Can I Get A Loan The Same Day?

You can take out a payday loan (short-term loan or cash loan) and get an access to funds on the same day if you’re running out of cash. Payday loans in Australia are like short-term loans which offer small loan amount, usually up to $2,000 and must be reimbursed between 16 days and 1 year. The distinction between short-term loans and payday loans is the number of payments you make.

Disbursing a payday loan can be done through direct debit from your bank account or can be deducted from your salary. Your reimbursements will normally be deducted on the day you get your paycheck, so ensure there is sufficient money in your bank account to avoid defaulting and to cover this and other costs.

Who is qualified for payday loans?

Responsible lending is mandated by law and lenders are required to abide by it and it’s regulations. Encompassed in this is for the lender not to loan cash to borrowers who cannot handle the repayments.

Other conditions where lender won’t approve your loan application are:

  • If you have another payday loans in the last 3 months.
  • If you defaulted (failure to repay a loan according to the agreement) another payday loan.
  • If all of your money are being used up for repayments and not much is left for other expenses.

If 50% of your income is from Centrelink, the reimbursement on all your existing loans ( loan currently applied for included) should not exceed your income by 20%. In this case, there’s a minuscule chance for the loan.

Fees and charges vary depending on the lender, so it’s best practice to compare your options to get the best payday loan deal.

Requirements for Payday Loans

Bank account statements

Your current 3-month bank account statement will be required by the lender. This account is where your salary is directly credited to. If your salary is paid into more than 1 account, you will need to prepare and supply the bank statements separately.

Printouts from online banking may be accepted as long as you can give other supporting details to prove that you are the account holder. The data will help the lender in assessing your payday loan application.

Additional documents

Lenders may also ask for original documents or copies of:

  • Payslips
  • Centrelink statements
  • Utility bills
  • Other loan contracts
  • Other statement of accounts
  • Lease statement showing if your paying your rent on time

Data in your bank account statements, your credit file, and whether you are a first time borrower may indicate the type of documents you will need to submit.

Cigno - Payday Loans AU

Payday loan cost and charge limits

Charges and fees on payday loans are capped by the Australian government. Generally, the fees included in a payday loan are: establishment fee (20% of the loan amount); monthly account keeping fee (4% of the loan amount); government charge; default fee; and enforcement expenses. Lenders are not permitted to charge interest on the loan.

Since the 1st of February 2017, permission to charge direct debit fees on payday loans has been revoked. Prior to this, all direct debit charges are applied for the life of the loan. Banks, credit unions, building societies, or other Authorised Deposit-taking Institutions (ADI) are excluded from this cap on fees.

To have a better idea on charges and fees, check Cigno’s payday loan product and the Disclosures and Authorisations.

Access to funds from payday loans may come on the same day and with different cost. If you’ve made your decision and you want to acquire this type of loan, be sure to check the contract first before signing. Find out the loan terms and what happens when you default and only get the loan you can repay.

Payday loan alternatives

If you require cash, there might be other options for you at a lesser cost. Consulting with your utility suppliers is a good start. If you’re experiencing difficulty in paying your bills on water usage, electricity, or gas you should talk to your utility suppliers. They have hardship officers who can make an arrangement on how to pay your bills — it can be that you can pay in portions or apply for utility allowance.

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You can also look for and get a low or no interest loan. There’s a better chance in qualifying for this if your salary is low, particularly if you use the money for paying the essentials (household expenses, hospital bills, and other regular invoices).

Another option for payday loans is Centrelink advance payment. If you are qualified, you’ll probably get an advance payment, in which you won’t be charged. There are other forms of emergency relief, income support, and social services that the government provides. To search for relief providers near you, use the Department of Social Services Grants Service Directory.

Disclaimer: Please be aware that Cigno Loans’ articles do not replace advice from an accountant or financial advisor. All information provided is intended to be used as a guide only, as it does not take into account your personal financial situation or needs. If you require assistance, it is recommended that you consult a licensed financial or tax advisor.


Ordered by the Federal Court of Australia

The Federal Court of Australia has found that Cigno Australia Pty Ltd (Cigno Australia) and BSF Solutions Pty Ltd (BSF Solutions) have breached the law by engaging in unlicensed credit activity and charging prohibited fees.

In the period from July 2022 to 3 October 2023, over 100,000 consumers have been lent a total of $34 million, and charged fees of over $70 million, under the ‘No Upfront Charge Loan Model’ operated by BSF Solutions and Cigno Australia. At no time has either BSF Solutions or Cigno Australia held an Australian Credit Licence.

The Court also found that Mark Swanepoel (director of Cigno Australia) and Brenton James Harrison (director of BSF Solutions) were involved in these breaches of the law.

With effect from 24 May 2024, the Court has granted permanent injunctions preventing Cigno Australia and BSF Solutions from:

  • demanding, receiving or accepting fees or charges, including amounts of loan principal, from consumers in relation to credit provided under the ‘No Upfront Charge Model’; and
  • engaging in further credit activity pursuant to the ‘No Upfront Charge Loan Model’, including by entering into new agreements with consumers, for so long as they do not hold an Australian Credit Licence.

Cigno Australia was ordered by the Court to, by 5th July 2024, send written communications to consumers who between July 2022 and December 2022 entered into agreements with Cigno Australia and BSF Solutions under the ‘No Upfront Charge Loan Model’.

The Court will later determine whether (among other things) Cigno Australia and Mark Swanepoel ought to pay a pecuniary penalty in respect of this conduct, and whether Mark Swanepoel should be restrained from carrying on a business engaging in credit activity.

Cigno Australia, BSF Solutions, Mr Swanepoel and Mr Harrison intend to appeal the decision of the Court and have filed an application for leave to appeal. If the appeal is successful, some or all of the orders of the Federal Court of Australia may be set aside.

Where can you get more information?

Where to go for further support

You can access legal advice in your state at: Free legal advice –

If you are experiencing trouble with debt, or money worries in general, contact:

  • the National Debt Helpline on 1800 007 007 or online chat (9:30am to 4.30pm, Monday to Friday).

If you need someone to talk to, contact:

  • Lifeline on 13 11 14 (24 hours) or their crisis support online chat or
  • Beyond Blue on 1300 22 46 36 (24 hours) or their webchat