Sometimes you need money in a hurry for an unexpected situation. It could be an unexpected vet bill, dental bill or a trip you hadn't planned on. Whatever it turns out to be, when you need money in a hurry we can help..
So how do we do it? A SpeedyMoney Emergency Loan is on the same terms as our payday lending and cash advance products. It's a simple fee structure that's easy to understand and almost universally charged by all payday lenders.
The entire process is online with no messy paperwork to slow you down. It takes less than 5 minutes and you'll have an answer in less than an hour.
Please note there is no APR calculation for these loans as they fee based.
What will a SpeedyMoney Emergency Loan cost you?
It depends how much you borrow - A SpeedyMoney Emergency 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 Emergency 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 Emergency 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.
Need a SpeedyMoney Emergency Loan today?
SpeedyMoney understands the need for Fast Online Loans quickly, which is why our application process is brief and has a quick turnaround. However, we will still undertake all the necessary checks and be assured that any approved application meets the eligibility criteria.
We are one of the newest providers of Fast Online loans in the Australian market. We offer loans from $200-$1600 over an average loan duration of 30 days. While this is quite a short period of time, it doesn't preclude repeat borrowing.
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.