Best Payday Loans Australia Up To $15,000 Online. Apply Now

Best payday loans Australia from $2,100 to $15,000. Monzi explores the ins and outs of payday loans. Most outcomes within 60 mins*. Apply now.

Monzi is a lender-finding service. We do not offer financial advice. Consider seeking independent legal, financial, taxation or other advice to check how the information and ideas presented on this website relate to your unique circumstances.

What are payday loans?

Before we start exploring the best payday loans in Australia, we had better explore what these loans actually are.

Essentially, payday loans refer to small unsecured loans, repaid over a short term. Generally, these loans are available up to $2,000, and depending on the lender, may have repayment terms as short as a few weeks.

As the market for alternative finance grows rapidly, so too does the number of lenders offering payday loans. As such, it may be difficult to know where to look, or even how to compare two different lenders. Luckily, Monzi is here to show you how to do your own research, and find the best payday loans. Learn more about bad credit loans australia guaranteed approval here.

Finally, keep in mind Monzi does not offer payday loans. This article is simply for information purposes only and may not relate to the service we provide.

Payday loans for bad credit instant approval

Many Australians opt for a payday lender because they feel they carry easy approval and will have the cash when they need it. Moreover, the below table outlines a few of the more common examples of Australian payday loans. Learn more about payday loans here.

Payday loans AustraliaBad credit payday loans
Payday loans for bad creditSmall payday loan application for bad credit
Payday loans no credit checksQuick payday loans bad credit
Payday loan application for bad credit on CentrelinkPayday loans for unemployed bad credit

The above table does not reflect the loans offered by lenders within Monzi’s network. Moreover, note that lender cannot offer guaranteed payday loans no matter what.

What are the best payday loans online?

Unfortunately, as there are so many variables at work here, Monzi cannot answer this for you. After all, an easy loan offered by a lender may be perfect for one consumer, but less than ideal for another.

As a result, we’ll run through a few features you may want to consider when searching online for payday lenders. Read more about best personal loan rates australia here.

Comparing payday lenders – loan amount

Obviously, if you have a certain expense you need to cover, you will need to find a lender offering the amount you’re looking for. Moreover, consumers should only apply for the amount they need, as applying for loans you cannot afford may result in debt.

Payday lenders are generally able to offer unsecured loans from $150 to $2,000. Although, certain lenders may be able to offer up to $15,000.

Best payday loans in Australia – loan terms

The next loan feature borrowers should look at is the loan term. In other words, the amount of time the consumer has to repay their loan in full.

It is important you consider how long you will need to repay your loan, taking into account your income, expenses and spending habits. Depending on the payday lender, the repayment terms may be anywhere from 16 days to a year.

A longer repayment term will often translate into more lower regular repayments. Keep in mind, however, payday lenders charge monthly fees. Therefore, the longer the loan term, the more of these fees you will need to pay.

Consumers should, as a result, consider what is important to them: a longer term with smaller regular repayments or a shorter loan term with fewer fees.

How to find the best payday loans Australia – repayments

When comparing lenders, consider whether or not you’re able to pick repyament terms that suit your life.

For example, payday lenders will often aim to line the repayment schedule up with the borrower’s normal pay cycle. If the borrower is paid weekly by their employer, their repayments may automatically be deducted on the same day.

Usually, a direct debit is set up from your bank account, so your repayments come out automatically.

If you’re offered a loan contract from the payday lender, be sure to read through it carefully and make sure you understand how the payment schedule works. If you are unsure of anything, get in contact with your lender directly before approving your contract.


Lenders may vary in what they charge on small amount credit contracts. Despite this, government regulations have placed a limit on the maximum.

For loans under $2,000 specifically, lenders can only charge a maximum of:

  • an establishment fee capped at 20%; and
  • monthly fees, capped at 4%.

Moreover, if you fail to make repayments, you will be charged additional fees. Regardless of how much you owe, however, the maximum a lender can charge you is double (200%) of the principal. This 200% includes all repayments you make.

