Short term or payday lenders provide easy applications and quick turnaround times. Some can provide funding within an hour or 1 business day of applying. If you want your funds in time for the weekend, you’ll need to watch out for the lender’s cut off point and apply before it.
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
Do 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 payday loan for the weekend work?
A payday loan specialises in quick finance with short terms and small borrowing amounts. With a payday loan, you can get quick funding, with a relatively easy application process.
Loan terms are short, ranging from 16 days to 12 months for a $2,000 loan. There are also loans for $5,000 and $10,000. The eligibility criteria for a payday loan is more flexible than for other loans, with some lenders providing loans for bad credit and Centrelink recipients.
While these loans are relatively easy to access, they come at a steep cost. These loans charge high rates and fees, and are expensive. Ideally, you should only apply in case of a financial emergency.
If you want the funds by the weekend, you’ll have to be mindful of when you apply. With some lenders, if you apply by 4.30pm, you may be able to get the funds on the same day. The trick to getting the funds when you want them is to select a lender who caters to it.
When should I apply to receive a loan by the weekend?
|Brand||Can you get a weekend loan?||Conditions for same-day cash||Loan amounts||More details|
|Cash Converters||Apply at any time for a cash advance in-store.||$50–$2,000||More|
|Cash Train||Customers that bank with one of the Big Four can receive it on the same day. The loan needs to be approved by 2pm on a business day.||$200–$2,000||More|
|enably||Approval takes one hour and you'll be transferred funds minutes after if bank with CommBank. Other banks usually receive funds the same business day.||$200–$2,000||More|
|MoneyMe||Apply during business hours on Friday, approval and funds transfer takes one hour. Receiving funds depends on bank processing times.||$500–$50,000||More|
|Nimble||Loan needs to be confirmed before 4:30pm to receive within the hour.||$300–$25,000||More|
|Sunshine Loans||Loan needs to be approved within business hours to receive it within the hour.||$150–$2,000||More|
|Swoosh Finance||Loan needs to be approved by 3:30pm to be transferred overnight.||$2,100–$4,584||More|
|Wallet Wizard||Loans need to be approved by 2:30pm to receive same-day funds.||$500–$8,000||More|
Compare short term weekend loans now
Compare short term loans in the table below. Learn more about the loan in a product review by clicking 'More info' or select 'Go to site' to submit an online application.
How much does a payday loan cost?
Payday loans are more expensive than other forms of personal finance. But there are restrictions on how much the lender can charge you. These caps are based on the amount borrowed. Some lenders may charge less than this, but they cannot charge more.
- For loans less than $2,000:
Repayment terms: 16 days to 1 year
Establishment fee: 20% of the loan amount
Monthly fee: 4% the loan amount
- For loans between $2,001 and $5,000:
Repayment terms: 16 days to 2 years
Establishment fee: $400
Maximum interest rate: 48% p.a.
- For loans more than $5,000:
Repayment terms: Longer than 2 years.
Fees and charges: All charges cannot exceed 48% p.a.
For example, take a $2,000 payday loan, with a repayment period of 12 months.
For a $2,000 loan, your one-time establishment fee will be $2,000 x 20% = $400.
Your total monthly fees, meanwhile, will be $2,000 x 4% x 12 = $960.
That will bring your total fees payable to $720 + $300 = $1,360.
You’ll be paying a total of $2,000 + $1,360 = $3,360 for what was originally a $2,000 loan. In short, you’ll be paying well over 60% of the loan amount in fees.
What can I use a payday loan for?
Payday loans should ideally be used to pay for unexpected bills.
- This can include emergency medical expenses or emergency car repairs.
- If you have an urgent utility bill to pay, you should contact your service provider first. They may be able to help you work out a plan to pay bills or fines in instalments.
Given how costly these loans are, you should avoid them to pay for:
- Everyday necessities. If this is the case, you should consider a longer-term solution for your credit needs.
- Repayments for existing debts. Taking a loan to pay for another loan may make your debt problem worse. You may end up paying more in fees and charges, and get into further debt. Payday loans are not a long-term financial solution.
- Big-ticket items like cars.
- Other non-essential expenses and purchases that can wait.
What are the risks of payday loans?
- Disreputable lenders. Check the lender's website and make sure it's a reputable company. You should check if they have a credit licence and are registered with the Australian Securities and Investments Commission (ASIC). They should also be easy to contact.
- High interest rates and fees. Apart from the costs outlined above, there are also fees for late payments and penalties for defaulting. All fees are regulated by ASIC and it's illegal for lenders to charge more.
- Getting into and accumulating debt. Not only are you getting into debt, but you also run the risk of accumulating debt. If you don’t pay your debt, you’ll be hit with heavy fines, which may result in compounding more debt. Remember to budget for your loan repayments before you sign. If it doesn’t fit comfortably within your budget, you should reconsider.
- Borrowing too much. While payday loans are convenient and easy to apply for, you should not borrow more than you need or when it’s not an emergency. If you can wait, or borrow from another source (such as family, or with a personal loan), you should consider it. If the expense is not an emergency, you shouldn’t do it.
- Multiple applications. Every loan application shows up on your credit report. Some payday lenders may not consider your credit history. However, several applications within a short period can have a negative impact on your credit score. This can make it harder for you to get a loan in the future.
