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Loans in Australia

Loan Type – SACC vs MACC

By January 11, 2022April 3rd, 2024No Comments
macc and sacc loans

There are many loan types for consumers such as secured, unsecured, lines of credit, home loans, etc. However, most consumers opt for one of two options; known as short-term or personal loans. These are SACCs (Small Amount Credit Contract) and MACCs (Medium Amount Credit Contract).

Key Differences between SACC loans and MACC loans

Key Differences

SACC Loans

MACC Loans

Loan Amounts

Up to $2,000

From $2,001 to $5,000

Term Lengths

16 days to 1 year

16 days to 2 years

Fees and Charges
  • Establishment fee: 20% of the total loan amount (capped at $400)
  • Monthly fee: 4%
  • Establishment fee: $400
    Fixed annual interest rate: 48% per annum
  • Monthly fee: vary between lenders
Eligibility Criteria
  • Applicants must be 18 years or older
  • Applicants typically need to provide identification such as an Australian Driver’s License or Medicare Card
  • Lenders often require evidence of stable income to assess repayment capacity.
  • Applicants must be 18 years or older
  • Applicants typically need to provide identification such as an Australian Driver’s License or Medicare Card
  • Lenders often require evidence of stable income to assess repayment capacity.
Others SACC (Small Amount Credit Contracts) loans in Australia are always unsecured, meaning borrowers don’t need to pledge assets like vehicles. MACC (Medium Amount Credit Contracts) loans can be secured or unsecured. The terms and costs may vary based on whether the borrower pledges an asset.

What is a SACC loan?

SACC or Small Amount Credit Contracts are government-regulated loans under National Consumer Credit Protection meant for unforeseen expenses, like car repairs or urgent bills. They are quick to get, with repayment terms ranging from 16 days to a year, and capped loan amounts of $2,000. There’s a one-time establishment fee and a monthly fee, but regulations ensure lenders don’t overcharge.

The key thing to remember is that SACC loans are for temporary emergencies, not long-term problems. Lenders are required to check if you can afford the loan before approving it. Since there’s no collateral involved (like a car), it’s important to repay on time to avoid extra fees. If you’re facing trouble repaying, talk to your lender – they might be able to adjust your repayment plan. However, SACC loans shouldn’t be a habit. They’re a safety net for one-time emergencies, not a regular source of cash.

What is a MACC loan?

MACC or Medium Amount Credit Contracts are also government-regulated loans designed for larger expenses than SACC loans. They range from $2,001 to $5,000 and can be repaid over a longer period, from 16 days to 2 years. This makes them suitable for things like appliance replacements, car down payments, or unexpected travel costs.

Just like with SACC loans, lenders are required to make sure you can afford the loan before approving it. Different lenders may have different ways of checking this.

Some people choose MACC loans over credit cards or bank personal loans for similar amounts. However, remember that MACC loans also come with fees, so they might not always be the best option unless you truly need the money for an emergency or unexpected expense.

MACC loans can be Secured or Unsecured

MACC loans can be either secured or unsecured. Unsecured means you don’t need to put up any valuables like a car or house as a guarantee. Secured means you do use an asset as security, and the lender can legally repossess it if you can’t repay it. Even if they sell the asset and it doesn’t cover the entire loan, you’re still responsible for the remaining balance.

The important thing is to only borrow what you can afford to repay, regardless of whether the loan is secured or unsecured. By law, lenders can’t take essential items like beds or appliances if you default on your loan contract.

If you face financial hardship and struggle to repay, talk to your lender. They might be able to adjust your repayment plan under their responsibility to you. But remember, early communication is key to avoiding extra fees.

Pros and Cons

SACC Loans


  • Quick access to cash: SACC loans are typically approved quickly, often within the same business day. This can be helpful in emergencies.
  • Relatively small amounts: Because the loan amounts are smaller, the total interest paid is typically lower compared to larger loans.


  • High fees: SACC loans can have high establishment and monthly fees, making the overall cost of borrowing expensive.
  • Short repayment terms: The short repayment terms (typically up to 1 year) can mean high monthly repayments. This can be difficult to manage on a budget.

