Debt & Loans
Payday Loan Calculator
See the true cost before you borrow — SACC-regulated fees fully disclosed. See the true cost of a small amount credit contract (SACC). 20% establishment fee + 4% monthly — compare against a personal loan.
01 —INPUTS
Small amount credit contracts are $2,000 or less
16 days minimum to 12 months maximum
02 —RESULTS
Warning: This is a high-cost credit product. A $500 payday loan over 3 months costs $160.00 in fees — an effective annualized rate of 128%.
Total you'll pay$660.00
Fee Breakdown
Establishment fee (20%)$100.00
Monthly fee (4% × 3 months)$60.00
Total fees$160.00
Personal Loan Comparison
Personal loan (12% p.a.)$510.03 total
You save with a personal loan$149.97
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Tax Accuracy & Sources
This calculator is an estimate tool and may not cover all personal circumstances. For state-based taxes, confirm details with your state or territory revenue office.
What fees can payday lenders charge in Australia?
Under ASIC's Small Amount Credit Contract (SACC) rules, lenders can charge a maximum 20% establishment fee and 4% monthly fee on the principal. For a $500 loan over 3 months, that's $100 establishment + $60 in monthly fees = $160 in total fees.
What is a small amount credit contract?
A SACC is a loan of $2,000 or less with a term between 16 days and 12 months. These loans are regulated by ASIC under the National Credit Code. The fees are capped but the effective interest rate is extremely high — often exceeding 100% annualized.
Are there alternatives to payday loans?
Yes. Consider a No Interest Loan (NILs) through Good Shepherd, a StepUP low-interest loan, Centrelink advance payment, or a standard personal loan from a bank or credit union. These alternatives can save you hundreds in fees.