- Inflexible loan terms. You should compare loan terms to ensure you are getting one that suits your ability to repay it. Most lenders will ask you to repay the loan on the “next payday”. They could deduct the funds directly from your account.
- Long-term repercussions and legal issues. Once you sign a loan agreement, you are bound to its conditions. You will have to pay the loan and all the fees and payments. Typically, these are unsecured loans. This means that the lender can initiate legal proceedings against you if you do not repay the loan. They can also report the debt to a credit reporting body like Equifax and use the services of a debt collector.
What should I keep in mind before applying for a payday loan for this weekend?
Before applying for a payday loan, you should ask yourself the following questions:
- Do I really need it? Consider whether you need to spend money this weekend before you take out a loan. If it’s not an emergency, you shouldn’t do it. It may be better to wait than incur heavy fees. Payday loans should only be used as a last resort.
- Can I afford the repayments? These loans are expensive, so it’s important to consider the fees and your budget. Calculate whether you can afford to make regular repayments and whether they fit comfortably in your current budget. If it looks like you’ll be out of pocket or struggling to repay the loan, don’t apply. If you miss repayments, you’ll be charged fees and be more in debt. It will also affect your credit score. If you do apply for a payday loan, make sure you’re only applying for what you can repay without difficulty.
- Am I eligible for the loan? While payday lenders are more flexible than other personal lenders, you will still have to meet their minimum criteria. This will include minimum income requirements. There may also be other caveats, such as how much of your income has to be direct income. You should read the terms carefully and ensure you tick all the boxes before applying.
- Can I borrow from another source? As important as it is to ask yourself if you really need the loan, you should also consider another source. This can be family, friends or even another type of lender. Most personal loans cost less than a payday loan, so if you really need the money, that may be an option. Some lenders, especially if you already bank with them, may offer their customers fast turnaround times.
How can I compare payday loans?
- Cost. Look at how much the lender will charge you in fees, and where applicable, interest. Calculate your monthly repayments and see if you’re comfortable with the figure. Only apply if you’re confident you can absorb the high costs.
- Repayment terms. For loans up to $2,000, terms range from 16 days to 12 months. Find a lender who offers you the terms you need. Keep in mind that the longer the term, the more you’ll be paying in fees. Sometimes shorter terms are better, even if repayments are higher, because you won’t be paying fees to maintain the loan for a longer period.
- Turnaround time. Can you get the funds when you need it? Most payday lenders offer quick turnaround times, but it’s best to check in case your needs are urgent. Some may offer funds within an hour.
- Borrowing amounts. Each lender has their own maximum and minimum borrowing amounts. Look for a lender that will give you how much you need.
- Eligibility. This may seem obvious, but you’ll need to filter for lenders who offer loans that match your financial circumstances.
- Extra features. Some lenders may allow you to make extra repayments early, without penalty. Others may allow you to pay off your loan early without fees. If that’s something you’d like to do, keep an eye out for such features.
- Lender’s reputation. Go with a reputed lender who has a good track record. Check out reviews online, but also check if they’re registered with ASIC.
How else can I get money by the weekend?
As short term loans are an expensive form of credit, you should consider alternative forms of credit before applying. Apart from family and friends, there are a few other options:
- Credit card. If you already have a credit card, this could be an option. All transactions will attract interest unless the balance is paid in full by the statement due date. It’s important to spend within your means and aim to repay the amount in full. If you’re planning on applying for a credit card to use for the weekend, keep in mind that postage may take some time.
- Personal loan. Some banks offer same-day personal loans for existing customers. If your bank doesn’t offer this, other lenders may offer this service. It may take longer to get approved, however.
- Overdraft. You can apply for an overdraft with your current bank. It will be linked to your transaction account.
- Buy now, pay later. If you need to purchase something for the weekend, there may be buy now, pay later options available. This is an interest-free form of finance which allows you to split your repayments equally. Terms are generally shorter than other loans, but most stores offer it and it’s easy to apply for.
- Pay on demand. This is a type of short-term loan. With it, you can borrow a portion of your pay cheque before your actual payday. It’s offered by banks, pay-on-demand apps such as Beforepay, and services such as InstaPay which are offered by employers. Some banks have their own pay-on-demand apps too.
Am I eligible for a payday loan?
The eligibility criteria for payday loans will differ from lender to lender. It’s best to check that you’re eligible before applying. Generally, to apply for a payday loan, you will need to:
- Be over 18.
- Earn a regular income (this may include government benefits, but it cannot account for more than 50% of your income).
- Be an Australian citizen or permanent resident.
You’ll also need the following documents handy:
- ID. This includes photo ID, such as a passport or driver’s licence.
- Bank statements. You’ll need to provide bank statements for 90 days.
- Proof of income and employment. This includes annual income, pay frequency, employment status and employment details. You’ll have to provide details of your Centrelink income if you receive it.
How can I apply for a payday loan?
To apply for a payday loan, you’ll need the following documents handy:
🤔 Work out what type of loan you need, how much you need to borrow and what you can afford.
🔎 Start comparing lenders and loan products. Don't forget to compare interest rates, fees and eligibility criteria. You can use Finder’s comparison table.
✅ Select a lender. Click “Go to site” to be directed to the lender’s page, or “More info” if you want to read about the lender.
🖨️ Organise and prepare the required documentation. This will make the application process easier.
📱 Apply. Most lenders have their applications online.