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How do Payday Loans Work?

This is a type of short-term loan usually with higher interest rates compared to other loan options. As the name suggests, payday loans are money you borrow and pay off using your next paycheck. Our offered payday loans range in amount starting at $50 up to $2,000, with payment terms of 16 days to 12 months.

No credit check payday loans are designed for people who have bad credit or no credit history. These loans are often more expensive than traditional payday loans, but can be a great option for unexpected expenses.

Bad credit payday loans are a good option for people with poor credit histories. Some lenders consider other variables such as the borrower’s current financial situation rather than their credit score when evaluating loan applications.

Urgent payday loans are made for people who need money immediately. These loans can be approved in minutes and the money can usually be deposited into your bank account within 24 hours depending on your banking institution.

Instant payday loans are similar to urgent payday loans. However, these loans are typically approved even faster and the money can be transferred to you within minutes, but the time you receive the funds will depend on your banking institution.

Payday loans for Centrelink recipients are offered to borrowers who receive Centrelink benefits. These loans can be a lifesaver for people who are struggling to make ends meet on their Centrelink payments.

Am I eligible and what do I need to apply for a payday loan?

To apply for payday loans, you need to meet the following basic criteria set by a typical loan provider:

  • Be an Australian citizen or permanent resident of Australia
  • Be at least 18 years of age at the date of the loan application
  • Currently receiving a regular source of income for at least 3 months
  • The 3 most recent months of bank statements showing regular income and expenditure transactions.
  • If you are receiving Centrelink benefits, the benefit should not exceed 50% of your monthly income

The borrower’s current financial situation matters more than the credit score and credit history of the individual. This is due to the loan repayment terms for payday loans being shorter than regular personal loans.


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Payday Loan Costs

Fees and costs associated with our payday loans are highly regulated by the Australian Securities and Investments Commission (ASIC). The following are the additional costs associated with repayment of payday loans:

Establishment fees

The establishment fees for payday loans should not exceed 20% of the total amount borrowed.

Monthly fees

The maximum monthly fees associated with payday loans will not exceed 4% of the total loaned amount per month.

Default fees and charges

All charges to be imposed by any responsible lender and credit providers in the event of borrower default and late payment should not exceed 200% of the total loaned amount.

Payday Loans Application Process

The application process for our payday loans only takes a couple of minutes to complete online. The following information will be required to complete the application:

  • Personal details such as your home address, your date of birth, email and contact number
  • Employment details such as your 90-day income history through personal bank statements extracted online. This is to ensure that the borrower will have enough expendable income to make loan payments over the repayment period.
  • Requested loan amount.

The pre-approval decision will be provided by financial institutions based on the submitted information within a few minutes of completing the application form.

After the initial qualification process, additional information may be asked such as proof of current income, income statement, and valid identification such as an Australian Driver’s Licence or passport. A credit check may also be carried out.

Once the borrower passes the eligibility criteria, the proceeds of the fund will be sent to the borrower within 24 hours from the time of approval. In some cases, it can go as long as 3 business days for the funds to be released.

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Payday Loans Frequently Asked Questions (FAQs)

Do I need a bank account to apply for a payday loan?

  • Yes, you will need a bank account since it is not possible to apply for a payday loan without having one.

What are the terms and repayment options for payday loans?

  • Lenders are not allowed to offer loan amounts of $2,000 or lower that must be repaid in 15 days or less. The fees charged on small payday loans that are to be repaid between 16 days and 1 year are capped with a one-time establishment fee (not more than 20% of the loan amount), a monthly account keeping fee (not more than 4% of the loan amount), a government fee or charge, default fees or charges (this should not be more than 200% of the amount borrowed if you miss a payment or fail to pay back the loan), enforcement expenses (in instances of loan default, these are the costs incurred by the lender when going to court to recover the money you owe under your contract).

How much can I borrow for payday loans?

  • You can borrow amounts as low as $50 with a maximum of $2,000 for small payday loans.

What are the interest rates of payday loans?

  • Initial fees on payday loans are 20% of the loan amount and a monthly interest fee of 4% of the loan amount. This translates to an Annual Percentage Rate (APR) of 48% per annum for other personal loan types with more than one year of payment. For a $2,000 loan, the establishment fee is $400 and the monthly interest is $80.

What happens when you can't repay a payday loan?

  • If you do not make repayments on time by the due date, you will normally be charged default penalties, which will be added to your debt. The number of default costs that could be incurred can be double the amount borrowed but not more than 200% of the total loan amount. If you’re about to default on a payday loan, make sure to reach out and explain your situation to be able to try and work out a new repayment schedule plan.

Do payday loans affect your credit score?

  • While this isn’t exclusive to payday loans, paying your bills on time might help improve your credit score. Settling your payments within the agreed-upon period demonstrates good credit behaviour. However, If you apply for multiple payday loans in a short period of time, your credit score may suffer. You can learn more about your credit score by reading our published articles:

5 Factors that May Affect your Credit Rating

What Is a Good Credit Score?

How Can I Improve My Credit Score?

How long do payday loans stay on your credit report?

  • Payday loan defaults typically stay on your file for up to 7 years. Your service provider may notify a credit reporting agency about your failure to make a repayment, resulting in a bad credit rating. If you pay the debt, the default will still be present on your credit report, but it will also indicate that you paid it.

How can you know if you are dealing with a legitimate lender?

  • To check if you are dealing with a legitimate lender, you need to verify if the lender is holding an Australian Credit License (ACL), and the lender should display this license number on their website.

Are there alternatives to payday loans?

Obtain a No-Interest Loan – The No Interest Loan Scheme (NILS) gives low-income people and families access to secure, fair, and affordable financing for household products, medical, and dental care. Call 136457 or visit for more information.

Credit Union Loans – Credit unions look at your credit score, but they also look at your relationship with the credit union and your income before approving a loan.

Emergency Relief – Although access to Emergency Relief is free, certain service providers may have specific requirements that must be completed in order to use their specific Emergency Relief program. The Department of Social Services (DSS) Service Directory lists your local Emergency Relief provider.

Centrelink Advance Payment – If you are currently receiving Centrelink payments and other similar government benefits, you may qualify for the advance payment benefit free of interest or fees. You can send your application through the Service Australia website.

Credit Cards – Credit cards are an excellent financial alternative to payday loans if you need to cover any unexpected bills during a difficult time. The advantage of using credit cards is that it provides the user with an open line of credit. Users will not be compelled to submit applications every time they need to take out extra cash.

Overdrafts – If you need to cover for an immediate financial need, you may rely on overdrafts on your current loan accounts. This will help you conveniently address financial gaps without having to apply for another loan. Once you pay it off, it will still be available for you as an additional means to address future emergency expenditures.

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