So what is a payday loan in Australia?

In need of finding a payday loan in Australia or want to know more about payday loans in Australia

Payday Loans in Australia actually do not exist anymore and are now replaced by small amount credit contacts or SACC’s in 2013 when the Australian federal government introduced a new legislation however the term paydays loan is still very much used across Australia. SACC’s Payday loans are loans up to the amount of $2000 and have a cap on the amount of interest that can be charged by a lender.  Be aware in most cases there is generally an establishment fee. Before taking out a Payday loan which incurs interest and other associated cost you should see if you are eligible for a low interest or interest-free loan, click here to be directed to the Money Smart website to learn more.  For another great source of information view the Wikipedia page about payday loans in Australia

With so many options online to find payday loans in Australia, it can be very confusing to find out which payday loan is right for you. Which lender is best? Which lender is reputable? And finally understanding if the loan offered is right for you. Thankfully CashPal offers payday loans in Australia and take the hassle and time-wasting out of the process. CashPal has a large panel of payday loan lenders to match you with the right lender. Pending your application, CashPal matches you with the best-matched payday loan lender in Australia.

Do You Have Bad Credit? Are you wanting to apply for a payday loan with bad credit?

Bad credit certainly doesn’t help you get a loan easier of course however it doesn’t make it impossible either, all loan applications are different and every one circumstance are not the same and this is exactly why the good lenders we work with will factor in all information for every loan application

So you want to know what Payday Loans cost?

The cost will depend on a number of factors but to give you a good understanding of rough cost visit the CashPal cost page. You will see the different cost for 3 types of payday loans / SACCs & MACCS which are below:

 

Small Personal loans

Loan Amount: from $300 to $2,000

Cost: Up to 20% establish fee + Monthly fee up to 4%  (max comparison rate between $300 & $2000 is 199.43%) For more information about the allowable fees and charges for SACCs & MACCs visit the Moneysmart website.

Term: 12 Months

 

Medium Personal Loans

Loan Amount: from $2,001 to $4,600

Cost: Annual Percentage Rate (APR) is 48%. Comparison Rate is 67.41% P.A. For more information about the allowable fees and charges for SACCs & MACCs visit the Moneysmart website.

Term: From 13 months to 24 months

 

Large Personal Loans

Loan Amount: from $5,000 to $10,000

Cost:  APR is 21.24% Maximum. Comparison Rate is 48% P.A. For more information about the allowable fees and charges for SACCs & MACCs visit the Moneysmart website.

Term: From 13 months to 24 months

Time to relax and have CashPal payday loans do the hard work and match you to the right lender. Apply online now.

 

FAQ’s about Payday Loans in Australia

Who is CashPal?

Ahoy! Cash Pal’s here to be a friend to you when money’s a bit tight. We’re experts in finding lenders that can offer quick cash loans (if we do say so ourselves). If you’re eligible, we’ll do our best to find a lender for you as fast as possible, so you’re not kept waiting.

contract your lender will send you the funds straight to you. It’s as easy as that! No fuss, just payday loans in Australia – 100% online.

Can I still apply for a payday loan?

Anyone that meets the eligibility requirements from CashPal can apply for a personal loan. CashPal will welcome anyone who meets the eligibility requirements with open arms by offering the best lender finding service possible. Our eligibility requirements are simple. You should read it thoroughly and make sure that you fulfil the requirements before applying.

Below is a list of our eligibility requirements:

  • You must be 18 years old or over;
  • You have been paid a regular income into a personal bank account for at least the past 90 days;
  • You are an Aussie citizen, or have permanent residency;
  • You have a direct contact phone number and email address.

If you meet all the eligibility requirements stated above, you are more than welcome to apply for our services online.

You can apply for a loan from CashPal by filling in and submitting your application online via our mobile-friendly website. The application process is simple, and you can contact us if you need assistance on filling in the form. We will guide and help you every step along the way. If you want to reach out to us directly, you can fill out the contact us form online or send us an email.

What Do Quick Cash Loans Cost?

The cost of your instant cash loan will depend on the lender we match you with. Most of our lenders can be flexible with the fees and costs associated with their loans. However, this is at the discretion of the lender themselves.

If your application is approved by a lender, remember to read your loan contract thoroughly, as it will contain all relevant costs.

 

Can I still apply for a payday loan on Centrelink payments?

