What's the interest on a $1,000 payday loan?

Nick Bendel

Nick Bendel

Jun 26, 2018( 1 min read )

Payday lenders aren’t allowed to charge interest on $1,000 payday loans (or any other payday loans). However, they are allowed to charge high fees, which may include:

  • An establishment fee of up to 20 per cent (or $200)
  • Monthly fees of up to 4 per cent (or $40)

Depending on the length of your loan, here is the maximum amount you would have to repay with a $1,000 payday loan:

  • 1 month = $1,240
  • 2 months = $1,280
  • 3 months = $1,320
  • 4 months = $1,360
  • 5 months = $1,400
  • 6 months = $1,440
  • 7 months = $1,480
  • 8 months = $1,520
  • 9 months = $1,560
  • 10 months = $1,600
  • 11 months = $1,640
  • 12 months = $1,680

Related FAQs

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.


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