Free tool
Payday Loan Cost Calculator
See the most a payday loan (a Small Amount Credit Contract) can legally cost in Australia. The law caps fees at a 20% establishment fee plus a 4% monthly fee. This is an illustrative maximum — your actual rate depends on the licensed lender who assesses you.
Most it can legally cost
- Establishment fee (max 20%)$200
- Monthly fees (max 4% × 6)$240
- Maximum cost of credit$440
- Most you would repay$1,440
- ≈ per fortnight$111
Illustrative only — capped by law. A Centrelink advance or a No Interest Loan (NILS) may cost $0 in fees.
How the payday loan calculator works
For a Small Amount Credit Contract (SACC) — a loan up to $2,000 — Australian law lets a licensed lender charge at most a 20% establishment fee and a 4% monthly fee on the amount borrowed. There is no other interest. This calculator multiplies those caps by your chosen amount and term to show the ceiling on what a loan could cost. See ASIC Moneysmart for the official guidance, and our payday loan fees guide for a full breakdown.
Remember: this is a maximum, not a quote
Perfect Payday is a comparison and referral service — not a lender. When you apply, a panel of licensed lenders assesses your application and sets any actual rate, which may be lower. Applying never guarantees approval. If money is tight, talk to a free financial counsellor first on the National Debt Helpline (1800 007 007), and read our alternatives to payday loans.