You can still apply for a payday loan through CashPal, even if you are receiving Centrelink payments. If Centrelink payments are the main source of your income, our lenders will assess your application just like any other application. As long as you fulfil the list of CashPal’s eligibility requirements, you can apply for a loan through CashPal, even when you are receiving Centrelink payments. Here is a list of Cashpal’s eligibility requirements that you need to fulfil to be able to apply:

 

How does payday loan application work?

To apply with our lender-finding service, head over to our application form. It’s 100% online and should only take a few minutes. You can also make use of our loan calculator to get an idea of what your loan might look like. Simply adjust the slider to select the amount you would like to borrow, and the repayment period you’d prefer. However, keep in mind that these are just examples.

Once you’ve applied, we’ll get to looking for a lender. We always aim to provide fast outcomes, so we’ll do our best to inform you of the results of our search as quickly as possible. If we find a lender for you, we’ll refer you to them and they will then conduct their own assessment of your loan application

 

Why would use a payday loan for?

Some common reasons to obtain payday loans are

 

What documents do I need for a payday loan?

We only manage your application for our lender-finding service and searching for a lender for you. During that process, we will access a read-only copy of your bank statements in order to find a lender. If you are receiving Centrelink payments, your lender may also require you to access your myGov account to verify this.

Since we only handle the initial application and lender-finding, we won’t need you to submit any supporting documentation to us. You might need to supply your loan provider with copies of bank statements, payslips, and/or bills, for example. They’ll be looking to confirm both your identity and your personal circumstances. The requirements may differ from lender to lender, so it’s probably best to wait for if we find a provider for you, then check what their requirements are.

CashPal only handles the initial application and provide you with effective lender-finding service. Therefore, CashPal does not require you to submit any supporting documents to us other than a read-only copy of your bank statements and identification. This document is required in order to find you a suitable lender. However, please note that your lender might require you to provide supporting documents to help support your case for a loan. Lenders will be looking to confirm your identity and your personal circumstances to look at the options on how to help you with a loan.

Your lender might need several supporting documents, including copies of bank statements, payslips, and/or bills. If you are receiving Centrelink payments, your lender might ask you to verify your myGov account by accessing it. However, please keep in mind that this is up to the lender what documents he requires from you as CashPal only manages your application for our lending-finding service. The documents and other requirements might differ from lender to lender, so we advise you to wait until we find the most suitable lender for you, before checking what requirements you need to provide them with.

No matter what your financial issues are, we are here to help you find the perfect lender who will suit your needs. Feel free to contact our team at CashPal for further information regarding this matter or even for consultations regarding loans. You can reach us by filling out the contact us form online from our website, or you can send us an email.

 

Are you going to call my boss when I apply for a payday loan?

We will not. However, your lender could do a quick employment check. Not to worry! Our partner lenders employ well-trained operators who would never disclose any personal information about you or your application to your employer.

CashPal will not disclose any information regarding you or your application to any of your employers. However, your lender can do a quick employment check. We hold high our privacy and security policy and therefore all of our customer’s private information will be kept private and secure. You have our word for it!

Here at CashPal, we believe that privacy is one of the most important aspects to a person. Keeping your private information safe is part of our policy, but not only do we do it because it is our policy, but because it is also part of our belief to do so. It is your choice whether you think it’s best to have your employer know or not. We believe that it should be you and only you that should be able to disclose any of your own personal information to anyone.

We know that you are looking for lenders who are trustworthy and therefore can keep your private information safe. When you use CashPal, your lenders will be able to do a quick employment check, but they will never do anything that might potentially harm your career.  CashPal works with only the most trustworthy lenders that will ensure that your private information will not be disclosed to anyone, especially your employers.

We understand that giving your personal information is not something that should be treated lightly. We have the utmost respect for all of our customers and therefore, we guarantee to treat your private information in the most proper manner, which is to keep it safe and secure. CashPal believes that keeping your private information safe and secure is an important aspect to our service. We strive to only give the best of services, and by the best, we mean the BEST.

 

How do I apply for a payday loan?

We are 100% online, including our application process. All applications must be submitted via our mobile-friendly website. If you need to get in touch with us directly, you can do so by filling out a contact form or sending us an email.

 

Can I get a no credit check payday loan?

That will depend on your lender. Some of the lenders we deal with conduct credit checks, while others do not. Regardless, the lenders we can find won’t typically reject you just for having a bad credit score.

If you’re looking for no credit check personal loans – you’re not alone. Many Aussies aren’t all too proud of their credit score. The thing is, mistakes happen and sometimes life just gets in the way. At CashPal, we partner with a range of lenders that are down to earth and realistic. While most don’t offer no credit check personal loans, many can still look past your credit score to find a suitable loan product. So, if you’re concerned about bad credit – don’t be! Your poor credit history no longer needs to hold you back. Keep reading to find out how we may be able to help you get the funding you need.

