Being short on cash when an unexpected expense pops up can be a very stressful situation. Luckily, payday loans can help bridge the gap and can allow you to get your hands on some liquidity when you need it most.
Whether it’s an unexpected bill or an emergency expense that you need to attend to, a payday loan is a great way to get money quickly. Payday loans are generally used for urgent situations, so the approval process is quick. We offer loans across Australia – including Brisbane, Sydney, Melbourne, Perth and Adelaide.
At City Finance we offer payday loans between $500 and $5000 dollars. Our lenders understand that these types of loans need to be approved quickly. For this reason, we prioritise payday loans and try to get them accepted as quickly as we can.
While payday loans are generally expected to be paid off quickly, we can be flexible with our payment terms. You’ll have the opportunity to choose between one and fifty weeks as the length of your repayment terms.
At City Finance, it’s not only the approval process that’s quick, we also pride ourselves on our quick application process.
So, If you’re in need of a quick cash loan, our application form is just a click away. In fact, it’s as easy as 1, 2, 3, as you can see below.
To apply for a loan with City Finance, you’ll need to fill in an online application form, which you can find here. The application is simple and you’ll just be required to select the amount you’d like to borrow and the repayment time, as well as fill in some personal information and send proof of identity.
Once we receive the information from you, someone from our team will call you to confirm your application details. If your application is approved, we’ll send you an email confirming the approval. We’ll also get your bank details so we can send over the money.
Once you’ve been approved, you should receive the money by the end of the day. However, most customers receive the money even sooner. From here you’ll be able to spend the money on what you please – and you will just need to meet the contracted repayments (weekly, fortnightly or monthly).
What are payday loans?
Generally, payday loans are loans that are applied for when an applicant needs money quickly for a short amount of time. Typically, payday loans are paid back the next time the recipient gets paid – hence the name payday loans.
However, at City Finance we’re able to be very flexible with our repayment terms. If you’re granted a payday loan with us and would like to pay the balance back when you’re paid next – then you’re able to. But, if you’d prefer more time to pay the payday loan back, this isn’t a problem either. We can allow up to 52 weeks for you to pay your loan back if you require.
Payday loans are ideal in a situation when someone needs cash quickly for something in particular but doesn’t have enough liquidity. If you find yourself in this position then you can apply for a payday loan which should be approved quickly.
Payday loans are a quick answer for an urgent expense that you aren’t able to otherwise meet. Because payday loans are usually short-term loans, they are often for a small amount that can be repaid quickly. We often payday loans from $500 to $5000 dollars.
Payday loans are unsecured loans and are sometimes known as unsecured cash advance loans. An unsecured loan means you won’t need to put any capital up against your loan as collateral, like a car or a house.
Instead, your application will be judged on a combination of your credit score, and your personal circumstances. Basically, our assessor will consider your application and if they are satisfied that you will be able to make your repayments, they will approve the application.
Because payday loans are usually of a relatively low value, the underwriting involved is very minimal. Underwriting is when the lender assesses your income and assets in order to approve your payday loan. This process is a lot more rigorous when loan values are higher. The quick assessment process and quick application process means you can have the money in your bank account faster.
At City Finance we understand the urgency that comes with payday loans. For this reason, we can prioritise your loan application and get the cash to you as quickly as possible.
Our application process for payday loans is very straightforward and can be completed in a matter of minutes. All we require is a small amount of personal information (eg. Your address, phone number, etc), a copy of your ID, 90 days of bank statements and proof of income. All of this information can be filled out on a simple online application form that you can find here.
As soon as your payday loan application is complete, our team members will start assessing it. The assessment process is fast and quite often we can have the application approved and cash in your bank that same day.
If the assessor needs a little more clarification, they will reach out for a quick phone call to obtain the information they need in order to make a decision.
Once your application is approved, one of our team members will be in touch for an onboarding phone call. They will send you a loan contract which you will need to read through and send a signed copy back to us. Once we receive the signed copy we can instantly transfer the funds over to your bank account.
Am I eligible for a payday loan?
