayments.
  • Repayments. Many small payday loans have repayments that line up with the borrower's pay frequency. So if they get paid fortnightly, the customer will be required to make repayments every two weeks.
  • Fees. Most payday loans charge an establishment fee and a monthly fee. For loans up to $2,000, the establishment fee is capped at 20% and the monthly fee is capped at 4%. If you fail to pay your loan on time or default on the line of credit, you'll also be charged fees. Default fees vary between lenders but the maximum that can be charged is twice the total amount (or 200%) of the loan. Before you sign the credit contract, confirm what fees apply if you miss a repayment.
  • Turnaround to receive loan. If approved, many lenders will fund the loan within an hour or 24 hours. Most lenders have a cut-off time (usually between 2pm and 4pm) which you need to apply by and are approved before to receive the funds on the same day. Many lenders also only deposit loan amounts on business days, which is important to note if applying on a Friday or the weekend.

Sample Loan ApplicationWhat to check before applying

Most payday lenders allow people to apply online, but you should check the eligibility requirements before applying. The eligibility criteria for these small payday loans will differ between lenders. Generally, you will need to be over the age of 18 and be a permanent Australian resident.

While some small payday lenders don't perform credit checks or will consider people with bad credit, applicants still need to prove that they receive regular income and can pay the loan back on time. Even if the lender doesn't perform a credit check, it's important to remember that any application for credit (whether approved or not) will be listed on your credit report and could impact your credit score.

Some lenders accept Centrelink payments as a form of income, but it usually can't make up more than 50% of your total income. Make sure you check that you meet the specific eligibility requirements of the loan you're considering before you apply.


Payday loans are an expensive way to borrow money so it's important to compare your options, ensure you can afford to repay it on time and check the eligibility requirements before making your decision.

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14 Responses

    Default Gravatar
    shannynOctober 7, 2017

    How much can i borrow?

      Avatarfinder Customer Care
      JhezOctober 7, 2017Staff

      Hi Shannyn,

      Thank you for your comment.

      Generally the loan amount depends on the assessment of the lender. You may also refer to our borrowing power calculator to get an estimate of how much you can borrow.

      Regards,
      Jhezelyn

    Default Gravatar
    VoloApril 22, 2016

    Can I get $500 loan when I have already got two loans under $2000 and my mortgage loan as well.

      Avatarfinder Customer Care
      ElizabethApril 26, 2016Staff

      Hi Volo,

      When you’re applying for a payday loan lenders are required by ASIC to enquire whether you’re currently repaying two more payday loans or if you are in default of any other payday loans. If you are, the lenders need to take extra steps to ensure you will be able to afford this extra loan. So, while you may be approved, just keep this in mind when applying, and also consider the loan’s affordability before you submit your application.

      Hope this has helped,

      Elizabeth

    Default Gravatar
    MickFebruary 23, 2016

    Can anyone tell me a 24/7 online loan office that is guaranteed to loan to newstart customers

      Avatarfinder Customer Care
      MattFebruary 24, 2016Staff

      Hi Mick,

      Thanks for your comment.

      You can apply at any time for the loans above however the loan is usually processed within business hours.

      This page outlines lenders who will accept Newstart benefits as a form of regular income.

      It’s important to note that no lender will guarantee a loan, as each application is handled on a case by case basis.

      Hope this helps,

      Matt

    Default Gravatar
    RoopFebruary 18, 2016

    HEY , GOOD MORNING. JUST A QUERY. I AM AN INTERNATIONAL STUDENT FROM INDIA STUDYING IN AUSTRALIA FROM 2014, JULY 21. I HAVE MY VISA TILL AUGUST 2016. I AM STUDYING AT THE MOMENT. I HAVE COMMONWEALTH ACCOUNT. I AM WORKING IN AGED CARE BUT DUE TO MY PLACEMENTS I COULDN’T MAKE MY FEES. I JUST WANNA ASK IF I CAN TAKE A LOAN OF 1000 DOLLARS FROM YOU GUYS. IT WILL BE WONDERFUL. I WILL RETURN IT IN 2 MONTHS. AS MY STUDY IS FINISHING IN JULY. WOULD BE THANKFUL IF YOU CAN ANSWER MY QUERY.

      Avatarfinder Customer Care
      ElizabethFebruary 18, 2016Staff

      Hi Roop,

      The loan amount you’re after fits with the minimum loan amount of two lenders on this page, Loan Ranger Cash Loans and Ferratum Cash Loans. If you would like to find out more information on any of these loans, click the green “Go to Site” button beside them on the table above.

      Thanks,

      Elizabeth

    Default Gravatar
    ToniJanuary 26, 2016

    I am trying to find a $1000 loan and am in disability pension, family assistance and receive child support!! I do have a bad credit history past but had no idea it left a mark each time I applied for a loan. My boys in years 11 and 12 this year are due to have new stationary shoes shirts and my youngest needs steel cap boots for his 12 month course he is doing this year.
    Plus the actual school fees.
    I can’t cope, they both are playing local football again this year and need new boots both boys and training begins in less than 2 weeks.
    I get refused each and every time I try for loans. Is there anyone who can help me. I earn over $2000 a fortnight. 26/01/2016

      Avatarfinder Customer Care
      ElizabethJanuary 27, 2016Staff

      Hi Toni,

      You can find a list of lenders that consider applicants who receive the pension on this page. On that page there are also some alternative loan options you can consider, including no and low interest loans from Good Shepherd Microfinance. If you’re looking for some personal advice you can call the free financial counselling service on 1800 007 007.

      I hope this will help.

      Thanks,

      Elizabeth

    Default Gravatar
    fionaNovember 15, 2015

    I’m a single parent mother on parenting payment centrelnk ned a loan of $150

      Avatarfinder Customer Care
      ElizabethNovember 16, 2015Staff

      Hi Fiona,

      Thanks for your question.

      You can read our guide on borrowing while receiving Centrelink payments, as well as find a list of lenders who may consider you for a loan on this page.

      I hope this has helped.

      Thanks,

      Elizabeth

    Default Gravatar
    NardiaJune 17, 2015

    I need a $500 loan today please help on new start allowance centrelink

      Avatarfinder Customer Care
      ElizabethJune 17, 2015Staff

      Hi Nardia,

      Thanks for your question.

      You can find a full list of lenders that consider applications from those receiving Centrelink on this page.

      I hope this will help.

      Thanks,

      Elizabeth

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