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Emergency Payday Loans

Almost everybody has to deal with a crisis now and then. Luckily, almost everyone can get a payday loan. Here’s how.

Written by 
Savvy Editorial Team
Savvy's content writing team are professionals with a wide and diverse range of industry experience and topic knowledge. We write across a broad spectrum of finance-related topics to provide our readers with informative resources to help them learn more about a certain area or enable them to decide on which product is best for their needs with careful comparison. Meet the team behind the operation here. Visit our authors page to meet Savvy's expert writing team, committed to delivering informative and engaging content to help you make informed financial decisions.
Our authors
, updated on September 12th, 2023       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

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Paid in 60 mins if approved*
Written by 
Savvy Editorial Team
Savvy's content writing team are professionals with a wide and diverse range of industry experience and topic knowledge. We write across a broad spectrum of finance-related topics to provide our readers with informative resources to help them learn more about a certain area or enable them to decide on which product is best for their needs with careful comparison. Meet the team behind the operation here. Visit our authors page to meet Savvy's expert writing team, committed to delivering informative and engaging content to help you make informed financial decisions.
Our authors
, updated on September 12th, 2023       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

One of the very few things in life that’s certain is you can’t predict everything. No matter how well you organise your finances, now and again, something comes along you can’t afford. When you’re having one of those weeks, it’s good to know about emergency payday loans. If you suddenly need to cope with a situation you just weren’t expecting – they provide an excellent method to spread cost or just make ends meet until you get paid.

Payday loans were made for that day when everything happens all at once

Fate throws up some pretty hectic days here and there. It’s weird how often everything goes wrong at the same time. That morning you wake up to a broken coffee machine, and then the dog gets bitten by a snake. Sod’s law that the car breaks down on the way to the vets too! Life just has a way of keeping us on our toes, and it doesn’t worry if that’s inconvenient.

When you do have one of those days or weeks, having financial options helps. It doesn’t always make sense to disrupt your savings to deal with disasters. Sometimes, spreading the cost over a few pay cycles is all you need. Emergency payday loans are made to deal with the unpredictable. They’re quick to apply for and easy to repay. Many payday loans are unsecured, which means you can use them to meet any unexpected expense – or even several all at once. Emergency payday loans let you borrow amounts between $2,050 and $5,000. You can repay as soon as just 16 days or spread the cost of repayments up to two years.

How come payday loans offer fast access to cash?

The keys to fast lending are accessibility and making use of the latest technologies. Online payday loan lenders in Australia make it easy to apply. All you need to solve a problem is an internet connection and a computer or smartphone. Guidelines for qualification are straightforward; providers prioritise lending to borrowers who can afford repayments – so, applications get processed lightning-fast.

Thousands of Australians every month find that convenience priceless when they need funds to address an emergency. In fact, many borrowers wake up in the morning to inconvenience and crisis – and manage to get the situation resolved by lunchtime, with the help of a short-term online loan.

Who’s eligible for an emergency payday loan, and what do I need to apply?

As long as you’re an Australian resident or citizen, have a regular form of income, and you’re over eighteen, you can apply. You won’t need to upload many documents at all, and can submit everything you need via the lender’s website. Providers even offer secure third-party software that allows you to grant access to bank statements online.

If you get partway through the application and can’t find a document or answer to a question – you’re free to save your progress and return to it when you want to carry on. Knowing what documents your lender will require helps speed up the process in an emergency. Most payday loan providers will ask you to supply the following:

  • Proof of ID – you can use a driving licence if it’s in your wallet. If not, a passport or government-issued ID card will do
  • Proof of address – If you’ve got a utility or mobile phone bill to hand – you’re done
  • Three months worth of bank statements – so the lender can see your regular income and expenses
  • Recent payslips – The lender will ask for a few recent payslips if you’re employed
  • Centrelink Income Statement – If you receive part or all of your income from benefits, your loan provider will ask you to send this through. You can get a copy quickly online by linking your MyGov and Centrelink accounts
  • Your Medicare card or number

Emergency Payday Loans: Apply once – but check everything twice

When you have an emergency to attend to, the last thing you need is delays. The best way to ensure your payday loan application goes as quickly as possible is to try and include everything your lender asks for.

  • If you have a couple of different sources of income – perhaps from multiple jobs or rental properties – tell the lender, because it won’t always be apparent from your bank statements
  • The same applies to debits on your account – if they’re not clear, explain what they are to avoid delays
  • Before you hit send under pressure, make sure you read through the application a couple of times. Your lender will have to call or email to chase up missing or incorrect answers

Six good reasons a payday loan makes perfect sense in a crisis

Emergencies are all about the drama, but solving them certainly doesn’t have to be. Keeping a cool head in a crisis is easier when you know you’ve got great backup – and payday loan lenders look to provide precisely that:

  • Payday loans are rapid to arrange. You can search for lenders, apply, upload documents, and receive funds online
  • Fixed payday loan fees make borrowing short-term affordable, and it’s super easy to budget for repayments
  • With payday loans, you get your cash as soon as you get approved – which helps when the roof is leaking, you have an aching tooth, or the washing machine breaks down
  • Spreading the cost of emergency repairs is easier to manage when you can arrange repayments to fit your pay cycle – just schedule everything when you apply
  • They say things happen in threes. You can use a payday loan to cover two or more problems at the same time – which is great when everything goes wrong all at once
  • The self-employed, unemployed, those on benefits, and the retired can all apply for a payday loan – disaster doesn’t discriminate, and neither do payday loan lenders

How soon can I receive the money?

The qualification requirements for cash loans are straightforward for lenders to assess – based on your documents. That means you’ll get an answer in a very short time, and many loan approvals happen on the same day as an application. When your loan gets approved, the lender will send an agreement. When you’ve read that, you can sign it digitally and send it straight back. You’ll then receive funds electronically without delay. The process is quick – from start to finish.

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Disclaimer:

The information on this website is of general nature and does not take into consideration your objectives, financial situation or needs.

For loans between $2,050 and $5,000, the APR is between 21.24% (minimum) and 48% (maximum) per annum. Comparison rate of 65.4962%. Minimum term is 16 days and maximum term is 24 months. The cost of the loan is a $400 establishment fee and monthly interest charged on the amount borrowed. For example, a loan of $3,000 over 3 months with an APR of 48%, (comparison rate of 65.4962%), will have an establishment fee of $400, monthly repayments of $1,225.20. Total repayments of $3,675.60 and total interest payment of $275.60.

Warning: A comparison rate indicates the true cost of a loan. Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.

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