Most people are eligible for payday loans in Australia. All that we require is that the applicant is aged 18 or over, and has proof of income (or Centrelink payments) that they can send us proof of. If you have both of the above then you are eligible for a payday loan with City Finance.
What supporting documents and information do we need to process your payday loan?
At City Finance the process of applying for an emergency loan is simple. We don’t need a bunch of different documents, all we require is the following:
- A copy of your ID
- A short application form with details such as your address and phone number
- 90-day history of bank transactions
- Proof of your income (either wages or Centrelink benefits)
Been approved for a loan with City Finance in the past? You may be eligible to apply for a no credit check loan.
How City Finance can help customers with a payday loan application?
Quick Loan Process
At City finance and focus on loans, and loans only. This means that our team has extensive experience handling personal loans, and has the knowledge to work to approve your loan quickly and easily.
After submitting an application online, a friendly team member will be in touch shortly after. Once approved, you can get a same day cash deposit.
To help you avoid missed payments – and to make your life easier – we have taken the hassle out of making repayments. After your loan is approved we set up a direct debit system that will automatically deduct the amount owing out of your bank account on the due date.
Responsible, trustworthy lending
City Finance is a very established Australian company so you can feel safe borrowing from us. We’ve been in the lending industry for over 20 years and have an excellent reputation.
Part of what makes City Finance so reputable is the fact that we have friendly, knowledgeable staff that can assist you directly and answer any questions you may have. Unlike other lending institutions, you don’t have to deal with just a computer screen.
You will likely have a program set up to manage your loan repayments – one that suits your current income and expenditure. However, we know that things change. So, if you are unable to make a payment, then we can be flexible and work with you.
If you’re struggling to make a repayment, simply get in touch with our friendly team and we will help to find a solution that works for your situation.
Everyone has different situations regarding why they need the money, and what repayments they can comfortably make. For this reason, we have very flexible repayment terms. We can adapt the repayment amount, the length of the loan and the repayment terms to suit your specific situation.
If you require a loan, but your situation is less than perfect – we can help. Whether you don’t have a perfect credit rating, a full time job or you just need money very fast, we’re willing to help as many people as we can.
At City Finance we believe in all-inclusive lending and don’t have a strict checklist every applicant must past. Instead, we assess each situation on a personal level, and try to approve as many loans as we can. Unlike most lenders we are happy to consider applications for the following:
What can I use a payday loan for?
Payday loans, are generally loans for people with bad credit, and can be used for basically anything, but here are some examples of why you may need one.
Even if you’re regularly maintaining your car, problems can happen. The cost of car parts and mechanics normally runs quite high. If you don’t have a pool of money available to cover the costs and get yourself back on the road in the case of a breakdown, contact us for a loan. Read more about our car repair loans.
Even with the great healthcare system that Australia has, there can still be a lot of out-of-pocket expenses that may arise. Think: a deductible for a chiropractor, medications or an ambulance. If you need medical attention and don’t have enough money available, then we can help. Read more about our medical loans.
A bond is a huge cost – it’s usually in the thousands of dollars – and can be a frustrating expense on top of all the other expenses moving house costs. Rather than paying it in a lump sum, you could contact us for a small cash loan to cover the rental bond and pay a small amount out of your weekly pay packet at a rate you are more comfortable with. Read more about our loans for rental bonds.
Furniture or white goods
If you’ve ever looked up rental white goods and furniture you’ll know that they are both extremely expensive. If you can’t afford these things upfront, rather than renting the goods and essentially throwing the money away, you can take a loan with us and own the furniture and white goods. Read more about our furniture loans.
Unexpected emergencies can arise at any time and you may not have the cash to cover them. At City Finance we understand the urgency of unexpected costs. So, we specialise in getting cash to our customers as quickly as possible so that they can take care of any emergency costs they require. Read more about our emergency loans.
For most people, their pet is a member of their family. So when he or she gets sick, it’s imperative that they’re taken to the vet to sort out the problem. Vet bills can be very costly and need to be paid before your pet’s condition deteriorates. If you don’t have the money on hand we can sort out a quick, small cash loan for you and your pet. Read more about our loans for vet bills.