No credit check loans are basically just personal loans that are approved without conducting any form of credit score check. A credit check might convince a lender to give you a personal loan if your credit history is good. Yet, it will typically have the opposite effect if it’s bad.

CashPal partners with responsible lenders. As a result, most will conduct credit score checks on loan applications. Lenders are likely to check an applicant’s credit score in order to ensure they are lending cash responsibly. Ultimately, every lender is different so you may be able to find no credit check personal loans. However, we can’t promise we’ll be able to find you online personal loans with no credit check.

That said, the lenders we find may not typically reject applicants just for having a bad credit score. In most cases, lenders will be sure to try and give you what you need, as best as they can.

 

When can I apply for a small personal loan?

Applications for a payday loan can be submitted any time via our website online application, but we only process applications during regular business hours.
Our hours are:
Monday to Thursday – 8am to 6pm
Friday – 8am to 4pm EST.

If you apply or contact us outside of business hours, we will respond the next business day.

 

What do payday loans cost?

The costs of payday loans will depend on the lender. We encourage our lenders to be open about the fees and costs associated with their loans. Unless otherwise laid out by your lender, you can expect to pay something like this: Once you have filled out the Cash Pal application form , we will immediately find you a suitable lender . Once you’ve accepted the offer from the lender, you can discuss further with your lender about the amount, when you can get the money, and your loan repayments. When you can get your money will depend on your chosen lender. If you have different banks, it typically takes longer to process. Consult and discuss with your lender on how fast you can get the money, especially if you need it immediately. Our lenders will try their best to lend you money as soon as possible.

You can apply for a loan from CashPal by filling in and submitting your application online via our mobile-friendly website. The application process is simple, and you can contact us if you need assistance on filling in the form. We will guide and help you every step along the way. If you want to reach out to us directly, you can fill out the contact us form online or send us an email. Be sure to fill out the application as soon as you need it!

 

What Do Payday Cost?

Small Amount Credit Contract (loans from $500 to $2000), costs are:

  • Establishment fee: 20% of loan principal.
  • Flat monthly fee: 4% of loan principal.
  • Direct debit dishonor fee in the event of a missed payment.

Medium Amount Credit Contract (loans from $2001 to $4600), costs are:

  • Establishment fee: $400 flat fee.
  • Annual Percentage Rate: 48%.
  • Must be secured by a vehicle (car, boat, caravan or motorbike)
  • Direct debit dishonor fee in the event of a missed payment.

Large Amount Credit Contract (loans from $5,000 to $15,000), costs are:

  • Annual Percentage Rate: 21.24%
  • Must be secured by a vehicle (car, boat, caravan or motorbike)
  • Direct debit dishonor fee in the event of a missed payment.

 

How do I pay my payday loan back?

It’s important to pay back a personal loan on time so that you don’t incur extra costs or have any defaults added to your credit record! Once your loan is approved, ask your lender to help you set up a direct debit schedule in line with your payday – the amount you need to repay and when you receive your monthly payments are important here.


When you have your loan approved by the lender, you can set up a direct debit schedule for your payday with your lender. Most lenders give you the options for how and when you pay back your loan, as long as you pay your repayments on time. However, the most important thing to keep in mind is to pay your loan repayments to your lenders on time. The amount and when your loans are due are important, so make sure you keep that in mind.

One of our main goals is to make sure that you make your payments on time to our lenders. The lender will ensure you are fully informed and can track due dates for payments. The lender, once you are approved will outline all the information you will need including dates you need to make your payments and guide you through every step along the way.

Please be aware that there are regulations over the payments of loans. If you do not pay your loans on time, you might have to incur extra costs or have defaults on your credit scores. These regulations are made to make sure that you make your payments on time. We believe you can complete the payment on the time you have set and we take that seriously. So, please make your payments on time, as the date you and your lender have decided.

For more information, you can contact us directly by filling out the contact us form online via our mobile-friendly website or by sending us an email. Our team at CashPal will be more than happy to help you with consultations and solutions for your financial problems

 

What interest, fees or charges are there with a payday loan?

