Small Amount Loans

(Payday Loans)

Warning About PAYDAY LOANS Borrowing

WARNING - Do you really need a loan today?*

It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.

Check your options before you borrow:

  • For information about other options for managing bills and debts, call 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor.
  • Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan.
  • If you are on government benefits, ask if you can receive an advance from Centrelink (call 13 17 94)

The Australian Government’s MoneySmart website shows you how small amount loans work and suggests other options that may help you.

*This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009


  • Fast Personal Loans - $2,001 to $10,000
  • Online Car Loans from $5,000 to $25,000  (Dealer, Auctions, & Private sellers accepted)
  • Small Business Loans of $10,000 to $50,000 
  • Debt Consolidation Loans up to $10,000
Inquire Here


Medium Amount Loans up to $5,000 to $50,000

We’re different to a bank. We’re a marketplace lender (some people call these peer-to-peer or P2P lenders)… it’s a little like online dating for lending.

We find investors who are looking to get great returns and are proud that their investments are supporting real people. Then through our lending platform, we match the investors’ funds with good quality borrowers who are looking to get a better and fairer deal on a personal loan than they’d get from the big banks. Romantic right?


A payday loan, also called a small amount loan, lets you borrow up to $2,000. You have between 16 days and one year to pay it back.

For payday loan amounts up to $2,000, Australia has a FEE CAP of 24% per $100 borrowed, made up of a ...

  • 20% establishment fee, and a
  • 4% monthly fee.
  • NB: Other fees and charges may apply.

While it might look like a quick fix, a payday loan has a lot of fees. For example, to pay back a $2,000 payday loan over one year, your total repayments will be about $3,360 or 26 fortnighly payments of $129.23. That's $1,360 more than you borrowed.

MoneySmart Payday Loan Repayment Calculator - Click Here

There are cheaper ways to borrow money when you really need it. Get More Information from Moneysmart about Payday Loans - Click Here

Cheaper Options include (BUT not limited to):

What are the risks of payday loans?

  • Unaffordable repayments. Payday loans are an expensive way to borrow money and should only be used as a last resort. Check the size of each repayment and ensure you will be able to pay it on time. Unaffordable repayments can lead to late fees that will only make things worse.
  • High rates and fees. Rates and fees on payday loans are high but there are rules in place so be sure to check your lender is not charging you more than ASIC allows. Also, look at what you would be charged if you are late on a payment or if you default on the loan altogether.
  • Unreputable lenders. All Australian lenders should be accredited by ASIC. Check for a credit licence on the ASIC Register and ensure that the lender is easily contactable.
  • Impact on credit score. Every loan application shows up on credit reports. While lenders might not consider credit history, applying for lots of loans within a short period can have a negative impact on your credit score in the future.

PLEASE NOTE WELL: Prospective payday loan applicants should always compare all their options carefully and prior to - submitting any loan application!

They should also remember that while payday loans may seem convenient, they can be debt traps to people who are facing financial difficulties; and should not be taken out by anyone who is unsure as to whether or not they can comfortably meet the necessary repayments.

Are you struggling financially? SEEK HELP -

If you're struggling financially and would like to speak to someone for free financial advice, information, and assistance you can call the National Debt Helpline: 1800 007 007 (open from 9:30am to 4:30pm, Monday to Friday).

If you are suffering financial problems related to the coronavirus pandemic you may be eligible for additional support.

The COVID-19 crisis is having a big impact across the country as job uncertainty increases in Australia. If you've lost your job or you're worried about your finances, it can help to know that there are ways to find financial relief.

Many organisations are stepping up to help us Aussies get through the crisis and it's always worth making a call to see what your options are, call the National Debt Helpline: 1800 007 007 (open from 9:30am to 4:30pm, Monday to Friday).

Get More FREE INFORMATION About Financial Counselling Here!

Allan Pearson

Allan Pearson is the founder of RedCap Finance Brokers & RedCap Consulting.

Allan has been assisting clients with Real Estate & Finance solutions for over 30 years.