Gday Loans Review

Find out about Gday Loans' loan offerings, as well as their fees and terms, with Savvy today.

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, updated on February 12th, 2024       

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Gday Loans is a financial broker based in Fortitude Valley, Brisbane which offers small loans, as well as larger personal loans, through its panel of lenders. Before making any decisions with Gday Loans, knowing how its finance products work, as well as the fees and terms is crucial. Fortunately, you can explore these details with Savvy. Dive into our review of its products and learn about the other options which may be open to you with us today!

Rates and product information are correct as of 12 February, 2024.

Gday Loans Review

How do Gday Loans' small loans work?

Through Gday Loans, borrowers have access to loans ranging from $300 to $2,000, with repayment terms extending from three to 12 monhts. These loans fall under the Small Amount Credit Contract (SACC) category, subject to specific regulations governing fee structures.

Additionally, Gday Loans offers Medium Amount Credit Contract (MACC) loans starting at $2,001 and capped at $5,000 and personal loans from $5,001 to $10,000, each of which comes with available terms from 13 to 24 months. Borrowers have the flexibility to choose their repayment frequency (either weekly, fortnightly or monthly) without incurring additional charges for early repayments for either loan type.

The application process for Gday Loans is entirely online. Once you submit it, you can receive a swift decision from one of its lenders, and if approved, funds can be released and arrive in your account as soon as the same day.

What will the cost of a small loan through Gday Loans be?

Gday Loans provides small loans wih the following price breakdown:

Loans from $300 to $2,000:

  • Establishment fee: 20% of your loan amount
  • Monthly fee: 4% of your loan amount
  • Cost example: for a $1,000 small loan repaid monthly over three months, you would incur a $200 establishment fee and a $40 monthly fee, resulting in a total loan cost of $1,320.

Loans from $2,100 to $5,000:

  • Interest rate: up to 48% p.a.
  • Establishment fee: $400
  • Cost example: for a $3,000 small loan repaid monthly over 12 months, you would incur a $400 establishment fee and interest of $947, resulting in a total loan cost of $4,347.

Can I qualify for a small loan with Gday Loans if I have bad credit or receive Centrelink payments?

Gday Loans can consider applicants for funding even if they have a less-than-ideal credit score or receive Centrelink benefits. While their lenders do conduct credit checks in line with Australian responsible lending laws, the focus remains more on an applicant's current financial situation and various other factors to determine eligibility. In many cases, this means you may be able to get approved even if you have a bad credit score.

For those receiving Centrelink payments, Gday Loans stresses that criteria vary depending on the lender. However, it’s important to take away that you may be able to access the funds you need if you’re a single mother or veteran payment or age pension recipient, provided you satisfy your lender’s other requirements.

What are the potential alternatives to a small loan with Gday Loans?

An alternative option to taking out a loan through Gday Loans is applying for a small loan through Savvy. We’re partnered with a variety of Australian lenders to help streamline the process of securing the funds you require.

Here's the simple process of applying for a small loan through Savvy:

  1. Complete our straightforward application form, providing essential details such as your credit score, income, employment status, and desired loan amount, ranging from $2,050 to $5,000.
  2. Submit your application and receive an instant automated decision from one of our partnered lenders.
  3. Upon conditional approval, your application will be evaluated by your assigned lender, which may require additional documentation.
  4. Upon lender approval, you'll receive formal approval and loan documents outlining your loan terms, fees, repayment schedule, and other relevant information.
  5. After signing and returning the documents, your funds will be promptly deposited into your designated bank account. This may happen as soon as the same day you applied.
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We're here to help make life easier for you. With smooth online applications, instant outcomes and funding as soon as the same day, it's never been easier to access the funds you need than by applying through Savvy.


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.