There is a common misconception that loans from small lenders are full of lots of different fees that you have to keep track of. In fact, the costs offered by our partner lenders are quite straightforward. All of the specific costs of your loan will be outlined in your loan contract:

Small Amount Credit Contract (loans from $500 to $2000), costs are:

  • Establishment fee: 20% of loan principal.
  • Flat monthly fee: 4% of loan principal.
  • Direct debit dishonor fee in the event of a missed payment.

Medium Amount Credit Contract (loans from $2001 to $4600), costs are:

  • Establishment fee: $400 flat fee.
  • Annual Percentage Rate: 48%.
  • Must be secured by a vehicle (car, boat, caravan or motorbike)
  • Direct debit dishonor fee in the event of a missed payment.

Large Amount Credit Contract (loans from $5,000 to $15,000), costs are:

  • Annual Percentage Rate: 21.24%
  • Must be secured by a vehicle (car, boat, caravan or motorbike)
  • Direct debit dishonor fee in the event of a missed payment.

 

What happens if my payday loan payments bounce?

If you don’t make a repayment, a dishonour fee is added to the balance of your loan. You should be able to find these fees outlined in your contract. Make sure you thoroughly read this document so that you know exactly what all the relevant fees are from the outset. If you think there’s a chance that you’ll miss a repayment, or if you’re going to be paid late at all during your repayment period, make sure you let your lender know as soon as possible. If you do not make a repayment, generally a dishonour fee will be added to the balance of your loan. We encourage you to make repayments to your lender on time before any further actions will be taken. We advise you to thoroughly read the contract you have agreed upon with your lender so that you know exactly the costs and fees associated with the loan.

However, if you think you might not be able to make the repayments on time because your circumstances suddenly changed, contact your lender as soon as possible to find out if you are eligible to apply for Financial Hardship. We advise you to do this as soon as possible before your lender is forced to take any action towards this matter. Our lenders are generous and understanding; they will look to help you in the best way possible.

 

What happens if I stop making repayments on my payday loan?

If you stop making your repayments, you run the risk of having your default listed on your credit file. This could have a severe effect on your credit history and stay there for up to 5 years. Your account could be passed on to an external debt collection agency – a final step for lenders. If your circumstances suddenly change, contact your lender to find out if you could apply for Financial Hardship.

Please make sure that you complete your repayments on time as you have agreed upon with your lenders. If you stop making repayments, you will run the risk of having a default listed on your credit records, which will be a consideration when you are applying for another loan. This could potentially have a severe effect on your credit history and will stay on your credit history for up to 5 years, which is definitely not a short amount of time. Your account will be potentially passed on to an external debt collection agency, which is the last resort for lenders.

We encourage you to make the repayments on time as you have agreed with your lender. However, if you think you might not be able to make the repayments on time because your circumstances suddenly changed, contact your lender as soon as possible to find out if you are eligible to apply for Financial Hardship. We advise you to do this as soon as possible before your lender is forced to take any action towards this matter.

CashPal is determined to help you and make sure that you make your repayments on time. No matter what your financial issues are, we are here to help you find the perfect lender who will only approve you if they believe after assessing your application that you have the ability to pay back your loan. You can count on us to give you the best lender-finding service in Australia! Feel free to contact CashPal at any time by filling out the contact us form online or send an email to us.

What is Financial Hardship?

If you have a sudden change in circumstances and are unable to meet your financial commitments like bills, expenses and loan repayments, make sure you advise your loan provider.

If you are finding it hard to manage your finances, consult with an accredited financial adviser or visit www.moneysmart.gov.au.

Financial Hardship occurs when a person is facing difficulty paying repayments of your loans and therefore cannot pay on time. Financial Hardship often occurs because of two main reasons. The first reason could be that a change of circumstances occurred after you received a loan, in which at first you could originally afford. The other reason is that you could not afford to repay the loan when you first obtained it.

If you are facing a sudden change in circumstances and are unable to meet your financial commitments, including bills and loans, you should contact your lender as soon as possible and they will discuss with you what to do next. You have certain rights if your loan is covered by the credit law. However, if you are facing the latter reason, you should get legal financial advice immediately.

You can apply for Financial Hardship to your lender if you are facing a sudden change in circumstances. However, there are a few things worth considering when applying for Financial Hardship. You should be as sensible and reasonable as possible with your request. You should know what you can and cannot afford and commit to. The important thing is to not commit to any repayments that you cannot afford.

 

Can I get more than one payday loan at a time?

