Payday loans in Australia A payday loan, also called a small amount credit contract (SACC), lets you borrow up to $2,000 for a period of 16 days to 12 months. The interest rate is replaced by a fee structure capped by law: Establishment fee: up to 20% of the amount borrowed Monthly fee: up to 4% of
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A payday loan, also called a small amount credit contract (SACC), lets you borrow up to $2,000 for a period of 16 days to 12 months. The interest rate is replaced by a fee structure capped by law:
For a $1,000 loan over 6 months, this means $200 upfront plus $40 per month, totalling $440 in fees on top of the principal. That is expensive. Use a payday loan only when no cheaper option is available.
Typically people who need cash quickly, have a poor credit history and cannot access a bank loan, or are on Centrelink and need funds before their next payment arrives. Many lenders in this space process applications within hours and transfer funds on the same business day.
Australian payday lenders must hold an Australian Credit Licence and comply with the National Consumer Credit Protection Act. They cannot lend to someone who cannot repay, and they cannot charge more than the capped fees. Still, the effective annual cost of a short-term payday loan can exceed 200%.
Before applying, check NILS (No Interest Loan Scheme) for up to $1,500 at no cost, or a Centrelink advance if you receive payments. For amounts over $2,000, a medium amount credit contract (MACC) or a regular personal loan is usually cheaper.
