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Learn more about personal loans

What is a $500 payday loan?

A $500 payday loan is a short-term loan that can be quickly approved and quickly paid out to you - but which comes with high fees.

Australians generally use $500 payday loans to cover pressing expenses, such as rent or an electricity bill.

What is a $500 bad credit payday loan?

A $500 bad credit payday loan is a short-term loan that is available to people with bad credit histories.

Lenders generally prefer to deal with borrowers who have good credit histories, because they’re considered to be more likely to repay the loan and therefore less of a risk. However, there are some lenders in Australia that will issue $500 payday loans to people with bad credit.

Who offers $500 payday loans?

If you want a $500 payday loan, you’ll have to speak to a smaller provider that you may not have heard of, rather than a well-known lender. Banks and credit unions generally avoid payday lending; instead, it’s done by smaller non-bank lenders, which are often online-only providers.

How do you take out a $500 payday loan?

The most common way to apply for a $500 payday loan is over the internet. Generally, the payday lender will want to gain an understanding of your identity and financial position, and so will ask for your name, date of birth, address, driver’s licence number, employment details and income.


How long does it take to get a $500 payday loan?

Depending on the lender, your $500 payday loan application may be assessed and paid out within minutes. However, depending on your bank, it might take a couple of business days before the money lands in your account.

How much will a $500 payday loan cost?

Payday lenders aren’t allowed to charge interest. Instead, they make money by charging fees - which are usually steep. These fees may include:

  • A one-off establishment fee of up to 20 per cent of the loan amount
  • A monthly account-keeping fee of up to 4 per cent of the loan amount
  • A government fee
  • A penalty fee if you default on the loan

What are the pros and cons of $500 payday loans?

$500 payday loans are a double-edged sword: they’re designed to quickly solve a problem - but at a high price.

If you need money in a hurry, a $500 payday loan might be suitable, given that your application could be assessed and authorised within minutes.

However, that quick money would come with high fees attached - so high that the cost of ‘buying’ the money might be equivalent to paying an annual interest rate of more than 700 per cent.

Repayment scenarios for a $500 payday loan

Here’s how much you’ve have to repay if you were charged the maximum 20 per cent establishment fee and maximum 4 per cent monthly fee:

  • 1-month loan term = $620
  • 2-month loan term = $640
  • 3-month loan term = $660
  • 4-month loan term = $680
  • 5-month loan term = $700
  • 6-month loan term = $720

Can you get a $500 payday loan if you're on Centrelink?

Some lenders will give you $500 payday loans if you’re on Centrelink benefits - even if you have bad credit.

However, you can’t assume that all payday lenders will be willing to issue loans to people on Centrelink benefits, because each lender has its own policies. Also, even when lenders are willing to lend to Centrelink recipients, they might only do business with select individuals based on their unique financial circumstances.

Can self-employed people get $500 payday loans?

Yes, some lenders are willing to give $500 payday loans to people who are self-employed. Typically, self-employed borrowers are regarded as riskier, because their income seems less reliable. However, there are some payday lenders that take a more open mind to self-employed borrowers and are willing to give them loans.

What are some alternatives to $500 payday loans?

There may be cheaper alternatives to $500 payday loans, including free financial counselling, the No Interest Loans Scheme. You might also want to speak to the National Debt Helpline.

Payday loans are an expensive way to solve a problem, so while a $500 payday loan might be suitable to some people in some circumstances, you should think carefully before proceeding.

Frequently asked questions

How are personal loans regulated?

Personal lenders in Australia are regulated by ASIC (the Australian Securities & Investments Commission) and must follow responsible lending rules. That means they can’t lend money without making “reasonable inquiries” about a borrower’s financial situation and ensuring the loan is “not unsuitable” for them.

What is a personal loan?

A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.

Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.

Can I get a personal loan if I receive Centrelink payments?

It is hard, but not impossible, to qualify for a personal loan if you receive Centrelink payments.

Some lenders won’t lend money to people who are on welfare. However, other lenders will simply consider Centrelink payments as another factor to weigh up when they assess a person’s capacity to repay a loan. You should check with any prospective lender about their criteria before making a personal loan application.

What are the pros and cons of personal loans?

The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.

One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.

Where can I get a personal loan?

The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:

There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.

How long do personal loans take?

Depending on the lender, some personal loan applications can be approved in as little as one hour, or you may need to wait until the next business day. If approved, you may receive your money on the same day, the next business day, or within the week.

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.

Can I get a fast loan with bad credit?

Some lenders offer fast loans to borrowers with bad credit. Providers of small payday loans of up to $2000 or medium amount loans of up to $5000 may have no credit checks, though these lenders will usually want to confirm you can afford its loans on your income.

How can I get a $3000 loan approved?

Responsible lenders don’t have guaranteed approval for personal loans and medium amount loans, as the lender will want to check that you can afford the loan repayments on your current income without ending up in financial hardship.

Having a good credit score can increase the likelihood of your personal loan application being approved. Bad credit borrowers who opt for a medium amount loan with no credit checks may need to prove they can afford the repayments on their current income. Centrelink payments may not count, so you should check with the lender prior to making an application.

Which lenders offer bad credit personal loans?

Several dozen lenders offer bad credit personal loans in Australia. These are generally smaller lenders that aren’t household names.

What is an unsecured bad credit personal loan?

A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset, such as a car or jewellery, as collateral or security. Lenders generally charge higher interest rates on unsecured loans than secured loans.

What is debt consolidation?

Debt consolidation is the process of rolling several old debts into one new debt, usually to save money or for the sake of convenience.

What are the pros and cons of bad credit personal loans?

In some instances, bad credit personal loans can help people with bad credit history to consolidate their debts, which can help make it easier for them to clear those debts. This is because the borrower might be able to consolidate several debts with higher interest rates (such as credit card loans) into one single debt with a lower interest rate and potentially fewer fees.

However, this strategy can backfire if the borrower spends the loaned funds instead of using it to repay the new loan. Another disadvantage of bad credit personal loans is that they have higher interest rates than regular personal loans.

What is a bad credit personal loan?

A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.

When was comprehensive credit reporting introduced?

Comprehensive credit reporting was introduced to make credit reports fairer and more accurate. Under the previous system, credit providers only saw negative information about potential borrowers. Now, they're able to see both positive and negative information, which means that credit providers can see if a borrower’s negative credit behaviour is consistent or a mere one-off.

What is comprehensive credit reporting?

Comprehensive credit reporting is a system which includes both positive and negative information on a person’s credit file. Before comprehensive credit reporting was introduced, only negative information was included.

What is a secured bad credit personal loan?

A bad credit personal loan is 'secured' when the borrower offers up an asset, such as a car or jewellery, as collateral or security. If the borrower fails to repay the loan, the lender can then seize the asset to recoup its losses.

How do you get a bad credit personal loan?

You can get a bad credit personal loan by applying directly to a lender, by going through a mortgage broker or by using a comparison website like RateCity.

How much can I borrow with a personal loan?

It’s unusual for a lender to provide a personal loan of above $100,000, although there is no formal limit. As with all lending products, each lender sets its own policies, while each borrower is assessed on a case-by-case basis.

How much can you borrow with a bad credit personal loan?

Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.