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Maximum charges: 20% Establishment fee and 4% monthly fee (Comparison rate 199.43%) based on $1000 repaid over 6 months. Illustrative example: Loan amount of $1,000 over 6 months repayable weekly (25 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $240 (fees based on 4% per month over 25 weeks) = $1,440 total repayable in 25 weekly instalments of $57.60. Maximum charges: 20% Establishment Fee & 4% Monthly Fee. In comparison rate terms, the maximum comparison rate may be as high as 199.43%.
WARNING: This comparison rate is true 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. The information on this web page is general information. The information does not take into account your objectives, financial situation or needs. Credit criteria, fees, charges, terms and conditions apply. Products and rates displayed are subject to the individual borrower's credit assessment. Examples only provide an estimate and are used for illustrative purposes only, not an offer for credit. The amount you can borrow, the interest rate and fees you receive along the product you qualify for may vary.
Viva Payday Loans > Payday Loans > Payday Loans For Bankrupts

Payday Loans For Bankrupts

What are Payday Loans For Bankrupts?

If you are currently in a state of bankruptcy or have been discharged from bankruptcy, your borrowing options might be a bit limited. However, there are many lenders in Australia that are willing to provide payday loans for bankrupts

How it Works

These loans are very similar to regular payday loans, but they may have a limited loan amount available with tough eligibility criteria that ensure your affordability to repay the borrowed amount in due time.

If you do qualify for a payday loan for bankrupts, the maximum loan amount you can get is likely to be capped at $2,000 with a repayment period capped at one year. 

Eligibility Criteria

To qualify for a payday loan for bankrupts, applicants must:

  1. Be over the age of 18 at the time of filing the loan application (some lenders might also have a maximum age limit)
  2. Be a permanent resident or citizen of Australia
  3. Have a regular income, and more than 50% of this income should be coming from full-time employment or sources other than government/Centrelink benefits
  4. Prove sufficient affordability

Generally, payday lenders don’t give much weightage to an applicant’s credit score during the loan approval process, and some are willing to approve a loan application from someone who has filed for bankruptcy as long as it can be proven that the borrower would be able to comfortably make timely loan repayments. 

Examples of Payday Loans For Bankrupts

Lender  Max Loan Amount Loan Term Disbursement Time Repayment Amount (based on a loan amount of $1,500)
Fair Go Finance $2,000 Three to twelve months One business day $354
Ferratum Money $1,900 Three to twelve months Same day $396

Advantages and Disadvantages


  1. Eases financial constraint with quick access to funds
  2. Fast application process
  3. Accepts borrowers with a bad credit score and those who have filed for bankruptcy in the recent past


  1. High cost in the form of fees and charges
  2. Tough eligibility criteria, many payday lenders don’t accept applicants who have recently filed for bankruptcy

Application Process

Before applying, you must find a lender that offers payday loans for bankrupts. It’s important to ensure that the lender you choose is trustworthy and holds a good repute in the market. 

Also, although the lender should only approve your loan application after verifying your affordability for the loan amount, you must also carefully evaluate your ability to make timely loan repayments. Payday loans are expensive and can aggravate your financial issues in the long term. 

After choosing a lender, fill out the online application form and submit all required documents. 

The lender is likely to require information pertaining to your expenses and any current outstanding loan obligations to verify that you can comfortably afford the loan amount being sought. 

Once all the provided information and documentation is processed, the lender will give you a loan decision. If approved, the funds should reach your designated bank account on the same day, or on the next business day.


Do all payday loan providers accept bankrupt applicants?

No, only some lenders provide payday loans for bankrupts. 

What is the maximum amount I can borrow with a payday loan for bankrupts?

The maximum amount is likely to be capped at $2,000.

Are payday loans for bankrupts different from regular payday loans?

No, the only difference is that many payday lenders don’t approve applicants who have recently filed for bankruptcy.