Payday loans in Australia – compare small amount lenders
We compare 8 offers. Updated 13 May 2026.
Best offers – Payday loans 2026
Fair Go Finance Small Loan
Online loans up to $10 000
$300 – $10,000
Interest from 8.00%
Approval: 24 hours
Jacaranda Finance Personal Loan
Personal loans from $300 to $10,000 for Australians with good or bad credit. Fast online application, decision within 60 minutes.
$300 – $10,000
Interest from 0.00%
Approval: 60 minutes
Cash Converters Personal Loan
Personal loans up to $5,000 from Cash Converters. Fast approval for Centrelink recipients and people with bad credit.
$50 – $5,000
Interest from 0.00%
Approval: Same business day
Beforepay Wage Advance
Access up to $2,000 of your earned wages before payday. 5% transaction fee, repaid on your next pay date. 700,000+ Australians use Beforepay.
$50 – $2,000
Interest from 0.00%
Approval: Minutes via app
Payday loans in Australia
A payday loan, also called a small amount credit contract (SACC), lets you borrow up to $2,000 for a period of 16 days to 12 months. The interest rate is replaced by a fee structure capped by law:
- Establishment fee: up to 20% of the amount borrowed
- Monthly fee: up to 4% of the original loan amount per month
For a $1,000 loan over 6 months, this means $200 upfront plus $40 per month, totalling $440 in fees on top of the principal. That is expensive. Use a payday loan only when no cheaper option is available.
Who uses payday loans?
Typically people who need cash quickly, have a poor credit history and cannot access a bank loan, or are on Centrelink and need funds before their next payment arrives. Many lenders in this space process applications within hours and transfer funds on the same business day.
Regulated but costly
Australian payday lenders must hold an Australian Credit Licence and comply with the National Consumer Credit Protection Act. They cannot lend to someone who cannot repay, and they cannot charge more than the capped fees. Still, the effective annual cost of a short-term payday loan can exceed 200%.
Cheaper alternatives
Before applying, check NILS (No Interest Loan Scheme) for up to $1,500 at no cost, or a Centrelink advance if you receive payments. For amounts over $2,000, a medium amount credit contract (MACC) or a regular personal loan is usually cheaper.