Payday Loans Weekend Payout Australia

Urgent weekend costs popped up? Get a payday loan with Savvy.

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Last updated on July 26th, 2022 at 10:12 am by Kurtis Eichler

Can I get a weekend payout on a payday loan in Australia?

Weekends are the perfect time to unwind for most but from time to time, unexpected emergencies can pop up. Whether your car breaks down or you need some urgent home maintenance and you’re strapped for cash, Savvy can help you get a payday loan with a weekend payout to help you cover your plans.

We’re partnered with Australian lenders who can have you approved and funded on a Saturday or Sunday. Our 100% online application process means you can cover those urgent costs in a flash. Apply with Savvy today and have your expenses covered before you know it.

Can I get a weekend payout on a payday loan in Australia?

Yes – there are short-term lenders in Australia who offer loans with weekend payouts. These lenders allow you to apply, be approved and get your money paid out all on either a Saturday or Sunday. However, not all lenders trade on the weekend. Many financiers will let you apply 24/7 and offer instant outcomes on loans, but can only formally approve applications and release funds on weekdays, which align with their opening hours.

Weekend payouts could also ultimately depend on your bank as to whether your money hits your account when you need it. Banks in Australia have different transfer speeds and cut-off times, with some not processing payments deposited on weekends or public holidays until the next business day. In these cases, you may not receive your weekend loan funds.

If you’re in need of some emergency cash on the weekend, you can rest assured your funds will be available for you to use when you need them, or very soon after on the off-chance there is a delay.

How much can I borrow with a payday loan?

You can apply 24/7 to borrow between $300 and $5,000 with a weekend loan, which come with repayment terms up to two years. However, lenders will assess your borrowing power to determine how much you can comfortably afford to repay. When they do so, they look at a number of different factors which can shape the size of the loan you’re approved for, including:

  • How much you’re earning
  • Stability of income/employment
  • Your regular expenses
  • Whether you have any recent defaults or other outstanding loans

While it pays to be earning a steady wage when applying for a loan, it’s not the only form of income direct lenders will accept. Investment income, wages drawn from superannuation and fixed Centrelink benefits can all be factored in, potentially boosting your borrowing power.

It’s handy to have a clear idea of what you can comfortably afford to repay weekly, fortnightly and monthly, as this will help you avoid overreaching and having your application denied or experience delays in the process.

How much money you borrow will also determine how long you can take to repay your loan. Loans up to $2,000 can be repaid over between 16 days to one year, while larger loans have maximum term lengths of two years.

How much will my payday loan cost?

The size of your loan and the period over which you choose to repay it will determine how much your instant payday loan costs you in fees. These loans come with an establishment fee and ongoing monthly fees, which are outlined clearly in your loan contract.

The establishment fee on loans up to $2,000 are calculated at 20% of your amount, while larger loans come with a flat fee of $400. Monthly fees on loans up to $2,000 are calculated at 4%, while loans up to $5,000 have their fees capped at 48% over the course of a year.

Repaying your loan over a shorter term can save you money on monthly fees. Savvy’s easy-to-follow table shows how much you can save on a $4,000 loan by choosing a 12-month loan term:

Term options Establishment fee Monthly fee Monthly repayment Total cost Total saving
24 months
1 x $400
24 x $160
$343
$8,240
N/A
18 months
1 x $400
18 x $160
$404
$7,280
$960
15 months
1 x $400
15 x $160
$453
$6,800
$1,440
12 months
1 x $400
12 x $160
$526
$6,320
$1,920

Common payday loan questions

How do I qualify for a payday loan with a weekend payout?

To apply for loans deposited on weekends, you must meet the following criteria:

  • Age: At least 18 years old
  • Residence: A permanent Australian resident or citizen
  • Income: Earning a consistent, stable income
  • Online banking: Access to 90 days of bank statements through your financial institution’s online banking portal
  • Contacts: An active mobile number and email address
What can I spend my payday loan on?

Whether you need to pay for your beloved pet to see a vet or get some urgent maintenance done to your car, payday loans can cover a range of emergencies. Some of the ways you can use your loan include:

  • Medical procedures
  • Vehicle or home repairs
  • Child expenses
  • Rental arrears or bonds
  • Moving costs
Can I apply for a payday loan if I receive Centrelink benefits?

Yes – fixed Centrelink payments can be used towards your loan, even if they’re your sole form of income. Temporary bridging measures such as JobSeeker and Youth Allowance can’t be factored towards your loan if they form part or all of your earnings (although JobSeeker can be counted as a low income supplement). Eligible payments include:

  • Government pensions (aged, disability and veterans)
  • Carers payments
  • Single parent payments
  • Child care subsidies
  • Family Tax Benefit Part A and B
Can I take out multiple payday loans?

No – lenders won’t rubber-stamp your loan application if you’re still repaying a similar type of loan. Those paying one or more payday loans are seen as a greater risk of defaulting. If you’re in a position to do so, repaying your debts on time and in full can help you get further loan approval.

Can I repay my payday loan early?

Yes – you can repay your loan before the end of your term without incurring additional fees. In fact, making extra repayments on your loan is a good way of saving money on fees.