Payday Loans

A payday loan online is a short-term credit product offering up to $2,000 – instantly available with no credit checks, usually over a 30-to-45 day term.

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No Credit Check Payday Loans – Bad Credit Instant Approval

If you need a small sum of cash that you can quickly obtain online, a payday loan is just what you’re looking for.

These nifty little loans offer ease, convenience and can be repaid in full on your next payday.

Frequently Asked Questions

How do payday loans work? 

Payday loans allow you to borrow a small amount of money, up to $2,000, and repay it using your next paycheck. They're an unsecured, short-term form of credit that can be obtained from a variety of online lenders. The application is made online in minutes and the repayment is made automatically.

What is a payday loan?

A payday loan offers a quick loan of between $70 and $2,000 with a loan repayment term starting at 16 days. It can't be shorter than 16 days under the rules which came into force in July 2013. The maximum term is generally 30 to 40 days.

You may be able to extend the term of the loan. However, this will come at a considerably high price. The lender will continue to charge interest and, additional fees may apply.

Payday loans are among the quickest and most convenient forms of credit available to Australians. In fact, the industry generates around $1 billion every year. These short-term loans are available easily and entirely online. Their main job is to help you resolve cash emergencies.

How do payday loans work?

When you take out the loan, you sign a direct debit order enabling the lender to withdraw the principal amount plus interest, fees, and other charges directly from your bank account on your next payday.

It is fairly easy to qualify for payday loans even for people with bad credit. Not all payday lenders perform credit checks and the ones that do this may not necessarily take your credit history into account.

Do payday loans affect credit score? 

One of the most common questions when it comes to payday loans is whether they affect your credit. The answer is no! Lenders will not run a hard credit check (which always shows up on your credit file) and so, it will not affect your credit. That said, defaulting on your loan and thus having the lender hand you over to a collection agency will certainly impact your credit. 

Interest, fees, and the total cost of a payday loan

Payday loans have some of the highest interest rates and fees on the market. Another factor for their high cost is the charging of interest on a daily basis rather than on a monthly or annual basis.

The cost of borrowing using a payday loan is much higher when compared to the cost of using a traditional personal loan. Where possible opt for the former to ensure lower overall cost. 

Are payday loans effective and safe?

Payday loans are designed to help you quickly and easily deal with cash emergencies. If you use them sparingly, and only according to your affordability, you'll stay out of trouble.

If your car requires urgent repair, for example, it makes sense to borrow the money quickly to get the vehicle back in order so that you can get to work and earn income. You'll have to put up with a tighter budget during the next month, but you'll get back on your feet quickly.

When you shouldn't get a payday loan

It's important for these loans to be used as one-off solutions. If you regularly find it difficult to pay all of your living expenses with your income, payday loans will only make matters worse.

These loans will not help you fill the gaps in your budget. Likewise, if you're already struggling with debt, taking out an expensive loan will only increase the total amount owed.

Consequences of non-payment 

The default will be recorded on your credit file and you'll reduce your chances of qualifying for loans from banks and other lenders. Your case may be handed to a debt collector who will use a variety of means to get you to pay back what you owe. 

Extending the repayment term of such a loan is not a particularly effective solution either as the total amount which you owe will continue to grow over time. That said, the lender will not be able to charge you more than 200% of the loan amount as per the caps that apply to this category of credit. 

Choosing a payday lender

It's important to choose a lender that's registered with ASIC to ensure you get the highest level of consumer protection available. The payday lending process does not vary considerably from one provider to another and all providers have to abide by the same set of rules.

Where can I get a payday loan online? 

There are many specialist payday lenders ready to assist you with an instant loan. These lenders are registered with the AISC and offer loans of up to $2,000. We've listed the best and most competitive providers to make it easier for you to find your ideal. 

Alternatives to payday loans

Even though these loans may seem the easiest and quickest way to subdue a financial emergency, you should know that there are other options. Check out the main ones:

  • Using your emergency fund – If you've set aside a small amount of money every month in an emergency fund this spare cash can help you avoid high-interest debt.
  • Leverage your good credit - If you have a good credit history, you'll be able to qualify for the lower interest rate, unsecured personal loans available from banks.
  • Use a credit card to get money – The best credit card to use in a financial emergency is the one with the lowest interest rate and fees on withdrawals.
  • Use an overdraft – With this facility, you can use more money than the amount which you have in your bank account. Interest rates and fees apply, but the cost of borrowing will certainly be lower compared to that of a payday loan.
  • Check out P2P loans – These loans are available from private persons participating in peer-to-peer lending platforms. You can benefit from the lower charges and flexible repayment terms.