Payday loans Australia best – licensed and reputable lender

Unfortunately, not all payday lenders are the same. Moreover, certain lenders may be more reputable than others. As a result, always confirm the lender you are dealing with has a legitimate Australian Business Number (ABN) and Australian Credit License (ACL).

In addition, always look at the best payday loans reviews. Hearing about other experiences with the same lender can shed a lot of light on what you could expect.

Finally, it may be worth getting in contact with the lender’s customer service team. Often, if the lender is helpful, easy to contact and upfront about their fees and charges, they are reputable.

Comparing lenders by turnaround times

If you need access to your quick cash loan as soon as possible, to cover an urgent cost, always consider the lender’s turnaround times. In other words, how long it will take from approving your contract to having the cash appear in your bank account.

Certain payday lenders may be able to process your instant online loan in as little as half an hour, while others make take up to one business day. In addition, lenders may have banking rounds throughout the day where they able to transfer funds. Often, the final round of banking will be towards the end of the lender’s day of trade. Therefore, approving your contract after hours may result in your loan being transferred the next day.

best payday loans Australia

What is the best place to get a cash loan?

Again, consumers will need to weigh up what is important to their situation before making a decision.

There is a myriad of payday lender options available online. With a 100% online application process, comes a few benefits, including:

  • Fast application
  • Potentially no paperwork
  • Transfers straight into your bank account
  • Lodge an application 24/7
  • Apply anywhere from any internet-capable device

On the other hand, you may be able to walk in and get a payday loan from a physical branch. The benefits of this may include:

  • Cash in your hand
  • Assessed on the spot

Will paying off my payday loans build credit?

Of course; with any form of credit, making repayments on time and repaying the loan in full according to your contract can demonstrate good borrowing habits. Therefore, you may be able to improve your credit score.

Furthermore, the introduction of comprehensive credit reporting (CCR) has changed the way both lenders and consumers can affect their credit score. Now, credit providers are able to share more information with credit reporting bureaus than ever.

In its simplest form, CCR allows positive credit listings to be included in your report. For example, a consumer making their repayments on time will now be included. Not only will this extra data allow credit providers to make more informed decisions, but consumers will now be able to improve their credit with more agency.

Keep in mind, however, CCR is currently not implemented by every lender. Therefore, only certain payday lenders may be able to share positive credit listings.

Will payday loans Australia negatively affect my credit score?

It is important to note, your credit score is simply a numerical depiction of what’s in your credit report. As a result, any bad credit listings have the potential to affect your score and vice-versa.

Keep in mind, it is not just missed payments and defaults that can reduce your score. For example, applying for several payday loans over a short period of time can also bring your score down.

Therefore, consumers should regularly check their credit score. In addition, Australians are entitled to a free copy of their credit annually through one of the following agencies:


  • 13 83 32
  • PO Box 966
  • North Sydney, NSW 2059


  • 1300 783 684
  • GPO Box 1969
  • North Sydney, NSW 2060

Applying for payday loans online

Once you have done your research, and found the best payday loans for you, it’s time to apply. While the application process may differ slightly between lenders, there are usually very similar requirements you will need to meet.


Payday lenders have relatively open criteria compared to traditional lenders. Therefore, you will generally need to meet the following:

  • Adult. Any applicant must be at least 18 years old to apply.
  • Resident. Generally, lenders will only accept Australian Citizens or Permanent Residents.
  • Income. All applicants must receive an income. After all, you will need to pay the loan back. If you receive Centrelink, lenders may have rules around what percentage of your total income benefits can make up.
  • Online banking. Online payday lenders will require you to have internet banking set up on a personal account. In short, lenders use the last 90 days of your banking history to assess your application.

Relevant information

Applicants will also need to provide additional information when applying for a loan. This includes, but is not limited to:

  • Personal information. You may need to confirm your identity by supplying proof of identification. In addition, you may need to include your name, address and contact info.
  • Evidence of income. While lenders may be able to confirm your income by accessing your bank statements, they may ask you to provide payslips or Centrelink income statements.
  • Reason for loan. Despite payday loans being spent essentially like cash, you may still need to provide a reason for your loan.