Home renovations can add significant value to your house, but how can you add the value if you don’t have the money for home renos in the first place? Easy! Contact us for a loan and get your tools ready to go. Read more about our home renovation loans.
Thanks to a certain pandemic, our travel options are limited at the moment. However, we’re still allowed to travel locally (sometimes!). If you need a break and are dying for a holiday but don’t have enough savings then we can help. Read more about our travel loans.
Smashed your front tooth? Painful root canal? Wisdom teeth coming through? An appointment at the dentist certainly costs a pretty penny, a situation that you may not have enough money on hand. Contact us for a loan and we’ll get you smiling again.
Payday Loan FAQs
Do I need to pay my payday loan off in one singular payment?
No. It’s up to you how you’d like to pay off your payday loan. If you’d prefer to pay it off in one payment then you can. However, if you’d like to split the payments over multiple weeks, that’s also okay too. In fact, you can pay your payday loan off in any amount of time between one week and of up to fifty-two weeks.
What is the payday loan cost and will I pay less in fees if I pay my loan off over a short period of time?
If you take a loan amount less than $2000, then you will pay less in fees if you pay it off quickly.
Basically, we offer two types of payday loans; a SACC (small amount credit contract) and a MACC (medium amount credit contract).
You can loan between $500 and $2,000 with a SACC. The cost is a 20% upfront establishment fee (split across payments) and a monthly maintenance fee of 4%. Therefore, if this is paid over a shorter amount of time, less fees will be charged.
However, if you’re after more money, you can take out a MACC. With a MACC you can loan between $2,001 and $5,000. You will be charged a flat upfront $400 establishment fee (split across payments) and a 48% annual percentage rate.
Do I need to specify what I’ll be spending my payday loan on when I apply?
Yes, we do require a very brief reason for your loan application. Payday loans are unsecured loans, so you will receive the total amount of money that you’re approved for in your bank account and you’re able to do what you please need with that money.
Can I make repayments earlier than my originally chosen date?
Yes. While some payday lenders charge an early payment fee, we don’t. if you are able to pay off your loan early – or just make an early payment – we won’t charge any early payment or early termination fees. Alternatively, if you need to change a payment that’s within the term of your loan we can speak with you about some new suitable payment terms.
What happens if I can’t afford my payday loan repayments?
At City Finance we pride ourselves on our flexibility. If you’re unable to make a payment then please just reach out to our friendly team. They can work with you to find a solution that you can manage. However, if you don’t let us know that you are unable to make a payment, we will have to charge you a dishonour fee.
Can I get a payday loan without a good credit score?
At City Finance we are a lot more lenient about granting payday loans to applicants with less than perfect credit scores, as compared to the big banks. We understand that bad credit scores happen and we will take the time to consider your personal circumstances when evaluating a loan application. So, if you have a few blemishes on your credit history, don’t worry, we may still be able to help.
How will I receive my funds?
After you are approved for your loan, one of our staff members will send over a loan contract for you to read and sign. As soon as we receive the signed loan contract back, we’ll transfer the money over to your bank account. The amount of time for the money to show up in the bank account depends on the particular bank’s processing time, but often it will show up instantly.
How long does it take to get the money in my bank account?
A lot of our applicants will receive money on the same day that they apply for a loan. We understand that payday loans are applied for in situations where the need for money is urgent. For this reason, we strive to get applications approved as soon as possible and to get the funds transferred quickly.
Will I be granted the loan amount of money I apply for?
At City Finance we offer loans between $500 and $5000. You can choose the loan amount you’d like to apply for on your payday loan. We will assess your application and try and grant you the specific loan amount that you applied for. However, each loan application is different and depending on your circumstances we will grant you the loan amount that we feel you are able to comfortably fulfill repayments on.
Can I get a payday loan if I’m on Centrelink?
Yes. A lot of bigger financial institutions will automatically reject applications if the candidate is receiving Centrelink benefits. However, at City Finance we believe in inclusive lending.
As long as you can prove that you’re receiving payments that will leave you enough money to make repayments on your loan, then you are eligible for a loan with City Finance. However, it’s your responsibility to ensure the loan amount you receive doesn’t make you ineligible for your Centrelink benefits.