Payday Loans Weekend Payout – Are They Possible?

Are you searching frantically online for payday loans weekend payout, but you’re not really sure where to look? Moreover, are weekend transfers even possible? Never fear, Monzi is here to get to the bottom of it all.

Finally, please note Monzi does not offer payday loans; this article is purely for information purposes and does not reflect the service we offer. 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.

People sitting on jetty at sunset with payday loans weekend payout

Define payday loans weekend payout

Before we explore payday loans weekend payout, we should start by exploring what they actually are.

Payday loans often refer to unsecured loans of $2,000 and under, offered by payday lenders. Generally, these loans can be applied for 100% online, and once processed, the funds may be available the same day. However, certain payday lenders will offer a physical branch, where consumers can walk in, secure a loan, and walk out with cash in their hand.

Weekend payout is, obviously, in reference to the funds being transferred into the borrower’s account over the weekend.

To give you a clearer idea, the below table gives some examples for terms that essentially refer to the same thing:

Payday loans weekend payoutPayday loans weekend payout Australia
Weekend payday loans no credit check AustraliaWeekend loan now
Instant weekend payday loans AustraliaWeekend small loans

Can you get an online payday loan on the weekend?

Unfortunately, no; direct debits cannot happen on days the banks are closed.

Lenders will have a cut-off time each day where they are no longer able to transfer funds. Generally, this is towards the end of the day’s trade. Therefore, if you’re offered a loan contract on Friday afternoon, but only approve it outside of the lender’s operating hours, you may only have access to your funds the next business day.

Payday loans weekend payout Australia – physical branch

Keep in mind, while bank transfers cannot happen over the weekend, consumers may have the option of taking out a loan from a payday lender’s physical branch.

Generally, applying for a payday loan in-store will have the same process as applying for one online. Namely, consumers will need to provide:

  • Past 90 days of income statements*
  • Identification
  • Centrelink income statements, if applicable

*You may be able to access your statements digitally in-store.

Obviously, this is only an option for people living close to a physical branch.

Finally, the cost of your loan will usually be the same as you applying online. Different lenders, however, may vary.

Why is a payday loan weekend payout impossible?

Obviously, we cannot speak for every lender. Generally, however, payday lenders are unable to transfer funds into your account over the weekend.

This is due to the fact that banks are unable to transfer funds over the weekend or on any public holidays.

Therefore, if you approve your payday loan over the weekend or on a public holiday, you may not receive your funds until the following business day.

How long does it take for a payday loan to be deposited?

If you are in urgent need of finance for the weekend, you are likely very concerned with payday loan’s processing times. After all, the quicker you can get the cash in your account, the faster you can move on with your life.

Transfer times, however, vary between lenders. Some payday lenders may be able to process the funds in half an hour, while others may take up to one business day.

Are online payday lenders safe?

Generally, yes; payday loans are offered by many reputable and licensed credit providers. In short, online payday loans are no more or less safe than other forms of credit, like a personal loan or payday loan from a physical branch.

Consumers should, however, always be aware of security online. Regardless of what kind of credit provider you are dealing with, you should take steps to confirm they’re legitimate and reputable. Therefore, always look to confirm the following:

  • The lender has a legitimate Australian Business Number (ABN)
  • They carry an Australian Credit License (ACL)

In addition, consider looking at consumer reviews of the lender online.

Finally, it also may be a good idea to get in contact with the payday lender’s customer service team. In short, it is always a good sign if the lender is easy to reach, helpful and transparent about their loans.

Can you get a payday loan on the weekend?

As we mentioned above, payday lenders are unable to transfer funds into your account over the weekend. There may, however, be a physical branch of a payday lender you’re able to walk into to secure your cash.

Therefore, if you’re wondering if you can get a payday loan on a Sunday, the answer is not online.

In short, you may be able to apply for a payday loan online over the weekend. Furthermore, the payday lender may even be able to assess you. If, however, you approve your contract, you will only be able to see your funds the next business day.

Alternatively, if you live in proximity to a physical payday lending store, you may be able to walk out with cash on a Saturday or Sunday.

What should I consider before applying for payday loans?

Just like applying for any form of credit, consumers should weigh up their options and consider a few questions. For example, ask yourself the following:

  • What will I be charged? Government regulations cap what payday lenders can charge you for loans under $2,000. Specifically, lenders can only charge a maximum of a once-off establishment fee of 20% of the principal, and an ongoing monthly fee of 4%. However, certain lenders may charge less than the maximum.
  • What are the loan terms? In other words, how long do I have to repay the loan? Depending on the lender, the repayment terms may be as short as a few weeks, or as long as several months.
  • How quickly will my loan be processed? You may receive your funds in less than an hour, or one business day. Transfers do not take place over the weekend.

What are my alternatives to payday loans weekend funding?

As we have established, credit providers are usually unable to process loans over the weekends. This is because banks do not process direct debits over the weekend or on public holidays.

There is, however, a rather simple solution: apply for a payday loan before the weekend. In short, if you’re approved for a loan and you sign the contract before your lender’s final round of banking on Friday, you may receive your funds that evening or overnight.

Alternatively, if you have the option of applying with a physical branch over the weekend, you may be able to walk out with cash in hand.

Am I eligible for payday loans?

Monzi is not a payday lender, therefore we cannot guarantee the eligibility criteria of separate companies. Despite this, there are certain standard criteria that you may need to meet. They are as follows:

  • All applicants must be at least 18 years of age.
  • Applicants must be earning a consistent income. Moreover, some lenders may be able to regard certain Centrelink payments as income.
  • Generally, you will need to hold an Australian Citizenship or Permanent Residency.

