Payday Loans Australia
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Payday loans are small, short-term loans that cover a bill or emergency when your next pay is still days away. With MoneyBuddy you can borrow $500 to $2,000 as a small payday loan, or up to $5,000 if you need longer to repay, with every fee shown before you sign.
We make every credit decision ourselves, we consider bad credit, and approved loans are paid out seven days a week. This page walks through what payday loans cost, how we assess you, how fast the money lands and the cheaper options worth checking first.
What Are Payday Loans?
A payday loan is a small amount loan of up to $2,000 that you repay over 16 days to one year. Instead of interest, the lender charges an establishment fee and a monthly fee, and the law caps both.
Most people use one to cover a single expense that can't wait for payday, like a car repair, a vet bill or an overdue electricity account. Repayments come out of your bank account on the days you get paid, so they line up with your pay cycle.
You apply online, we check your income, expenses and credit file, and we tell you whether we can lend and how much. If you accept, you sign the contract online and the money goes straight to your bank account.
Your repayments are fixed from day one. You'll see the total you'll repay, in dollars, before you sign anything.
A payday loan is a loan from a licensed lender, assessed on your whole financial situation and repaid over weeks or months. A wage advance is built for a smaller, shorter gap, where you get part of your pay early and repay it from your next pay.
If you need a few hundred dollars for a week or two, a wage advance is usually the simpler fit. If you need more, or more time to pay it back, a payday loan is the better match.
How Much Do Payday Loans Cost?
Licensed lenders can't charge interest on payday loans under $2,000, but they can charge an establishment fee of up to 20 per cent of the amount borrowed and a monthly fee of up to 4 per cent. Those are legal maximums, and they're what our Buddy Boost loan charges.
That makes a payday loan an expensive way to borrow, so it pays to see the full cost in dollars. The loan snapshot further down this page shows worked examples for both of our loans.
Buddy Boost is our small payday loan. On a $1,000 loan over four months you pay a $200 establishment fee and $40 a month, so you repay $1,360 in total.
By law, your repayments on a small amount loan can't be more than 10 per cent of your after-tax income. That works out to no more than $10 in repayments for every $100 you earn.
Above $2,000 the rules change, and the loan becomes a medium amount loan with an interest rate instead of monthly fees. Buddy Plus charges a $400 establishment fee and 47.80 per cent a year, and you can spread it over up to two years.
A longer term means smaller repayments, but you'll pay more in interest overall. Pick the shortest term you can comfortably afford.
Talk to us before the due date if you can see a repayment coming that you can't make. We can often move a date or change the plan, which costs you far less than a missed payment.
A missed repayment can add default fees, although the law caps everything you can be charged on a small amount loan at double the amount you borrowed. It can also be reported on your credit file, which is another reason to call early.
Can You Get Payday Loans With Bad Credit?
Yes, bad credit doesn't automatically rule you out with MoneyBuddy. We look at where your finances are now, not just at what's on your credit file from a few years ago.
A default from 2022 matters less to us than whether your income today covers your bills and the new repayments. Plenty of people who were turned away by a bank have been approved with us, and plenty of people with clean files are declined because the loan wouldn't fit their budget.
Australian credit law requires licensed lenders to lend responsibly, which means checking that you can afford the repayments. A credit check is part of how we do that, and a lender that promises to skip every check isn't telling you the whole story.
The check is there to stop you being given a loan you can't repay. If repayments would leave you short on rent or food, we won't lend, even if your credit score is fine.
- Your regular income and how often you're paid.
- Your rent, bills and other everyday living costs.
- Any loans or buy now pay later plans you're already repaying.
- Your recent bank statements, which show how money actually moves through your account.
- Your credit file, including any defaults and how recent they are.
If you've been declined elsewhere, our bad credit loans page explains how we weigh an older default against your situation today.
Will a Payday Loan Affect Your Credit Score?
Applying for a payday loan adds a credit enquiry to your credit file, and the loan itself is listed while you repay it. How you repay matters far more than the enquiry, because on-time repayments can help your file and missed ones can hurt it.
Enquiries stay on your credit report for five years, so applying with lots of lenders at once can make your file look stretched. It's better to apply once, with a lender that shows you the full cost first.
| What's recorded | How long it stays |
|---|---|
| Credit enquiry (each application) | 5 years |
| Repayment history | 2 years |
| Default | 5 years |
| Financial hardship arrangement | 1 year |
Source: Office of the Australian Information Commissioner (OAIC), October 2026.
A repayment counts as missed on your credit report once it's more than 14 days late. A default can only be listed when at least $150 has been overdue for 60 days or more and you've been sent a written notice.
Paying on time every week builds a clean repayment history that future lenders can see. If you're struggling, a hardship arrangement is recorded for just one year, which is far kinder to your file than a default.
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How to Apply for Payday Loans Online
The application takes about five minutes on your phone, and there's no branch to visit or paperwork to post. You'll know whether we can lend before you commit to anything.
- To be 18 or older and an Australian citizen or resident.
- A regular income, from a job or self-employment.
- Photo ID, such as a driver licence or passport.
- An Australian bank account for the money and the repayments.
- Your mobile number and email address.
- Tell us how much you need, along with your income and expenses, and we may ask to see recent bank statements.
- We assess your application and come back with a decision, usually within minutes.
- If you're approved and happy with the offer, you sign the contract online and we send the money.
We pay out approved loans seven days a week, weekends included. If your bank supports fast payments, the money usually lands soon after you sign.
If your bank doesn't support fast payments, the transfer may show up on the next business day instead. For long weekends, our public holiday payday loans page covers how payouts work on public holidays.
