What is a SpeedyMoney Cash Advance?
A cash advance is generally associated with the sometimes awkward task of asking your employer for an advance on your salary to meet some unforeseen expense. Well, these days you don't need to do that, as Speedymoney can provide you with a fast cash advance, and without having to ask your boss. Just fill out our online application form and you can have the money in your account in as little as an hour, sometimes faster.
The cash advance is directly transferred into your account, and the repayments are debited from your account using a repayment schedule. The repayment schedule for your cash advance is agreed during the application process, and forms part of your contract with us. Cash advance repayments are made using direct debits and typically match the day you receive your wages.
So how do we do it? SpeedyMoney has invested in some of the most advanced systems available today to ensure that when you need money, we can get it to you fast. We do this by verifying the information you send us in a highly secure way, minus the paperwork. The entire process is online and we keep you informed every step of the way.
How much is a Cash Advance for?
Although payday loans at Speedymoney can range for amounts up to $1600, and up to 61 days or more, a cash advance is usually a smaller amount for a briefer period of time. The average cash advance is for $300 over 4 weeks, and repaid in weekly, fortnightly or monthly installments. Using this example your weekly repayments would be $93 plus a small direct debit transaction fee of about $1.10 each time the debit is made. The main advantage of a cash advance is that you are able to access and repay relatively modest amounts of credit quickly, without too much impact on your weekly budget.
Need a Cash Advance today?
To comply with our responsible lending obligations and to ensure you don't suffer any undue hardship, we make certain inquiries about your financial situation before we offer you a cash advance. To get going, click on the Apply Now button, fill in the application form in less than five minutes and follow the prompts. We are required by law to collect the last 90 days bank transactions which we can do in a highly secure and confidential way using our Bank Vision service.
Once approved, we'll deposit the cash advance directly into your bank account. So what are you waiting for? To get your cash advance today, click the Apply Now button or if you need further information, contact us 1300 271 902 or email us at firstname.lastname@example.org.
Who uses Cash Advance Loans?
Cash Advance Loans are for customers who have a regular income but need a little bit extra for unforeseen reasons.
Before offering you a cash loan, we are required by law to make reasonable enquiries regarding your ability to repay it. After seeking your permission to do so, our online system analyses your financial information and makes a decision in minutes. We only have a few essential requirements:
- You must be an Australian citizen
- You must be over 18
- You must be employed and have a regular income stream
Repeat Cash Advance Loan customers
Given the difficulties many face sourcing credit from banks and credit unions, it is not uncommon for Cash Advance loan customers to be repeat customers. Lenders become more comfortable providing Cash Advance loans to repeat customers who have established a track record of repayment. This may lead to larger amounts being lent, over longer periods. However at SpeedyMoney the emphasis remains on affordability. Just because you may have borrowed before, this does not make you exempt from providing your most recent banking history, bank account and employment details and an affordability analysis.
At SpeedyMoney repeat customers are welcome to discuss various different options to structure your future repayment plan ahead of your Cash Advance loan application. Please remember that different payments plans need to be agreed upfront.
Need a Cash Loan?
Cash Loans are exactly that, cash in your bank account and fast. Apply within 5 minutes and have cash in your account within the hour. Is a cash loan and a cash advance loan the same thing?
The term cash advance loan is generally reserved for money withdrawn on a credit card, not taken from a cash loan lender such as Speedymoney. However, some cash loan providers have taken to using this phrase when transferring money to the borrower as it is a commonly used term among customers searching for cash.
It's important to understand the differences between the two however from a technical point of view as we want all of our customers to understand exactly how we operate. Traditional cash advance loans often attract interest instantly and generally don't have to be paid back within a specific time-frame. However Cash loans and our cash advance loans are usually taken over a set period of time similar to a payday loan.
At Speedymoney we look for customers that are employed, with a regular income, that can afford their repayments. We do not take on customers whose majority income is from centrelink and prefer a recent clean credit history. Our loans are from $200 to $1600 extended for up to 61 days or more, with the majority of loans provided to customers over a one month period.
What will a Speedymoney Cash Loan cost you?
It depends how much you borrow - A Speedymoney Cash loan costs 4% per month or part thereof, with an establishment fee of 20% of the amount borrowed. So a $500 loan repaid over a month would cost $620 ($500 x 24%).
Most customers will look at the cost of their Cash loan in terms of repayments, compare that against what they expect to be paid in the near term, and decide what is affordable for them. Using the example above, for a customer who is paid weekly, the cost of the loan is four repayments of $155 each.
If this loan was to stretch into the next month there would be another 4% fee to pay, and thus the calculation would be $500 x 28% = $640. Over four repayments this is a cost of $160 per repayment.
Provided all goes according to plan, and this is the case most of the time, there are no additional fees or charges on your Cash loan. The important thing to remember is that if you miss a repayment, you can make it up straight away by making a direct deposit or card payment, thereby avoiding any additional costs.
