SpeedyMoney Payday Loans

Borrow up to $2,000 with terms from 61 days to 12 months. High fees and charges apply.

SpeedyMoney is Sydney-based online lender offering payday loans up to $2,000. Loan applications are online and funds can be disbursed within 60 minutes or sooner, depending on who you bank with. You can apply even if your credit history isn’t perfect, and repay the loan early without penalty. This loan, however, is expensive, with high fees and charges. They charge an establishment fee of 20% the loan amount and a monthly fee of 4%. Payday loans are not long-term financial solutions. As they are expensive, you should only borrow in case of a financial emergency.


Maximum loan amount

Within an hour

Turnaround time

61 days - 12 months

Term of loan

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Are you struggling financially?

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.

⚠️ 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 SpeedyMoney loans work?

Customers can borrow any amount between $200 and $2,000 for terms of up to three months.

Applicants for SpeedyMoney loans must meet certain eligibility criteria in order to successfully apply. For people who apply online, the process takes no more than a few minutes. SpeedyMoney verifies the information their customers provide, and if they approve an application, the applicant will be provided with a loan contract. Successful applicants then have to review and e-sign this document before SpeedyMoney can disburse their approved funds.

Once an applicant accept the terms and conditions SpeedyMoney will transfer the money within 60 minutes. If the applicant in question is with Commonwealth Bank, the transfer may be instantaneous.

Repayments take place via direct debit and can happen weekly or fortnightly depending on how often each customer is paid.

Compare Other Short Term Loans

Whilst 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
9-14 weeks
30 minutes - conditions apply
20% of loan amount + 4% of loan amount each month
A small loan up to $2,000 that you repay over 9-14 weeks. Loans approved and funded in as little as 30 minutes. Centrelink must not be your primary income
Nimble Short Term 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.
Safe Financial Small Loan
22 - 52 weeks
Same day - conditions apply
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
Borrow from $1,000 to $5,000 with same-day funding and no early repayment fees.
Fair Go Finance Small Loan
1 to 12 months
24 to 48 hours
Establishment Fee of $18 – $400
A small loan between $300 and $2,000 that can be funded in 24 hours.
Jacaranda Finance Personal Loan
9 to 24 months
Under 1 hour - conditions apply
$0 - $1,000 depending on credit
Borrow up to $10,000 and get access to your funds in as little as 1 hour.

Compare up to 4 providers

Features of a loan from SpeedyMoney

People looking to apply for a SpeedyMoney loan should consider the following points:

  • Apply online. Applicants can complete the online application in around five minutes, and their application is processed quickly as well. Once they accept the loan contract, they can receive the money in their account in as little as an hour.
  • Perfect credit history isn’t necessary. Customers can apply for a SpeedyMoney loan even if they have less-than-perfect credit history. This is because SpeedyMoney looks at their ability to repay and their recent repayment history.*
  • Use money for any purpose. What customers do with the money they receive is basically up to them. Borrowers can use the funds to pay medical or veterinary bills or simply get by until their next payday.
  • Repay the loan early. Borrowers can repay the loan before it's due without additional fees or penalties.
  • Dishonour fee waiver. If someone makes a repayment within 48 hours of the application of a dishonour fee, SpeedyMoney will waive the charge.

*Please note that while most payday lenders act under responsible lending guidelines, it is still important for people to individually work out their budget themselves to consider whether they can realistically afford the loan.

What are the risks of payday loans?

  • Unaffordable repayments. Payday loans are an expensive way to borrow money and should only be used as a last resort. Check the size of each repayment and ensure you will be able to pay it on time. Unaffordable repayments can lead to late fees that will only make things worse.
  • High rates and fees. Rates and fees on payday loans are high but there are rules in place so be sure to check your lender is not charging you more than ASIC allows. Also, look at what you would be charged if you are late on a payment or if you default on the loan altogether.
  • Unreputable lenders. All Australian lenders should be accredited by ASIC. Check for a credit licence on the ASIC Register and ensure that the lender is easily contactable.
  • Impact on credit score. Every loan application shows up on credit reports. While lenders might not consider credit history, applying for lots of loans within a short period can have a negative impact on your credit score in the future.

Fees and charges

SpeedyMoney charges an establishment fee, which is 20% of the amount borrowed. Customers will also have to pay a monthly fee of 4% of the amount borrowed.

"But how much would this cost me?"

For example, if you borrow $1,000 for a month, you’ll end up repaying $1,240. If you increase the loan term by another month, you’ll have to pay an additional 4%, taking the total repayment amount to $1,280. If you wish to repay this in four instalments, you’ll be paying $320 each fortnight.

"What if I miss a payment?"

If a scheduled payment does not go through, a $35 dishonour fee applies, which is subject to 48-hour waiver.

If your loan goes to an external collection agency because of non-payment, you’ll have to pay an additional $50 collection fee.

How to apply for a payday loan from SpeedyMoney

Customers can apply for a loan from SpeedyMoney using its online application. Prospective applicants should keep in mind that they have to meet the following eligibility criteria to apply:

  • At least 18 years old
  • An Australian resident
  • Have steady employment

Details and documentation

Applicants will be required to provide additional information and documentation, which includes the following:

  • The amount required and the purpose of the credit
  • Their name, residential address, phone number and email address
  • Their date of birth and driver’s licence number or Medicare card number
  • Details of their employment status and, including income and pay cycle
  • Details of their expenses
  • Their bank account details

What to know

While most payday lenders do charge similar fees due to ASIC regulations, it's still important for prospective applicants to do their own research and compare options before applying.

If they are experiencing financial hardship, there are also some alternatives to payday loans that they may qualify for.

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