Nick BendelNick BendelJun 26, 2018(1 min read)

Some lenders will assess $1,500 payday loan applications and then pay out funds within an hour.

However, each lender is different. Also, assessment times vary from borrower to borrower. Some $1,500 payday loan applications are simpler and can therefore be approved faster; others are more complicated and take longer.

Related FAQ's

How do I get a $500 payday loan?

The most common way to get a $500 payday loan is over the internet, although some lenders also take in-store applications. The application process may take as little as five minutes and, in some cases, your loan may be assessed and approved within the hour.

When you apply for a $500 payday loan, you will probably have to provide:

  • Name and address
  • Proof of identification
  • Income
  • Employment details

Are $500 payday loans dangerous?

Payday loans can be dangerous because they come with high fees, which could cause problems if you’re struggling with debt. On a $500 payday loan, the lender may charge an establishment fee of up to $100 and a monthly fee of up to $20.

That’s why you should look at a $500 payday loan as an option of last resort – something to consider only if you’ve explored all other options. If you do take out a $500 payday loan, you should have a plan to repay the loan and get out of debt.

How do $1,500 payday loans work?

A $1,500 payday loan is a loan that is likely to have a fast approval process and charge high fees. Depending on your circumstances, you might be able to receive the money within an hour.

However, if you want the lender to give you the money almost instantly, and without conducting an in-depth credit assessment, you’ll have to pay for the privilege. The lender can charge you a one-off establishment fee of up to 20 per cent (which would be $300 for a $1,500 payday loan) and a monthly account-keeping fee of up to 4 per cent (or $60). Payday lenders can only charge fees – not interest.

Can I get a $1,500 payday loan with bad credit?

Yes, it may be possible to get a $1,500 payday loan with bad credit. Some payday lenders give loans to people with bad credit histories if they believe the borrower has the capacity to repay the loan.

Under Australia’s responsible lending rules, lenders aren’t allowed to approve $1,500 payday loans if they don’t believe the borrower can make the repayments.

Where can I get a $1,000 payday loan?

Australia has several dozen lenders that offer $1,000 payday loans. These payday loan providers tend to be smaller, lesser-known non-bank lenders rather than well-known big banks. Generally, they’re online-only businesses, which means you’d have to apply for your $1,000 payday loan over the internet. However, there are some payday lenders that also allow in-store applications.

Should I take out a payday loan?

As a general rule, you should take out a payday loan only if there are no other options. That’s because payday loans are usually very expensive.

Payday lenders can’t charge interest – they can only charge fees. But the fees can be steep, so your borrowing costs might be equivalent to paying an interest rate of more than 500 per cent.

Should I take out a $1,000 payday loan?

As a general rule, you should think very carefully before you take out a $1,000 payday loan – and proceed only if you’ve explored all other options. That’s because payday loans generally have very high fees.

Before you take out a $1,000 payday loan, you might want to call the National Debt Hotline or investigate the No Interest Loan Scheme.