When you’re looking for a cash advance or payday loan in Australia, you’ll find that there are generally two different types of fees: a percentage per week that the loan is outstanding or a single flat fee to be charged for the duration of the loan. Which one is better for you is generally dependent on your situation.

If you’re only going to be having the loan for a few days, generally you’re better off with a payday loan based on the amount of time the loan is outstanding. Generally these cost around 15% of the total loan amount per week. Due to the short duration of the loan, if you’re only planning on having it for under a week it will come out to be cheaper to go by duration.

However, if you’re planning on having the payday loan for longer than a week, it is sometimes a better idea to find a loan with a flat fee. If you’re paid once per month and intend to have your loan for three weeks, for example, you’re more likely better off finding an Australian company which offers payday loans at around a $30/$100 borrowed flat fee. For example if you’ve borrowed $100 and keep that for three weeks, at 15% for each week the loan is outstanding you would be paying $45.

Make sure to do your due diligence when calculating which method of payday loan fees is more advantageous for you. In the long run you can save a lot of money by using this method.