Who uses Cash Loans?
Our Cash Loan customers all have regular incomes and earn more than $500 a week. Most customers are using Cash loans to cover temporary cash shortfalls over the course of a month. Often customers tell us that they have been hit with two or three unexpected bills at the same time, there has been a change in their pay cycle for some reason, or it's a particularly busy or expensive time of year, say around Christmas and school holidays. And meeting repayments does not always go according to plan either. Generally we try to avoid levying fees where possible. This can be done by making part payments, or catching up on repayments, thus avoiding extending the term of the loan.
Sometimes we are asked if we do credit checks when assessing a loan application and the answer is yes, but not always. We check the credit file for first time borrowers, but if you are in need of any subsequent loans we do not always find it necessary to make further credit inquiries. The most important information that we collect regarding your application are your bank statements.
We use this information to assess whether you can afford to meet your repayments. We like to know that all our customers can afford to repay their Cash loans on time. This helps us manage our business, and helps of customers avoid late payment and dishonour fees.
Repeat Cash Loan customers
Given the difficulties many face sourcing credit from banks and credit unions, it is not uncommon for Cash loan customers to be repeat customers. Lenders become more comfortable providing Cash loans to repeat customers who have established a track record of repayment. This may lead to larger amounts being lent, over longer periods. However at Speedymoney the emphasis remains on the puropose of the loan and affordability. Just because you may have borrowed before, this does not make you exempt from providing your most recent banking history, bank account and employment details and an affordability analysis.
Other recent Cash loans will have an impact on your borrowing capacity, and may pre-empt additional credit checking. it is important not to take on too much debt, no matter what your circumstances are, and investigate other cheaper alternatives, even if they are not as convenient.
At Speedymoney repeat customers are welcome to discuss various different options to structure your future repayment plan ahead of your Cash loan application. Please remember that different payments plans need to be agreed upfront.
Cash Loans and your Credit File
Credit files are routinely reviewed during the application process for your first Cash loan with Speedymoney. Bankruptcy, judgements, defaults, and credit inquiries are all taken into account in the decision to extend credit to a new customer. At Speedymoney we will not lend to customers who have record of bankruptcy or a magistrates court judgement against them.
Routinely we see customers who have several credit inquiries list on their credit file. These may be from other Cash loans, personal loans, or secured loans (eg car loans). This does not count against your application, and demonstrates that you are aware of alternative credit products and understand how they work. However, we do look at how other loans have been used, and how heavily they have been relied on in the past.
A default on your credit file occurs when a debt has not been repaid. The most common defaults that we see are from utility and mobile phone companies. They remain on your file for 5 years, and whilst older defaults may not necessarily be an accurate depiction of your current financial circumstances, and your capacity to repay your current Cash loan, recent defaults are and will result in a decline of your Cash loan application.
Need a Speedymoney Cash Loan today?
SpeedyMoney is one of the newest providers of Cash loans in the Australian market. We offer loans from $200-$1600 over a loan duration of up to 61 days or more.
Also, the process is so simple and we provide an array of account keeping tools for you so you know exactly what your obligations are. We offer you a client login area where you can view existing loans and repayment dates, apply for new loans, amend your details and see your loan history.
What happens if things go wrong?
To comply with our responsible lending obligations and to ensure you don't suffer any undue hardship, we make certain inquiries about your financial situation before we give you a loan. However sometimes things don't go as planned and the result is a missed repayment. While we do have late payment fees, we are very willing to listen to you and often, especially if you've made contact, substantially reduce and even waive fees. If you do find yourself in this situation, please don't hesitate to contact us on 1300 271 902 or email@example.com.
The information that you need to provide to Speedymoney
As discussed above, Speedymoney will verify your identity, in some cases check your credit file, and require the most recent 90 days of transaction history from the bank account into which your income is paid. You do not have to send us paper copies of your bank statements – the easiest way to supply this information is to automatically download it via our online application. It's secure, takes less than a minute, and will require your online banking user name and password.
If you have more than one bank account where you are paid income, you must provide 90 days of statements for each account. This information helps us assess the affordability of the repayments for the loan.
Other information may be required depending on your credit history, if there are or have been any other loan repayments, or your income has been irregular.
What if I am on Centrelink benefits?
If the majority of your income comes from Centrelink, we will not accept you for a loan. There are specific rules for customers in this category limiting the amount of repayments to 20% of your income, and there are specialist credit providers that service this demand.
Are there extra fees and charges?
There are extra fees if you do fail to pay back your loan including a failed repayment fee of $35 each time a repayment is dishonoured or re-scheduled; a $50 collection fee if we have to send your loan to an external collection agency; and all collection agency fees (currently those fees are 20% of the outstanding balance referred to the collection agency).
Importantly, failing to repay a loan may result in a credit default listed against your name. The default can last up to 5 years and can adversely affect your chances of obtaining credit in the future.