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Payday Loan Calculator

See what a payday (small amount) loan really costs using the legislated maximum fees — and consider cheaper alternatives before you commit.

$
Total you'd repay
$1,440
$440
Total fees
$240
Approx. per month
44%
Cost per $100 borrowed
Payday loans are expensive. This uses the legislated maximum fees for a small amount credit contract — a 20% establishment fee plus 4% per month. Before borrowing, check whether a hardship arrangement, a no-interest loan scheme, or help from the National Debt Helpline (1800 007 007) is a better option.

Estimates based on the maximum SACC fees. A specific lender may charge less; default fees may apply if you miss a repayment.

A payday (small amount) loan in Australia carries legislated maximum fees rather than a traditional interest rate — a 20% establishment fee plus 4% of the amount per month. On a $1,000 loan over six months that's around $440 in fees, making payday loans one of the most expensive ways to borrow.

⚠️Bad credit pushing your rate up?

A default or error on your credit file can cost you a much higher interest rate than the one above. We're an ASIC-licensed, solicitor-led team — get a free, no-obligation assessment. No Win No Fee.

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Payday Loans and Your Credit File

Payday loans are reportable credit. Applying creates an enquiry, and a missed payment can lead to a default that stays on your file for five years. A pattern of small-amount loans can also signal financial stress to future lenders. There are usually cheaper options worth exploring first.

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FAQs

Payday Loan Calculator Questions

How much can a payday loan cost?
For a small amount credit contract (up to $2,000), the law caps fees at a 20% establishment fee plus 4% of the amount per month. There is no traditional interest rate, but those fees make payday loans one of the most expensive ways to borrow.
Will a payday loan hurt my credit score?
Applying creates a credit enquiry, and a missed repayment can be listed as a default. Frequent small-amount loans can also be viewed unfavourably by future lenders when they assess your file.
What are cheaper alternatives to a payday loan?
Options can include a No Interest Loan Scheme (NILS), a hardship arrangement with an existing creditor, Centrelink advance payments, or free help from the National Debt Helpline on 1800 007 007.

Important — this is an estimate, not advice. This calculator uses the maximum fees permitted for a small amount credit contract; a particular lender may charge less, and default fees may apply if you miss a repayment. It is general information about cost, not a recommendation. Results are not guaranteed and do not constitute financial, credit or tax advice. Consider your own objectives, financial situation and needs, and seek advice from a licensed professional before making a decision. Australian Credit Solutions Pty Ltd holds Australian Credit Licence ACL 532003 and provides credit file correction services. Last updated: 14 June 2026.

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