Please see information on Payday loans below.


Payday loans are sometimes referred to as 'Fast Cash Loans' in Australia and are one of the easiest and quickest ways to borrow money. Here are some of the main features:

  • Short term loan
  • Designed to cover you until payday (pay back within 2 weeks - 30 days)
  • Low minimum income required
  • Generally no credit checks
  • Instant approval
  • Cash in account same day (or within 24 hours)

Unlike mainstream bank loans, payday loans are offered to a wider range of borrowers. That means even if you have a low credit rating or have a past of debts, you are likely to find a payday loan provider who will accept your application.

Payday loans are great for covering yourself in an emergency situation perhaps you received an unexpected dentist bill or for any reason for which you need a cash boost (perhaps a car repair, home improvements or a holiday).

You can apply for payday loans online directly from the lender, via a very short application process. Generally, you will need to meet the following rules:

  • Be over 18 years of age
  • Be an Australian citizen
  • Be employed
  • Have a working bank account

The minimum regular income you will need is usually quite low. The amount varies but it can be up to $400 a week after tax, paid into the same account into which you will receive your loan. Note that you will most likely need to provide a pay slip to prove your employment.

How do they Work?

Applying for a payday loan is very easy. All you need to do is find a suitable lender by using our comparison page look for features like how much you can borrow and what the terms are. Once you have picked a lender, you will need to enter some basic details in a short online application form. You may need to enter your name, address, date of birth, employment and income details a few clicks and you're done.

The application will go straight to the lending team, who will quickly assess if you are suitable. Often, payday companies stress that they are responsible lenders and if they don't think you will be able to repay the loan, they might reject you. They are unlikely to carry out credit checks however (find out while you are browsing the lenders).

Payday lenders make their decision very quickly sometimes within minutes. Once you have given them your account details, they will credit that account with the loan.

Where can I Get a Payday Loan?

Find a range of payday loan companies on Which Way To Pay Australia we have a wide variety which we have compared and reviewed for you. Look at the comparison able and weigh up which one might suit you best. Once you have chosen one, just click on 'Apply' and you will be guided to the next step. You are under no obligation until you send off your application.

Will my Credit Rating be Affected?

Your credit rating is affected any time you take a loan no matter what type of loan it is. The same applies for credit cards.

If you pay back on time, your rating will not be damaged. However, if you find it difficult to meet repayments and end up in debt to a lender, you credit rating will be affected in a negative way. This might make it hard to apply for loans, mortgages or credit cards in the future.

Note that even an application for a loan product can show up on your credit file. The more loans you apply for, the worse for your rating because it looks as though you are in deep need for credit. Therefore, make sure you really consider the pros and cons of a loan before you apply.

Can Everyone get a Payday Loan?

As long as you meet the basic criteria, you shouldn't have difficulty getting a payday loan. Most payday companies don't carry out credit checks, meaning that a wider variety of borrowers can apply even those who have had credit problems in the past. Payday loans are popular with people who have been turned down for a loan at mainstream banks.

What are the Benefits of Payday Loans?

Payday loans are very easy to apply for and are great for an emergency cash need. Here are some of the main benefits:

  • Easy application
  • Receive money very quickly
  • Good for emergencies
  • Borrow between $200 $1,000
  • No credit checks (in general)
  • Low requirements

What are the Disadvantages of Payday Loans?

Like any form of borrowing, payday loans pose a few disadvantages to prospective borrowers. Here are some disadvantages:

  • Repayment is required soon (very short term)
  • High interest rates
  • Risk of borrowing cycle trap

Payday loans generally carry higher interest rates than regular bank loans, but this is because the lender wants some level of guarantee that they will receive their money back. They are taking on the potential extra risk posed by handing out loans with such low requirements.

Are there any Risks?

Quick cash loans that carry high interest rates carry the risk of trapping the borrower into a 'borrowing cycle' the more you owe, the more you need credit.

For that reason, it is a good idea to think carefully before taking a payday loan or any other type of loan for that matter. If you can't meet your payday loan repayments, you face penalties from the lender and could end up stuck with a heavy debt on your hands and a damaged credit rating.


Please Note: is not authorised to give advice under the ASIC (Australian Securities & Investments Commission).

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