Payday Mate Pay Day Loan
How to use a Pay Day Mate loan
Pay Day Mate not only aims to help you when you need an advance on your next pay cheque, but they also want to make sure you use the money from you pay day loan responsibly, and help you avoid being in this situation again.
For example, Pay Day Mate makes sure you repay your loan on time to avoid additional fees and interest charges by automatically debiting your account for the entire loan amount plus the fees so that your debt is repaid in full as soon as possible. While a pay day loan can help you cover your expenses until your next pay day and can be a financial life line, when choosing a pay day loan make sure you choose a lender which follows responsible lending practices, and make sure you use your loan responsibly.
Pay Day Mate promotes responsible lending in the following ways to protect you from future financial stress:
- Lending less than 30% of your net income. Pay Day Mate will make sure your first pay day loan won’t exceed 30% of your net income to make sure you are not borrowing more than you can afford to repay. Once you establish yourself with Pay Day Mate and have a proven repayment history your loan limit can be increased.
- A no rollover policy. Many pay day lenders will let you roll over or extend your loan if you can’t afford to repay it all at once on your next pay day. However, a pay day loan is a short term solution and should never be used for long term lending which is why Pay Day Mate have a no rollover policy.
- Repayment reminder. You will receive an email reminder from Pay Day Mate two days before your repayment date to make sure you have sufficient funds in your account. You will also be sent another reminder email on the date your repayment is to be debited.
- Easy to understand fees. There are no hidden fees or charges with a Pay Day Mate loan.
- Pay Day Mate customer types. Many pay day lenders prey on people who don’t have the ability to repay their loans such as pensioners or people with a disability. This is why Pay Day Mate does not lend to retirees, people on disability or a social security pension, people paid on commission, substitute teachers, those on maternity or medical leave, or independent contractors.
Therefore, to make sure you are able to use your Pay Day Mate loan responsibly:
- Don’t use your loan as a solution to a long term or ongoing financial problem.
- Don’t borrow more than you can afford to repay by the scheduled date.
- Don’t choose a pay day lender who doesn’t follow responsible lending practices.
- Don’t choose a pay day lender who puts customer service and value after making a profit.
Features of a Pay Day Mate loan
You will be hard pressed to find a bank who will make out a loan for less than $1,000 and that is why pay day loans are so popular with people who need to cover unexpected expenses for a short time until their next pay day. While a pay day loan doesn’t suit all financial needs, if you look at the overdraft fees you will have to pay or the late fee on your power bill, these will usually be much more than the fees you have to pay with a Pay Day Mate loan, plus, you’ll protect your credit rating.
A Pay Day Mate loan also features:
- A $300 loan amount for your first application. The first time you borrow from Pay Day Mate you will only be able to borrow up to $300. Once you have proven you can responsibly repay your pay day loans you can borrow up to $1,000 in multiples of $100.
- Clear fees. There is a loan administration fee of $1 each time you borrow from Pay Day Mate, and a broker fee of $28.98 for every $100 you borrow. Therefore if you borrow $100 you repay $129.98 if you borrow $200 you repay $259.96.
- A flat fee guarantee. Pay Day Mate guarantees to charge a flat fee whether you are applying for your first loan, or you are a repeat customer. This makes it easy for you to know exactly how much you need to repay.
- Maximum loan term of 15 days. Depending on you pay frequency you will have up to 15 days to repay your loan.
How to apply for a Pay Day Mate loan
To be eligible to apply for a Pay Day Mate loan you must:
- Be 18 years or older.
- Be an Australian resident living in South Australia, Victoria, Queensland, Northern Territory or Tasmania.
- Be employed in Australia.
- Have your salary paid directly to your bank account.
- Have a minimum take home pay of $334 if you are paid weekly.
- Have a minimum take home pay of $667 per pay period if you are paid fortnightly or monthly.
If you are eligible to apply you can complete an online application form. Once you have completed the form you will receive a confirmation email, after which you may need to send a copy of your most recent bank statement or a pay slip by fax or email. You then contact Pay Day Mate to make sure they have all the information they need and your information is correct.
Once you have verified your information you’ll be able to log into your account, select a loan amount and electronically sign the broker and loan agreements. You can also log into your account to check the status of your loan and view recently sent documents. Your loan amount will then be deposited into your bank account, and depending on your financial institution you could receive the money that same day. In other cases it can take one to two business days for the transfer to be completed.
Repeat Pay Day Mate Applications
If you have already used a Pay Day Mate loan and want to apply for a new loan, you simply log into your account using your email address and password, follow the prompts to enter the amount you want to borrow, and enter your next pay date. You then need to read and electronically sign the broker and loan agreements. You can apply for a new Pay Day Mate loan on the same day you repay your previous loan in full, by logging into your account.
You will know your new loan has been approved by logging into your account and going to Loan Status. If the loan is approved the status will read Issued and your loan is being processed and is on its way to your bank account. You can also change or update your information by logging into your account and going to the Update Info section. There you can change your phone number, address and email. However, you update your banking or employment information you will need to call Pay Day Mate directly.
You are also unable to change your loan limit, which is determined by your net income amount and you repayment history to make sure you only borrow as much as you can afford to repay. At the same time if your net income has changed you can call Pay Day Mate to update those details and discuss a loan amount increase.
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