Frequently Asked Questions

How can I get a loan?
Securing a loan with PaydayMate.com is easy and convenient. Complete a loan application and submit both your bank statement and pay slip via fax to 1800 235 376.

How do I repay my loan?
Payday Mate does all the work for you! Your account will be automatically debited for the entire loan amount plus the loan fees and brokerage fee. Once your loan has been repaid, you are able to make another loan request on the very same day.

What is a payday loan?
A payday loan is a short term loan that can be used to cover urgent expenses, to take a holiday, or even just to top off your monthly income. Payday loans are meant to be paid in full on your next pay date. They are not meant to be used as a long term solution.

How much can I borrow?
You can borrow up to $300 for your first loan. Once your first loan has been repaid, you will have the option to borrow up to $1000 (in multiples of $100), depending on your net income. Your net income is used to calculate your maximum loan limit.

What fees are involved?
There is a Loan Administration fee of $1 and a Broker fee of $28.98 for every $100 borrowed.

How long until I have to pay it back?
Depending on your pay frequency, you can keep the loan for up to a maximum of 15 days.

Is there a minimum net income to qualify for a loan?
Yes, a minimum net income of $667 bi weekly or $1334 monthly is needed to qualify for a loan.

What if I am self employed?
Unfortunately, we cannot lend to those who are self employed.

Do I need to send in any documents?
A copy of your most recent bank statement and pay slip is required to complete your loan application.

Do I need my salary deposited directly into my account?
Yes, to qualify for a loan your salary must be deposited directly into your account by your employer.

When will I receive my money?
Once your application and documents have been received, your loan can be issued on that very same day. Depending on your bank’s policies, it may take 1 to 2 business days for the funds to be transferred to your account.

I applied for bankruptcy. Can I still apply for a loan?
Yes. This will not affect your eligibility for a loan. Payday Mate is here to help you with your short term financial needs. If you are looking for a long term financial solution a payday loan might not be for you.