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While paydays are fairly predictable, life is not. And the gap between receiving an unexpected bill and your pay hitting your bank account can create a huge amount of stress. Emergency and unplanned expenses can happen day or night, leaving you in need of a quick cash loan in between paydays. This is where the online Payday Loans from Swoosh can help. You can borrow a small amount of money to help tide you over till your next payday.
What are payday loans?
They are a short-term, small cash loan that can spot you in between pay cheques. They are a type of instalment loan, which means you repay the funds in scheduled payments over a set period of time.
All of our loans are secured, so you can get the easiest, fastest approval possible, and lower interest rates. You can read more about secured vs unsecured loans on our money blog.
What can I use a payday loan for?
You can use one of these fast loans to get money now and pay for anything:
- car repairs
- manage bills
- household repairs
- childcare fees
- emergency medical bills
- or anything else you need!
So you can continue on with your life while having enough money to pay for any unexpected expenses.
How payday loans work
How much can I borrow?
You can borrow between $2,000 and $5,000 in between paydays for urgent, unplanned expenses. And it’s easy to calculate your repayments online.
Swoosh fast payday loans are an easy and 100% online way of getting access to money between paydays. The cash will be deposited directly into your bank account. So you can rest easy while you wait for your next pay to come in.
Swoosh payday loans fees and interest rates
What will I pay?
Our Payday Loans can be paid back over 12 months. There are no hidden monthly fees and charges and no penalties for paying back your loan quicker. So you can pay back your loan with Swoosh as soon as you are ready.
- $0 application fee (even if your application is not approved)
- Establishment Fee – $400 (included in the loan)
- PPSR and Security Check – $16 (included in loan)
Keep in mind that you may incur additional fees each time you miss a payment. And as a result, this may also affect the length of your loan.
What interest rate will I get?
All our fees and rates are clearly displayed on our Payday Loan Rates and Fees page.
Interest is calculated daily based on the outstanding balance and is applied monthly to your account. And your interest rate is fixed for the loan term, so you know exactly what costs to expect.
If a scheduled payment is returned unpaid, we may issue a $35.00 debit dishonour fee. This fee is not subject to interest but you will continue to pay the usual interest charges.
How quickly can I get a payday loan?
Our 100% online payday loan application only takes minutes to fill out. Once received, we can get you the money you need on the same day.
For more information: How to Apply for Payday Loan Online
When will I receive the money?
Within an hour of receiving the required information from you for your application, you should receive an offer email, which you will need to sign. Once you have signed, most applicants receive the money in their bank account the same day.
Am I eligible to get a same day payday loan?
Our simple eligibility criteria makes it easy to borrow money, all you need is the following:
Be at least 18 years old
Be employed for at least 3 months
Are a permanent resident or valid visa holder of Australia
Own a vehicle registered in your name
Can I get a bad credit payday loan?
It’s easy to get a payday loan with Swoosh, even with bad credit. We assess your current financial circumstances in line with responsible lending requirements. Because your credit history is exactly that – history.
Our expert assessors always consider every payday loan application on its individual merit. So you have the best chance of getting loan approval whether you have good or bad credit.
Where to get a payday loan
You can apply for a payday loan online with Swoosh. Our application process is easy, 100% online, and you’ll always be dealing with a person (not a machine).
What to consider
Online payday loans in Australia don’t have the best reputation, although they are legal. You might have heard horror stories about impossible repayments, damaged credit scores, and hidden fees. But the reality today is different to the past. There are plenty of responsible payday loan providers out there for you to choose from.
When comparing online loan providers, look out for the following:
- Transparent rates and fees
- Responsible screening process
- Achievable payment plans
- Good reviews and reputation
Discover the ins and outs of how these small payday loans work in the video below. And you can also check out the FAQs at the bottom of this page or find even more answers to questions about our loans.
Why choose Swoosh Payday Loans
- Responsible Lender
- Trustpilot Approved
- 100% Online
- Fast Approvals
How to apply online today
When you’re looking for an instant payday loan, we understand that it’s urgent. So we’ve made fast cash loans our specialty. With our 100% online loan application, it’s super-fast and easy to apply.
1. Complete an online application on your mobile phone, computer or tablet. Applications only take minutes.
2. Approval of your loan is provided within 60 minutes of you providing required information (during business hours)*. The decision will arrive promptly – right in your inbox.
3. After approval, an offer is sent to you via email. Once you’ve signed the contract, we’ll send the money directly to your bank account.
There’s no need to sign-up for an account and it’s free to apply. And to make life easy and stress-free, we align your repayments with your payday. That way you don’t miss a repayment. We also only approve your loan application if we believe you can repay it.
Calculate your loan repayments
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WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. The above uses a comparison rate of 47% and upfront establishment fees of $416.
FAQs
Are payday loans legal?
Yes, payday loans are legal–and by law, payday loan lenders must lend responsibly. That means payday loan providers must assess your financial position and make sure you can afford to repay the loan without substantial hardship.
Are payday lenders regulated?
Yes, these days, all payday lenders must act in accordance with Australia’s responsible lending laws. Responsible lenders need to take reasonable steps to ensure that you are able to repay the loan before they approve your application.
Can I apply for a payday loan with Swoosh if I already have a loan with another company?
Yes, if you have other loans you can still apply for a loan with Swoosh. As responsible lenders, Swoosh will only approve your application if we believe you can afford to repay your loan.
Do payday loans show on your credit report?
If a payday loan provider conducts a credit check when you apply for the loan, it will show up on your credit report. This is not necessarily a bad thing, however if you fail to meet your repayments on the payday loan, it will show up in your credit history as a default, which could negatively impact your credit score.
Are payday loans easy to pay back?
As a responsible lender, Swoosh will only approve your loan application if we believe you’re capable of repaying the loan. Not only that, we’ll align your repayments with your payday so you never miss a repayment.
What will my repayments be?
You can calculate your repayments up front by using the calculator on the right hand side of this page.
What happens if I don’t pay my payday loan?
Our payday loans are secured loans, which means your vehicle is used as security for the loan. In the unlikely event that you do not pay your loan repayments, the lender is entitled to repossess your vehicle. However, at Swoosh this is very unlikely to happen, as we make every effort to ensure your repayments remain affordable should your financial situation change. If you need assistance making repayments or need to discuss your current financial situation, we have a dedicated team that can help you explore your options. You can contact them directly by sending an email to assistance@swoosh.com.au.
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The Swoosh difference
Our Cash Loans are available when you’re in a pinch — and we work hard to make it happen fast.
We put you first, ensuring you have all of the information upfront.
Swoosh Cash Loans give you the funds you need now from a lender you can trust.
Want to chat to someone?
Use our live chat or fill out the contact form to get in touch with a Swoosh Finance specialist