This will depend on your circumstances and the lender. If you apply with our lender-finding service, we’ll do our best to find a lender for you. Alternatively, you can contact your current loan provider directly to see what options you have available. CashPal cannot determine if you can get more than one loan at a time. Whether or not you are able to get more than one loan at a time, will be determined by the lender and your circumstances. What we mean by “your circumstances” is that you must be in the financial position where you will be able to pay your loans on time to be able to apply for more than one loan at a time.

Furthermore, you need to get approval from your lender to get more than one loan at a time. Our lenders are always willing to help you get the best deal possible. If the deal between you and the lender is suitable, you can go on and make another loan. However, if not, we’ll try to find you another lender who will suit your needs. CashPal wants to help you with whatever financial problem you are facing and help you ease the burden by matching up the right lender when you need more than one loan at a time. We are here to help you by connecting you with our team of terrific lenders.

If you are looking to get more than one loan at a time, CashPal is determined to help you find and meet the right lender that will give you exactly what you need. You can use our lender-finding service to help you find the perfect lender for you. Alternatively, you can contact your loan provider to see what options are available for you. If your lender agrees and your circumstances are right, then you are more than eligible to get more than one loan at a time.

 

Can I apply for a payday loan if I am bankrupt?

If you are in a current or undischarged bankruptcy, we will not automatically count you out. Apply using the form above and we’ll see if we can find a lender for you. If you are facing current or undischarged bankruptcy, we will not automatically count you out of our services. We understand that times are rough, and circumstances right now are not the most supportive, which is why we are determined to do our best to help you find the right lender who might be able to help you with your financial issues. We’ve all been through a low point in our lives, but sometimes all we need is just a little boost to start things off. We believe that everyone needs and deserves help, especially if they are facing bankruptcy. We believe that by helping you get the cash loan you need; you can kick things off to lead to a better life.

CashPal is a lender-finding service that is available in Australia to help you find the right lender for you to borrow money from. Our lenders are generous and understanding; they are determined to help you in any way they could and in the most sensible way possible. Even when you are facing current or undischarged bankruptcy, we are determined to help you as best as possible by finding lenders who might be able to help you. As long as you fulfil the eligibility requirements that we have, you can apply for our services. We won’t just leave you out there stranded without any help. We encourage you to be open with us and our lenders, as we are here to help you by understanding the whole scope of the situation, before deciding an outcome to your loan application.

What are SACCs, MACCs and LACCs?

A SACC loan is a government-regulated Small Amount Credit Contract governed under the National Consumer Credit Protection Act (2009). Their repayment terms vary from 16 days to 1 year, up to $2,000.

A MACC loan is also a government-regulated product under the National Consumer Credit Protection Act (2009). A MACC loan is a Medium Amount Credit Contract. MACC loan terms range up to 2 years for $2,001 to $4,600. Our lender partners typically only offer Secured MACCs where you offer security in the form of a car, motorbike, boat or caravan whilst the loan is being repaid.

Finally, a LACC loan (also a government-regulated product under the National Consumer Credit Protection ACT (2009)) is a Large Amount Credit Contract. LACC loan terms range up to 2 years for $2,001 to $4,600. Our lender partners typically only offer Secured MACCs where you offer security in the form of a car, motorbike, boat or caravan whilst the loan is being repaid.

What happens if I have a complaint?

We’re not happy if you’re not happy. If you have had a less than satisfactory experience using our service, please let us know. You can contact us using the form on our contact page.

We will get in touch with you quickly to see if we can resolve the issue. If you are still not satisfied with the outcome you can contact the Credit Ombudsmen Service Limited for an independent review.

You can contact the Credit Ombudsmen Service on 1800 138 422 or visit www.cio.com.au for more information.

 

What do I need to do to apply for a payday loan?

If we find a lender for you and they approve your payday loan application, your primary responsibility is to ensure that you have sufficient funds in your account on withdrawal dates so that you can make your repayments. These dates can be set up in line with your pay and will be outlined in your loan contract.

If there will be insufficient funds in your account, get in touch with your lender quickly so you can potentially avoid further fees and charges.

As a borrower, CashPal lender finding service is simple, you just need to tell us what your requirements are for you to give loan, what type of loans are you after and how long you wish to repay your loan back. After we have all that information required through our online application process, including confirming your identity and application, then you are good to go. Let us do our job by finding you the right lender, connecting you with lender is what Cash Pal does. After connecting you with them and once approved, the lender will contact you and issue you a contract to ensure you are happy with the terms.

Our simple and easy to use online application form will guide you through all the information Cash Pal require to find a suitable lender. Once the lender contacts you, they may or may not require additional information. All applications are unique and our lenders will ensure they have all the necessary information before they require.