Payday Loans for Bad Credit Instant Approval | Nifty Loans

What are payday loans?

If you have been searching for ‘payday loans bad credit instant approval’, you’re likely looking for some fast, short-term finance. As the name suggests, a ‘payday loan’ is a loan that is repaid in full on your next payday. This could be helpful if you are paid fortnightly or monthly, and an unexpected bill has come up that you simply cannot fund until your next payday.

However, ‘payday loans’ have been illegal in Australia since 2013. However, a personal loan functions very similarly. Personal loans are small amount loans that can be used for all kinds of purposes. They are often great for a fast cash fix and are as close to ‘instant loans’ that you can find in Australia. So, stop your search for ‘payday loans for bad credit instant approval’ and consider a personal loan with Nifty.

An easy alternative to payday loans

Personal loans are quite similar to payday loans in nature, except they give the borrower extra breathing room. Instead of having to repay their loan in just a few weeks, personal loan repayment terms can range from 6 months to a few years (depending on how much you borrow).

Nifty offers fast cash loans from $2,500 to $10,000 with loan terms ranging up to 24 months. This enables you to comfortably manage your repayments and other expenses without having to quickly source money to repay your ‘payday loan.’

What can I use a personal loan for?

There are an abundance of reasons you may consider taking out a personal loan. Whether it is an emergency medical expense or a much-needed holiday, we may have a personal loan option to suit your needs. Here are some of the most common reasons people take out personal loans with Nifty:

  • Taking a mini break
  • Tidy up some of those pesky bills
  • Update your home decor
  • Upgrade your bathroom or kitchen
  • Emergency medical bills
Am I eligible?

If you are considering applying for a personal loan with Nifty, we have a few eligibility criteria all of our applicants must meet. Please ensure you meet all of these criteria before you apply:

  • You are at least 18 years old
  • You are an Australian citizen or permanent resident
  • You have had a consistent income into your bank account for the last 90 days
  • You have an active mobile number and email address
  • You have internet banking set up


Do you still have questions about our personal loans? These are some of our most frequently asked questions and answers.

I’m on Centrelink, can I apply for a personal loan?

We consider most government benefits as regular income. As long as you have been receiving your Centrelink payments for the last 90 days and meet the rest of our eligibility requirements, we may be able to provide you with a personal loan.

Why do you need to look at my bank statements?

We use encrypted third-party software to look at a digital copy of your bank statements. This is to get an in-depth understanding of your finances to ensure that you will be able to afford your loan repayments. We engage in responsible lending as required by ASIC, so we will never lend you money you cannot repay.

How much can I borrow?

At Nifty, we offer two categories of personal loans: medium loans and large loans. Medium secured loans are from $2,500 to $4,600; and large secured loans are for amounts from $5,000 to $10,000. For a more detailed description of our loan options, please refer to our costs page.

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Personal Loan Details

Loan Amounts $5,000 – $15,000
Loan Terms 9 – 24 months
Starting Interest Rate (APR) 11.42% (Excellent Credit)
Starting Comparison Rate 14.49% (Excellent Credit)
Ceiling Interest Rate (APR) 21.24% (Average Credit)
Ceiling Comparison Rate 45.56% (Average Credit)
Type of rate Fixed Rate
Repayment options Weekly, Fortnightly, Monthly
Monthly Fee $0
Early repayment fee $0
Average turnaround 60 minutes*
Loan Options Unsecured & secured options

Credit criteria and terms and conditions apply. Representative example: based on a loan of $10,000 over 36 months a borrower with an excellent credit history can expect to pay a total of $12,389.76. WARNING: This comparison rate is valid only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Interest rates vary subject to a full credit assessment. This represents a comparison rate of 14.49% p.a. and includes all interest and fees included in your loan repayments over the life of your loan. For our personal loan product the APR starts from a minimum of 11.42% (14.49% comparison rate) with a maximum of 21.24% (45.56% comparison rate). The minimum loan term is 9 months and the maximum loan term is 24 months. For more details and examples visit our rates and fees page.