Fast Cash Loans | Fast Cash | SpeedyMoney

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Fast Cash Loans

If you have a need for speed, then you have a need for a Speedymoney Fast Cash Loan! A SpeedyMoney fast cash loan is essentially a small, unsecured cash loan less than $2000 and repayable over a duration of 61 days or more. While the duration can last up to 12 months, most fast cash loans have a duration of 4 to 9 weeks.

So what does fast mean? How about this: you should be able to lodge a complete application if you use our online services in around 5 minutes. We'll assess your application and if approved during business hours, send the money to you in under 60 minutes. Once we send it, it depends on your bank as to when you actually receive it into your account. It can range from literally seconds for the Commonwealth bank, a few hours for the other majors to overnight for some regional banks.

Need a Fast Cash Loan 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 loan. 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 your money directly into your bank account. While we try our upmost to provide you with a your loan as fast as possible, sometimes things are beyond our control and we can't deliver on that promise. For example, if there is a major internet outage, or a particular bank is offline, then we'll send as soon as we possibly can. So what are you waiting for? To get your Fast Cash Loan today, click the Apply Now button or if you need further information, contact us 1300 271 902 or email us at customerservice@speedymoney.com.au.

What happens if I can't make a payment due to hardship?

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 at customerservice@speedymoney.com.au.

Need a Fast Cash Loan? Find the right provider quickly!

Fast cash loans are a type of finance offered by lenders such as SpeedyMoney who operate mainly in the online space. We specialise in small cash loans, also known as payday loans, which range from $200 to $1600 extended for up to 61 days. You can expect to receive your small cash loan amount within the hour after you’re approved, making it a convenient option to consider.

Please note there is no APR for these types of loans as they are simply fee based.

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.

Our application form should take you no longer than 5 minutes to complete. Usually we've processed your loan a short-time later with the money on it's way to your bank account in less than 60 minutes. That's a seriously fast loan.

While fast cash loans might seem like a convenient option to consider, the fees may not be competitive when compared to other types of personal loans and financing options. You should consider the other personal loan options available to you before applying for one of these loans.

What will a Fast cash Loan cost you?

It depends how much you borrow - A Speedymoney fast 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 fast 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% interest 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 fast 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 Fast cash Loans?

Our Fast cash Loan customers all have regular incomes and earn more than $500 a week. Most customers are using fast 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.

You can use a Speedymoney Payday Loan for just about anything. Whether it be just a temporary cash shortfall or:

  • Money for a vacation
  • An unexpected medical bill
  • A gift such as a birthday present
  • An unforseen emergency
  • A veterinary bill

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 fast cash loans on time. This helps us manage our business, and helps of customers avoid late payment and dishonour fees.

Repeat Speedymoney Fast cash Loan customers

Given the difficulties many face sourcing credit from banks and credit unions, it is not uncommon for fast cash loan customers to be repeat customers.

However at Speedymoney the emphasis remains on the purpose 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 fast 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 fast cash loan application. Please remember that different payments plans need to be agreed upfront.

Fast cash Loans and your Credit File

Credit files are routinely reviewed during the application process for your first fast 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 fast 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 fast cash loan, recent defaults are and will result in a decline of your fast cash loan application.

Need a Speedymoney Fast cash Loan today?

SpeedyMoney is one of the newest providers of fast cash loans in the Australian market. We offer loans from $200-$1600 over a loan duration of up to 61 days. At SpeedyMoney, 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 atcustomerservice@speedymoney.com.au.

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.