Payday Loans Compared With Other Ways to Borrow
A payday loan is one of several ways to cover a short-term gap, and each option suits a different situation. The right fit depends on how much you need, how fast you need it and how your credit file looks.
| Option | Best for | Watch out for |
|---|---|---|
| Payday loan | $500 to $2,000 for an urgent cost, paid out the same day | High fees for the amount borrowed |
| Credit card cash advance | People who already have a card with room on it | Interest usually starts straight away, often with a cash advance fee |
| Buy now pay later | Spreading the cost of something you're buying in a store or online | Can't be used for cash, rent or most bills, and late fees apply |
| Personal loan | Larger amounts with a good credit file and time to wait | Slower approval and usually a higher minimum amount |
| Wage advance | A small gap of a week or two | Lower amounts, repaid in full from your next pay |
If you have a good credit file and can wait a few days, a personal loan usually costs less over time. When the bill is due today and the amount is small, a payday loan or wage advance is often the quicker route.
Is a Payday Loan Right for You?
A payday loan makes sense when you have one urgent cost, a steady income to repay it from and no cheaper option that works in time. It's a poor fit for covering everyday living costs month after month, because the fees stack up fast.
Before you apply, check the total you'll repay against your next few pays. If the numbers only work by skipping another bill, it's worth looking at the options below first.
| Option | What it costs |
|---|---|
| Payment plan with the biller | Usually nothing. Most energy, phone and water companies run hardship programs. |
| No Interest Loan (NILS) | No interest or fees. For essentials, if you earn under $70,000 (single) or $100,000 (with a partner or children), or hold a Health Care or Pension Card. |
| Free financial counselling | Free. The National Debt Helpline can negotiate with creditors for you. |
Source: ASIC Moneysmart, October 2026.
Call us as soon as you think you'll struggle, because hardship arrangements work best when they start early. We can look at pausing or reducing repayments, or moving your payment dates.
The free National Debt Helpline on 1800 007 007 puts you through to a financial counsellor in your state. It's independent, confidential and costs nothing.
If you're unhappy with how we've handled a problem, tell us first so we can fix it. If we can't, you can take it to the Australian Financial Complaints Authority (AFCA), which is free and independent.
Payday Loans From an Australian Lender That Decides Itself
MoneyBuddy is an Australian lender holding Australian Credit Licence 567039, and every credit decision is made by us rather than passed on to someone else. You deal with one team from application to final repayment.
If you need a little more breathing room for a surprise bill, our emergency loans page covers the costs that can't wait. If a payday loan still makes sense after reading this, apply above and we'll show you the full cost before you sign.
Your MoneyBuddy Loan Snapshot
Borrow Between
$500 To $5,000
No Hidden Fees
Payout Early For Discount
Flexibility
Smart, Flexible Payment Solutions
Buddy Boost
Loan amount: $500 - $2,000
Term length: 5 weeks to 6 months
Fees: 20% establishment + 4% monthly
Example
- Term
- 4 months
- Loan Amount
- $1,000
- Establishment Fee
- $200
- Total monthly fees
- $160
- Total repayable
- $1,360
- Repayment
- $80.01/week
Buddy Plus
Loan amount: $2,000 - $5,000
Term length: 9 weeks to 2 years
Fees & interest: $400 establishment + 47.80% p.a. (comparison rate 63.29% p.a.)
Example
- Term
- 6 months
- Loan Amount
- $2,500
- Establishment Fee
- $400
- Total interest
- $377.29
- Total repayable
- $3,277.29
- Repayment
- $125.87/week
The comparison rate is based on an unsecured $2,500 loan repaid weekly over 6 months.
WARNING: This comparison rate applies only to the examples provided and may not reflect all fees and charges. Actual rates may vary depending on your loan amount, term, and circumstances.
Examples assume repayments are made on time in line with your loan agreement. Additional charges may apply if payments are missed or delayed.
FAQs About Payday Loans
Everything you need to know about borrowing with MoneyBuddy.
You apply online in about five minutes, MoneyBuddy checks your income, expenses and credit file, and we tell you how much we can lend and what it will cost in total. If you accept, you sign online, the money goes to your bank account, and repayments come out on your paydays.
Not from a licensed lender. MoneyBuddy checks your credit file as part of lending responsibly, but we look at your whole situation today, so an old default doesn't automatically mean no.
Most MoneyBuddy applications get a decision within minutes. Once you sign, we pay out seven days a week, and the money usually lands soon after if your bank supports fast payments, or on the next business day if it doesn't.
A MoneyBuddy Buddy Boost loan of $500 to $2,000 has a 20 per cent establishment fee and a 4 per cent monthly fee, so $1,000 over four months costs $1,360 in total. Loans from $2,000 to $5,000 have a $400 establishment fee and 47.80 per cent interest a year (comparison rate 63.29 per cent).
Most MoneyBuddy customers use a payday loan for one cost that can't wait, like a car repair, a vet or dental bill, an overdue utility account or a rental bond. It works best for a single urgent expense you can repay from your next few pays, not for everyday living costs.
MoneyBuddy looks at every loan and buy now pay later plan you're already repaying before we decide. If another set of repayments would stretch your budget too far, we won't lend, because that's how people end up borrowing to repay borrowing.
Call the MoneyBuddy team on 1800 462 691 during business hours, or email contact@yourmoneybuddy.com.au and we'll get back to you. If you're worried about a repayment, get in touch before it's due so we can help.
MoneyBuddy is an Australian lender that makes every credit decision itself, shows the full cost in dollars before you sign, and pays out seven days a week. We'd also rather tell you about a cheaper option than lend you money that doesn't fit your budget.