Moreover, if you apply with an online lender, you may need to upload the following into the system:

  • Personal identification
  • Past 90 days of your bank statements
  • Centrelink income statement (if applicable)

Keep in mind, most lenders will be able to digitally access your bank statements when you supply your online banking details.

What are instant payday loans no credit check?

Instant payday loans may, in a way, be slightly misleading. In short, no lender is able to legally assess and approve loans instantly. After all, credit providers are required by law to lend money responsibly and therefore must spend a certain amount of time assessing your suitability towards a loan product. Despite this, certain lenders may be able to assess your application so quickly, it may as well feel almost instant.

Furthermore, lenders offering payday loans no credit check will not access your credit report when assessing your application. While some lenders will look at your past history as a borrower to determine your creditworthiness, no credit check lenders will not.

Instead, these lenders will base their assessment on your:

  • Income
  • Expenses
  • Banking history

Are there any payday loans guaranteed approval?

No loan is ever guaranteed, regardless of the lender. This is because all lenders need to assess a loan product’s suitability for the consumer.

Specifically, credit providers are required to:

  • Make inquiries into your financial situation and objectives.
  • Take steps to confirm your financial situation.
  • Make an assessment, based on the above to steps, as to whether the loan product is suitable for you.

Keep in mind, lenders are free to decide on how to confirm the above information.

Can I get payday loans same day?

In theory, yes, but this will depend on the lender themselves, as well as the nature of your application. Moreover, there are certain variables at play that can affect how quickly you will be able to access your cash.

  • Banking rounds. As we mentioned above, lenders usually have rounds of banking throughout the day where they are able to transfer funds. If, however, you fail to approve your contract before the final round of banking, your loan may only be transferred the next business day.
  • Weekends and public holidays. Most lenders cannot transfer money over the weekend or on public holidays. Lenders may only transfer your cash the next business day if you approve your contract over the weekend.
  • Additional information. Finally, if your credit provider requires extra information from you, they may need to stall the assessment process. As a result, aim to provide all relevant information when you first apply.
  • Inter-bank transfer speeds. Transfers between lenders and certain banks may be quicker than others.

Alternatives to weekend loans now

Payday loans may not be your only option. Furthermore, short term loans may not fix your money issues in the long run. Therefore, consider the following:

  • Contact your utility provider If you are considering a loan to help you cover bills like water, electricity or gas, get in contact with your utility provider directly. Generally, these companies have a hardship department set up to deal with claims like these. Moreover, consider ASIC’s MoneySmart page on how to deal with paying bills and council rates.
  • Community loan schemes. Community initiatives like the No Interest Loan Scheme (NILS) and StepUP loans offer fair and affordable credit to low income people in Australia. In short, these loans are designed to help cover essential goods and services and may come with no interest, or a much lower rate than payday loans.
  • Centrelink advance. You may be eligible for an advance of your benefits early. You can find out more here.

How should I compare payday loans?

With so many lender options online, consumers should do a little research before choosing a lender. This, however, may be difficult if you are not sure what to look at. Luckily, Monzi is here for you.

If you’re comparing different lenders, consider the following:

  • Amount available. Usually, payday lenders offer up to $2,000, however, certain lenders may be able to offer up to $5,000.
  • Loan term. Depending on the lender, the loan term offered may be anywhere from a few weeks to several months. Moreover, consider how long you think you will need to fully repay your loan.
  • Repayments. Generally, payday lenders will line the direct debit up with the day you usually get paid, hence the name. In addition, certain lenders may allow you to repay the loan early, so consider whether this is a feature you would be interested in.
  • Cost. As we mentioned above, loans under $2,000 are capped with a maximum 20% establishment fee and 4% monthly fee. Despite this, certain lenders may charge less.
  • Turnaround. If you need cash now, consider the lender’s turnaround times. Monzi cannot guarantee how quickly you will receive your loan, as lenders may all vary.

Payday loans weekend payout Australia

Well, there you have it, everything you need to know about payday loans weekend payout. However, for more information on how small amount credit contracts work, consider ASICs MoneySmart article on payday loans.

Finally, please note, Monzi is a lender-finder that looks to pair Aussie consumers with credit providers potentially offering personal loans form $300 to $10,000.

Factor In

Costs

Two credit cards
Two credit cards

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

Terms

12 months

Costs

20% upfront establishment fee

+ 4% monthly fee

Example

Loan Amount of $1,000 over 6 months repayable weekly (25 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $240 (fees based on 4% per month over 25 weeks) = $1,440 total repayable in 25 weekly installments of $57.60.

Under the current legislation, most small personal loan providers don’t charge an annual interest rate (you’ll know this as an APR) %. The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The maximum comparison rate on loans between $300 and $2000 is 199.43%. This comparison rate is true 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

Loan amount

$2,001 - $4,600

Terms

13 months

24 months

Costs

48% annual percantage rate

67.41% comparison rate p.a.

Example

Loan Amount of $3,000 over 18 months repayable weekly (78 weekly repayments). $3,000 (Principle Amount) + $400 (Establishment Fee) + $1,379.06 (reducing interest) = $4,779.06 total repayable over 18 months with weekly installments of $61.27.

The Interest Rate for Secured Medium Loans is 48%. The Typical Comparison Rate is 67.41% p.a. WARNING: This comparison rate is true 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. Click here to see a worked example.

Loan amount

$5,000 - $10,000

Terms

13 months

24 months

Costs

21.24% annual percantage rate

48% comparison rate p.a.

Example

Loan Amount of $10,000 over 24 months repayable weekly (104 weekly repayments). $10,000 (Principle Amount) + $5,577.12 (Interest) = $15,577.12 total repayable over 24 months with weekly installments of $149.78.

The Interest Rate for Secured Large Amount Loans is 48%. Maximum Comparison Rate is 48% p.a. WARNING: This comparison rate is true 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. Click here to see a worked example.