Do I qualify for a payday loan? 

  • Are you 18 or older? 
  • Are you an Australian citizen or permanent resident? 
  • Are you currently employed full time or part-time? 

If yes, you qualify for a payday loan! You will also, in addition to the above, have to prove affordability. This is done by a quick analysis of your income and expenses. 

How to get a payday loan

In order to apply for a payday loan, you'll need to present:

  • A copy of your Australian ID
  • Payslips, usually for the past 3 months
  • Bank account statements, typically for the last 3 months
  • Proof of residence (in the form of a utility bill)

Lenders base their decision primarily on your income. If you have a regular job and do not have excessive debt, you have good chances of approval. Still, many lenders will offer you a loan even if you're currently in a less than favourable position.

If you qualify and are able to provide the necessary supporting documentation, then you're good to go! Our collection of lenders will be able to provide you with the quick, efficient, and convenient service you deserve. 

Payday loan calculator

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The interest rate of a loan will vary based on your credit score and risk profile.
This loan calculator is for illustration purposes only.
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List of direct lenders offering Payday loans

  1. Cigno Loans Payday loan

    Cigno Loans

    • Loans up to $1,000
    • Simple and fast
    • Apply online today
  2. Sunshine Loans Payday loan

    Sunshine Loans

    • Loans up to $2,000
    • Fast payday loans
    • Interest from 4%
  3. MoneyMe Payday loan

    MoneyMe

    • Loans up to $15,000
    • Term up to 36 months
    • Interest from 8.99%
  4. Nimble Loans Payday loan

    Nimble Loans

    • Loans up to $5,000
    • Term up to 22 months
    • Interest from 4%
  5. Cash Smart Payday loan

    Cash Smart

    • Loans up to $2,000
    • Term up to 24 Months
    • Apply 100% online
    • Interest from 4%
  6. CashToday Payday loan

    CashToday

    • Loans up to $2,000
    • Applying is quick
    • Loans within minutes
  7. Payday 24/7 Payday loan

    Payday 24/7

    • Loans up to $1,000
    • Term up to 32 days
    • Save & secure
  8. Club Money Payday loan

    Club Money

    • Loans up to $5,000
    • Term up to 365 days
    • Interest from 4%
  9. Speedy Money Payday loan
  10. iWant Payday Payday loan

    iWant Payday

    • Loans up to $15,000
    • Affordable payday loans
    • Quick online response
  11. Viva Payday Loans Payday loan

    Viva Payday Loa...

    • Loans up to $2,000
    • Term up to 12 months
    • Quick online quotes
  12. Instant Payday Loans 24 Payday loan

    Instant Payday ...

    • Loans up to $1,000
    • Apply in 3 minutes
    • Get paid out fast
  13. SpotMe Now Payday loan

    SpotMe Now

    • Loans up to $5,000
    • Term up to 24 months
    • Interest from 42%
  14. No Credit Check Payday loan

    No Credit Check

    • FREE assesment
    • Term up to 5 years
    • Interest from 5%
  15. My Australia Payday Payday loan

    My Australia Pa...

    • Loans up to $1,000
    • Simple and easy loans
    • Competitive deals
  16. Australia Payday Pro Payday loan

    Australia Payda...

    • Loans up to $1,000
    • Loans in 1 hour
    • Term up to 50 days
  17. Teleloans Payday loan
  18. Payday Money Payday loan
  19. Money Buddy Payday loan
  20. Payday Loans Right Now Payday loan
  21. 1 Hour Loans Payday loan

    1 Hour Loans

    • Interest from 4%
  22. Money Friends Payday loan
  23. Loan Ranger Payday loan

    Loan Ranger

    • Loans up to $1,000
  24. Financier Payday loan
  25. Easy Payday Payday loan
  26. DollarsDirect Payday loan
  27. Aussie Cash Payday loan