MACC Loans


  • Larger loan amounts: Compared to SACC loans or payday loans, MACC loans offer a larger amount of money to borrow. This can be helpful for larger expenses.
  • Longer repayment terms: MACC loans typically have longer repayment terms than SACC loans (up to 2 years). This allows for lower monthly repayments.


  • May still be expensive: MACC loans can still have high fees, though potentially lower than SACC loans due to the larger loan amount.
  • Can be tempting to borrow more: The larger loan amount might tempt you to borrow more than you can afford to repay.

Alternative Loan Options

Beyond SACCs and MACCs, here are some alternative financing options in Australia for short-term or medium loans:

  • Bank Personal Loans: Many banks offer personal loans with competitive interest rates and longer repayment terms than SACC or MACC loans. These can be a good option for larger expenses that need to be paid back over time.
  • Credit Cards: Credit cards can be an option for smaller purchases or unexpected bills, but be mindful of high interest rates and fees if you don’t pay your balance in full each month.
  • Community lenders: Community lenders and financial institutions such as credit unions or mutual societies may offer small, unsecured loans with lower interest rates than SACC or MACC loans. These lenders may be more understanding of your circumstances.

Choosing the Best Option

The best option for you will depend on your circumstances, including:

  • The amount of money you need to borrow
  • How long do you need to repay the loan
  • Your credit history
  • Your income and expenses

Here are some tips for choosing the best option:

  • Shop around: Compare interest rates, fees, and loan terms from different lenders before you borrow.
  • Consider your budget: Make sure you can afford the loan repayments comfortably.
  • Be wary of high fees: Avoid loans with high establishment or ongoing fees.
  • Don’t borrow more than you can afford: Only borrow what you need and be sure you can make the repayments on time.

If you’re struggling financially, free financial counselling services are available from the National Debt Helpline.

Lenders Offering SACC and MACC Loans


Fundo offers short-term loans with a streamlined application process. To qualify for a loan, you must meet the following criteria:

  • Be at least 18 years old
  • Be a citizen or permanent resident of Australia
  • Earn a regular income of at least $300 per week (before taxes and not including government benefits)
  • Demonstrate your ability to meet the loan repayments
  • Not be in a financial situation where the loan will cause undue hardship

The exact documents will typically depend on the lender or the loan type. Visit the Fundo website to know more.


Plenti offers personal loans and car loans. Here’s a summary of the eligibility requirements to get a loan:

  • Be at least 18 years old (in some cases, 21)
  • Be an Australian citizen or permanent resident
  • Have a regular source of income
  • Have a good credit history

For most loan applications, you’ll typically need:

  • Basic contact details
  • Driver’s license
  • Proof of income (bank statements, payslips)

The exact documents required may vary depending on your circumstances and the loan type. It’s always best to refer to Plenti’s website for the most up-to-date information.

Credit 24

Credit24 offers personal loans and lines of credit. To be eligible for a Credit24 loan, you must meet the following basic requirements:

  • Be an Australian citizen or a permanent resident
  • Be at least 18 years old
  • Have a regular income of at least $600 per month
  • Have a decent credit history

It’s important to note that the information above may not be exhaustive. For the most up-to-date eligibility requirements, it’s always best to refer to Credit24’s website or contact them directly.

Wallet Wizard

Wallet Wizard states that they welcome all applications and believe everyone should be able to get cash fast with a Smart Loan. The minimum requirements to apply are:

  • Be 18 years or older
  • Be an Australian resident
  • Have an income

While Wallet Wizard says they welcome all applications, they do assess your financial situation and income to determine if you qualify for a loan and the amount you can borrow. They also perform a credit check as part of the application process.

Cash Train

Cash Train considers your ability to repay the loan when reviewing applications. While they don’t have a strict minimum credit score requirement, a good credit history can help.

Here’s a summary of the general eligibility requirements to get a Cash Train loan:

  • Be over 18 years old
  • Be an Australian resident
  • Have a regular income. Cash Train does not specify a minimum amount but considers your ability to repay the loan.
  • Be employed (part-time and casual are accepted but self-employed are not)
  • Provide proof of income and ID

It’s important to note that Cash Train states they assess applications on a case-by-case basis. This means they consider your circumstances, not just the above requirements.