Who qualifies for a Payday Loan in Australia?

As the word 'payday' indicates, the first requirement for borrowers is to be employed. The funds you avail from a payday loan is meant to tide you over during those unexpected events or purchases can happen to anyone between paydays.

Second you need to be 18+ and live in Australia. This is just for legal purposes—you are not financially responsible for yourself until you are 18, and most legit payday loan lenders deal only with Australian residents.

Next, you need to have a valid bank account, be the account holder and receive direct deposit from your employer into that account. When availing of online payday loans, the funds you borrow are electronically credited to your account. On your payday you do not need to worry that you will forget to pay the loan and get penalty charges, as the loan is electronically debited for your convenience.

The minimum requirement net income is $334 per pay period. Payday loans are intended to bail you out of a short term financial need and not to get you buried in debt. The most that you can borrow is 30%of your pay check so that you still have money left after getting the loan.