Instant Payday Loans

The thing about needing a payday loan is you usually need it now. Here’s how to make sure your application goes smoothly.

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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$500
$50,000


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.

All of us experience some sort of financial crisis now and then. The important thing is to try and make the disruption as brief as possible – and instant payday loans can help with that. Shorter-term loans are available from online lenders – fast. Sometimes, we don’t have the luxury of hanging around when it comes to solving problems. Here’s how you can access an online lender as soon as you need one.

What are my options for instant payday loans?

Instant payday loans are available for sums between just $2,050 and up to $5,000 – so, you can cover a whole range of both planned and unexpected emergency expenses with one. Most payday loans are unsecured, meaning there aren’t any restrictions on how you use one.

  • Repayment periods run between 16 days and two years, so they’re very flexible. You get to choose the length of your repayment period – making them customisable to suit what you need and can afford. You can also schedule repayments and frequency to match the way you get paid.
  • Applications get processed quickly online. You can fill out all forms and agreements digitally, upload documents, and allow secure access to your bank statements – all without leaving your favourite armchair. Cash transfer is also high-speed – with many borrowers getting approved the same day as their application – and cash in the bank by sundown.
  • Lenders will consider your application, even if you receive some or all of your income via benefits – making them an excellent option for many people who wouldn’t be able to apply with a bank. If you’re part-time employed, you can still apply – and even if you receive age pension.

Why you shouldn’t have too much ongoing debt and how an instant payday loan can help with that?

Credit is by no means a bad thing, and most of us will fund purchases with loans, credit cards, or a mortgage at some points in our lives. It can make everyday items and expenses more affordable. Credit also gives us the option of managing our cash flow better – we can spread the cost of all sorts of things by using it. Good borrowing is responsible borrowing – and shorter-term credit is cheaper than longer-term. Making sure you pay back credit as quickly as you can afford is one of the best ways to borrow responsibly – and cheaply. Instant payday loans offer the option to pay back your loan rapidly, or over just a few months. You can also borrow a few hundred dollars or a few thousand.

Three things to do and not do when applying for an instant payday loan

Generally, if you need fast cash, you won’t want to hang around too long before you apply. It’s a great idea to get the process started as soon as you find a lender. That’s because you can save and return to an instant payday loan application at any time during the process – but it’s faster to get the ball rolling first.

  • Do: choose a lender that offers the ideal repayment options and loan amounts for you. There’s a massive choice of reputable, licenced online payday loan lenders. Make sure you can tailor the repayment schedule and period to suit what you can afford and your pay cycle.
  • Don’t: worry if your credit rating isn’t perfect. Payday loan lenders only use it to check your current payday loan borrowing and defaults. That car loan payment you missed a while back is unlikely to be a factor.
  • Do: borrow what you need but not excessively. Borrowing costs money, and it’s better to borrow a little and pay it back as quickly as you can than get a lot and spend ages paying it off. Make sure to weigh up your other financial commitments before you commit.
  • Don’t: use too many payday loans all at once or shop around by applying multiple times. Payday loan lenders may check your credit file for your existing payday loan borrowing. When you apply for any type of credit, providers also leave an impression on your credit report that stays for five years—having too many looks bad to lenders. Do your research before you apply and limit applications. If you need to cover a few different costs, consider taking out one loan to meet them all instead of several loans.
  • Do: take your time with the application form and include every answer you get asked for. If the lender asks something, it’s because they need to know in order to make a decision. Your application will ultimately go faster if you do that.
  • Don’t: forget to upload or grant access to any of the documents needed. Doing so will just slow down the process.

How quick is the application process for instant payday loans, and will I qualify?

Basic qualification requirements for an instant payday loan are very straightforward. You’ll need to be an Australian resident or citizen and over 18. In addition to that, you need to have some form of regular income – and that should have been ongoing for at least the last few months. Applying for an instant payday loan couldn’t be any quicker – you’re just a few short online steps away. The first step is just to get online – the rest is pretty easy:

  • You’ll need to fill out a simple lender form once you’ve chosen a loan provider. Everything is based online, so it’s straightforward
  • Next, just upload any documents your lender requires. The loan provider will use these to verify your identity, where you live, and your finances. It’s a good idea to have the following handy – your driving licence, a utility or phone bill, payslips if you work, a Centrelink Income Statement if you get any or all your income from benefits, and your Medicare card. The fastest way to get one of these is to link your MyGov and Centrelink online accounts and then download it.
  • Your lender will ask you for permission to view your bank statements online via a secure third-party app. They’ll use this to confirm your current expenses and income.
  • When everything is done, your lender will confirm loan approval by sending an agreement. Sign this digitally and return it.
  • Once your loan provider has reviewed the signed agreement, they’ll instantly transfer your funds to the bank account you nominated during your application.

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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.