Payday Loans

You can apply for a payday loan through licensed lenders such as Fundo. In Australia, payday loans are typically regulated as Small Amount Credit Contracts (SACC) and Medium Amount Credit Contracts (MACC).

At Fundo, eligible customers can apply for unsecured loans ranging from $500 to $5,000 through a fully online process. If your application is approved and you accept your contract, funds are transferred to your nominated bank account as soon as reasonably possible.

Loans are subject to credit assessment, eligibility criteria and approval.
Short-term loans can be expensive and may not be suitable for everyone. Borrow only what you need and can afford to repay.

Key Takeaways

• Fundo provides regulated payday loans in the form of:
  
  • SACC loans from $500 to $2,000
  • MACC loans from $2,001 to $5,000
• You must be 18 or older, living in Australia, receive regular income, and demonstrate you can afford repayments without financial hardship.
• Applications are completed online and assessed in line with Responsible Lending Obligations.
• If approved and accepted, funds are transferred as soon as reasonably possible. Processing times vary depending on verification requirements and bank systems.
• There is no guaranteed instant loan. All licensed lenders must assess suitability before approval.

What Is a Payday Loan?

A payday loan is generally a small, short-term loan designed to help cover immediate or unexpected expenses when savings or income timing does not align with your needs.

In Australia, these loans are regulated as:

Small Amount Credit Contracts (SACC)

• Loan amounts: $500 to $2,000
• Loan terms: minimum 4 weeks, maximum 39 weeks
• Fees are capped under legislation and include establishment and monthly fees (no interest charged)

Medium Amount Credit Contracts (MACC)

• Loan amounts: $2,001 to $5,000
• Loan terms: minimum 9 weeks, maximum 39 weeks
• Include an establishment fee and interest charges

Fundo loans are unsecured, meaning you do not need to provide assets such as a car or property as collateral.

Common Situations Where People Consider Payday Loans

People sometimes consider short-term loans for one-off expenses such as:

• Essential car repairs or servicing
• Unexpected household costs
• Medical or veterinary expenses
• Urgent travel or time-sensitive personal expenses

Whether a payday loan is appropriate depends on your individual financial circumstances and ability to repay comfortably.

Are Payday Loans Only for Emergencies?

Short-term loans are often considered when expenses are urgent and other options are not immediately available. However, they may not be suitable if:

• You are struggling to meet everyday living costs
• You rely on borrowing regularly to cover expenses
• Your income is unstable
• Repayments would place you under financial stress

Before applying, consider whether alternatives such as savings, payment arrangements, or financial counselling may be more appropriate.

How Quickly Are Applications Processed?

Processing times vary between lenders and depend on how quickly you provide the required information.

At Fundo:

• We aim to provide decisions within one business day for complete applications and often sooner.
• We assess your income, expenses, liabilities and recent financial activity to determine suitability.
• Credit history may be considered, but it is only one factor in the overall assessment.

If approved and you accept your loan contract, funds are transferred as soon as reasonably possible. Actual transfer times depend on your bank, processing systems, time of day, weekends and public holidays.

There is no guaranteed instant approval or funding.

Who Can Apply for a Payday Loan With Fundo?

To apply, you must generally:

• Be at least 18 years old
• Be living in Australia
• Receive regular income (for example at least $1,000 per fortnight, including eligible benefits)
• Have a bank account in your name
• Demonstrate you can meet repayments without financial hardship

We assess each application individually. We may decline applications where we believe the loan could cause financial stress or make it difficult to meet existing obligations.

Past credit issues may affect approval and loan terms.

Why Choose Fundo?

Fundo focuses on providing a clear, digital borrowing experience with transparency and control.

Key features include:

• Fully online application process
• Plain-language loan contracts with clear costs
• Structured repayments aligned with your pay cycle where possible
• Self-service dashboard to manage your loan
• Support if your circumstances change

Once your loan is active, you can view balances, upcoming repayments, and key details through your customer dashboard.

What Payday Loans Cost in Real Terms

Understanding total repayment costs helps you decide whether borrowing is appropriate.

Small Loan Example (SACC)

$1,000 borrowed over 20 weeks:

• Loan amount: $1,000
• Establishment fee (20%): $200
• Monthly fees: $200
• Total repayable: $1,400
• Weekly repayment: $70

SACC loans do not charge interest. Fees are capped under legislation.

Medium Loan Example (MACC)

$2,500 borrowed over 6 months:

• Loan amount: $2,500
• Establishment fee: $400
• Interest charged: $389
• Total repayable: $3,289
• Fortnightly repayment: $253

MACC loans include interest in addition to an establishment fee. Your actual costs will be disclosed in your contract before you decide to proceed.

These examples are illustrative only. Actual costs depend on the loan amount, term, fees, interest and repayment behaviour.

Important Considerations Before Borrowing

Short-term loans may help with unexpected expenses, but they can be more expensive than some other forms of credit and may not be suitable for ongoing financial difficulty.

Before applying, consider alternatives such as:

• Negotiating a payment plan with your service provider
• Using available savings
• Seeking assistance from community support programs
• Speaking with a free financial counsellor

You can contact the National Debt Helpline on 1800 007 007 for free, independent support.

FAQs

Do I have to repay the loan by my next payday?

No. Modern payday loans are typically repaid over multiple pay cycles.

Fundo offers:

• SACC terms from 4 to 39 weeks
• MACC terms from 9 to 39 weeks

Your exact repayment schedule will be clearly outlined in your loan contract.

Does the loan amount need to match my income?

No. You can apply for an amount between $500 and $5,000, subject to assessment. Approval depends on your financial situation and ability to repay comfortably.

What information do I need to provide?

You will generally need:

• Personal and contact details
• Income information
• Expense and liability details
• Recent bank statements
• Identification documents

This allows us to assess whether the loan appears suitable for your circumstances.

I have had credit problems in the past. Can I still apply?

You can apply, however past credit issues may affect approval and loan terms. We consider multiple factors including your current income, expenses and overall financial position.

Do I need to provide collateral?

No. Fundo payday loans are unsecured. You do not need to provide assets as security.

How does this differ from no-interest loan programs?

No-interest loan schemes (such as NILS) have different eligibility criteria and may pay funds directly to suppliers rather than providing cash. They may also have longer processing times.

If you are eligible for a no-interest loan, it may be worth considering before applying for short-term credit.

Disclaimer

The information on this page is general in nature and does not take into account your personal objectives, financial situation or needs. It is not financial advice. Terms, conditions, fees and eligibility criteria apply and may change over time.