Perfect Payday Loan Review

Learn about Perfect Payday's payday loan solutions and their terms, fees and conditions, with Savvy today.

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, updated on February 12th, 2024       

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Perfect Payday is a Melbourne-based broker institution which specialises in providing small loans through its network of partnered lenders. Before choosing Perfect Payday, understanding its loan options, fees, terms, and more is vital. Luckily, you can explore these details with Savvy. Delve into our analysis of its available products and discover potential alternatives with us today!

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

Perfect Payday Loan Review

How do Perfect Payday's small loans work?

Through Perfect Payday, borrowers can access loans ranging from $300 to $2,000. These loans fall under the Small Amount Credit Contract (SACC) category, subject to specific regulations governing fee structures. Further to this, Perfect Payday offers Medium Amount Credit Contract (MACC) loans starting at $2,001 and capped at $5,000 and larger personal loans up to $10,000. Borrowers have the flexibility to choose their repayment frequency (either weekly, fortnightly or monthly) and won't incur additional charges for early repayments.

The application process for Perfect Payday is entirely online. Applicants are required to provide personal identification, contact details, bank information, and proof of regular income to qualify. Upon submission, you can receive a fast outcome and, if formally approved, funding as soon as the same day.

What will the cost of a small loan through Perfect Payday be?

Perfect Payday offers small loans with 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 $2,001 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 with 48% p.a. interest, 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 Perfect Payday if I have bad credit or receive Centrelink payments?

Perfect Payday’s lenders assess loan applications based on an applicant's current financial standing rather than solely relying on credit scores or Centrelink benefits. While they do conduct credit checks in accordance with Australian responsible lending laws, Perfect Payday considers various factors to determine eligibility. All of this means that you may still be able to get approved for a loan, even if your credit score isn’t the best.

In terms of Centrelink payments, requirements will also vary depending on the lender. However, as long as applicants meet the qualification criteria regarding minimum income, they can apply for a loan while receiving Centrelink payments. Many lenders require borrowers to be earning no more than 50% of their total income from benefits, meaning you may not be able to access funds with all lenders if you’re a single mother or receiving a veteran payment or age pension and are unemployed.

What are the potential alternatives to a small loan with Perfect Payday?

As an alternative to Perfect Payday, you can explore applying for a small loan through Savvy. Through our simple online process and trusted lending partners, we can help borrowers access the funds they need fast.

Follow these simple steps to apply for your small loan through Savvy today:

  1. Complete our application form, providing pertinent information such as your credit score, income, employment details, and preferred loan amount, which ranges from $2,050 to $5,000.
  2. Submit your application and promptly receive an instant automated decision from one of our partnered lenders.
  3. Upon conditional approval, your application will undergo assessment by your designated lender, which may necessitate additional documentation.
  4. Following lender approval, you'll be furnished with formal approval and loan documents delineating your loan terms, fees, repayment schedule, and other pertinent details.
  5. Upon signing and returning the documents, your funds will be swiftly transferred to your designated bank account. This can take place as soon as the same day you apply.
Apply now

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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.