Payday Loan Frequently Asked Questions

What is a Payday Cash Advance?

A payday cash advance is a loan for a small amount ($100 - $600), usually loaned until your next payday. The cost of a $100 cash advance is typically about half the cost of a bank dishonour fee, less than paying late fee's for your rent, and certainly more convenient and private than having to visit a bank.

 

 How do I apply?

1. Complete the 4 minute online application form, hit submit, and wait 3-4 seconds while we review your application. Then check your repayment schedule and fees suit you, and confirm your loan by ticking the box.
2. Tell your payroll to expect a call from PaydayOnline to check some identification details.
3. Contact PaydayOnline to confirm your payroll officer has been contacted. You can do this during your application or after you apply. You'll then receive an email with your account log-in details, so you can view your application's progress.
4. PaydayOnline then confirms your details with your payroll officer.
5. You get paid within 60 minutes. After your first cash advance you'll have access to instant cash advance whenever you need it in seconds – 24 hours a day, 7 days a week.

 

What happens after I apply?

After you complete your application and wait a couple of seconds for us to review it, you’ll receive your preliminary loan contract. This screen appears just seconds after you submit your application (by receiving your contract straight away, not only do we not waste your time going back and forth with emails, it also means you’ll get your money faster).

In your contract you’ll find out EVERYTHING you need to know. Check your repayment schedule and fees suit you. When you’re happy with it all, confirm your loan.

 

What are the main criteria to get a payday cash advance?

In order to be eligible for a PaydayOnline cash advance you must:

• Be employed full or part time (receiving holiday and sick pay)
• Have been employed for at least 3 months
• Earn a minimum of $350 per week net (after tax) directly into your bank account.

PaydayOnline is a responsible lender and has varied criteria to ensure we offer the right loans to our customers. If we feel that you might have problems repaying your cash advance, we may reduce the amount available to you, or your application may be unsuccessful.

 

How much can I borrow?

If it is your first cash advance and you are paid weekly, $200 is the maximum. If paid fortnightly, the maximum is $300. Clients paid monthly are eligible for the lesser of $400 and 30% of their pay.

Once you have paid off your first cash advance, you will be able to borrow more (providing your circumstances have not changed). We are always careful to lend amounts which will not lead to repayment difficulty or bad credit.

 

What are the fees involved with a PaydayOnline cash advance?

PaydayOnline's fees are 26% of what you borrow at any given time. All PaydayOnline cash advances are repaid by direct debit so you don't have to worry about arranging payment.

Once your application is approved you will receive an email containing a fees statement which contains everything you need to know

 

How do I get the money and how soon?

New Clients - Your funds will be available in your nominated account within 60 minutes of when you sign your contract. With PaydayOnline, you don't have to wait 24 hours or more for funds to clear.

If you sign your contract after 3.00 pm your funds will be available the next morning. After your first cash advance you can apply 24 hours a day, 7 days a week and get paid instantly onto your debit card.

Returning Clients - Returning clients are rewarded with access to instant PaydayOnline cash advances 24 hours a day, 7 days a week, anywhere in the world. By using the free debit card you’ll never have to wait around again.

Just log-in, sign your contract online, and by the time you visit and ATM or log-into your account online, the cash will be there.

 

What’s the deal with the debit card?

All new clients are sent out a member’s only debit card free of charge when they get their first cash advance.

After your first cash advance, you can gain instant access to funds 24 hours a day, 7 days a week by choosing to have your cash put straight onto your debit card when you re-apply.

All you’ll have to do is just confirm a few quick questions, choose your advance amount and confirm the one page agreement. Five seconds later your cash is automatically on your debit card … ready to go, even if it’s some ridiculous hour of the night or a public holiday

If you don’t have a debit card you’ll be limited to getting cash advances within business hours so it’s super important that you look after it.

Here are a few more reasons to look after your debit card…

• No waiting 24 hours for EFT transfer of funds.
• You get paid anytime regardless of bank hours.
• Has a BSB and ACCOUNT number just like other accounts
• Ability to transact between other bank accounts

 

Can PaydayOnline pay into all banks within 60 minutes?

You will be paid within 60 minutes if you bank with ANZ, NAB, CBA, Westpac, St. George, Bank of QLD, Bendigo Bank, Adelaide Bank, Woolworths, Colonial, Heritage, HSBC, Bank of NZ, QLD Teachers Credit Union, Bank of SA, Suncorp, and Westpac.

If it is your first cash advance and you bank with another financial institution, your funds will be available within 24 hours.

You will be paid within 10 seconds of signing your online contract, any time of day, 7 days a week for all cash advances after your first.

 

Can I still get a cash advance if I have a bad credit history?

PaydayOnline approves cash advances for applicants with defaults on their credit history. After all, some people use Payday Online as an additional source of credit because traditional lenders will not approve applicants with any defaults.

While PaydayOnline’s lending policy is quite liberal with respect to credit history, there are cases when cash advance applications are denied. If you are bankrupt, in a part nine debt agreement or have an extremely bad credit history, your application will be denied.

Which documents do I need to apply for a payday cash advance?

None. The application is paperless.

 

Why do I need to contact my payroll?

Instead of asking for identification, we do all the hard work for you by checking your application details with your payroll officer. This makes things much faster and easier as there’s no mucking about with faxes.

However, most companies won’t give out an employee’s details without their verbal or written consent. This means that you need to contact your payroll so they know they’ve got permission to share your details with us.

On the rare occasion that we have difficulty contacting your payroll officer, we may request identification documents to help speed up the cash advance process and get your cash advance to you faster.

 

What information does PaydayOnline need from my payroll?

We confirm the following details with your payroll:

• Address
• Length of employment
• Type of employment
• Income
• Pay schedule
• Bank details

We need this information because as responsible lenders we work hard to ensure our cash advances are affordable for you.

 

How long do I wait to get an approval?

If you contact your payroll officer and we can confirm details with them, your loan may be approved as soon as 30 minutes after you submit your application.

As a returning client you will be approved instantly (providing your details haven’t changed).

 

PaydayOnline sends SMS updates. Does that mean I can't get a cash advance without a mobile phone?

Not at all. PaydayOnline sends emails, SMS messages and makes updates available in your login area in real time. If you do not have a mobile phone, you will not receive SMS updates but will be kept up to date via your member log-in and emails. You can also call us anytime on 1300 327 828.

 

What if I cannot pay on the due date?

If you think you will not have sufficient funds in your bank account, you must contact us immediately to halt the direct debit. You must contact us at least two days prior to the direct debit date or it will be rejected resulting in a dishonour fee from your bank.

 

Do I have to wait ‘til I’ve paid back my current cash advance before I get another one?

Yes.

Rollovers and additional loans can often lead to a debt spiral that can be hard to recover from. By not allowing these types of loans, we help you maintain your financial welfare.

 

Who are PaydayOnline?

Find out all you need to know about PaydayOnline on the About Us Page

 

When are you open for business?

Our office hours are 8:30am to 4:30pm weekdays

We accept online applications from new clients, and can process and issue cash advances for returning clients 24 hours a day, 7 days a week, 365 days a year.