Apply for a hardship variation

If an unforeseen event like losing your job or being badly injured has affected your ability to afford your loan, get in contact with your lender and apply for a hardship. Here’s how you can apply for financial hardship.

  1. Get in contact with your payday lender.
  2. Let them know you wish to apply for hardship.
  3. You will need to provide evidence of hardship. This could come in the form of a letter of termination or bank statements showing loss of income.
  4. Lenders will assess your claim and if approved, offer a new repayment plan or a break from repayments, or both.

Not satisfied with your lender?

If you have found that the lender you’re dealing with is the opposite of the best payday loan, consider lodging a complaint.

First, get in contact with your lender’s internal complaint department and let them know of your grievances. Hopefully, the credit provider will be able to resolve the issue and learn from their mistakes.

If, however, you are unsatisfied with the lender’s response, get in contact with the Australian Financial Complaints Authority (AFCA). You can reach AFCA via their website, or by giving them a call on 1800 931 678.

Warning against borrowing

It can be expensive to borrow small amounts of money like payday loans, and borrowing may not solve your money problems. As a result, you should consider your options below before borrowing:

If you are struggling with bills and debts, ring 1800 007 007 from anywhere in Australia to talk with a fee and independent financial counsellor.

Furthermore, if you are having trouble affording your utilities, talk to your electricity, gas, phone or water provider to work out a payment plan. For more information, visit the MoneySmart page on handling utility bills.

If you are on government benefits, you may be eligible for an advance of your Centrelink payments. You can learn more about the Centrelink Advance Payment here.

Finally, the government’s MoneySmart website shows you how small amount loans work and suggests other options that may help you. Moreover, MoneySmart discusses alternatives to taking out payday loans.

The Monzi payday loans alternative

Monzi is a lender-finder, specialising in pairing consumers with lenders potentially offering personal loans. Specifically, our network of lenders may be able to offer loans between $2,100 to $15,000. While we may not be able to pair you with a payday lender, we may still be able to help. In short, the lenders within our network can potentially offer bad credit personal loans.

Want more Monzi Loans? You can stay in touch on Facebook, Instagram, Twitter and Pinterest.

Factor In Costs

You won't use a penny to apply for our lender-finding service, but here's some costs you could expect from a lender

Loan amount

$300 - $2,000


16 days (minimum)

12 months (maximum)


20% upfront establishment fee

+ 4% monthly fee


Representative example based on a loan of $1000 over 6 months a borrower can expect to pay a total of $1440.

Disclaimer: Under the current legislation, all Small Amount Credit Contract loan providers don’t charge an annual interest rate. The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The minimum loan term is 16 days and maximum loan term is 12 months. Representative example based on a loan of $1000 over 6 months a borrower can expect to pay a total of $1440.

Loan amount

$2,100 - $4,600


12 months (minimum)

24 months (maximum)


47.8% Annual Percentage Rate (APR)

65.85% Comparison Rate p.a.


Representative example based on a loan of $2500 over 24 months a borrower can expect to pay a total of $4,556.88.

The maximum interest rate for a Medium Amount Credit Contract is 47.8%. Comparison Rate 65.85% p.a. The maximum loan term is 24 months. Representative example based on a loan of $2500 over 24 months a borrower can expect to pay a total of $4,556.88. WARNING: This comparison rate is valid only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Credit criteria and terms and conditions apply.

Loan amount

$5,000 - $15,000


12 months (minimum)

24 months (maximum)


47.8% Annual Percentage Rate (APR)

47.8% Comparison Rate p.a.


Representative example based on a loan of $10,000 over 36 months a borrower can expect to pay a total of $18,995.04.

This is an estimate only and the comparison rate based on the example information provided. Other fees, costs and charges are not included. This calculation is not an offer for credit.The maximum interest rate for a Personal Loan is 47.8%. Comparison Rate 47.8% p.a. The maximum loan term is 24 months. Representative example based on a loan of $10,000 over 36 months a borrower can expect to pay a total of $18,995.04. WARNING: This comparison rate is valid only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Credit criteria and terms and conditions apply.