We are asked lots of questions, so here are a few common facts about our service.
Q: How much can I borrow?
A: Our minimum loan is $100, but depending on your affordability and other criteria our maximum loan is $2000. See the “What can I borrow-repayments” tab for that information.
Q: What’s a short term cash loan?
A: It’s an unsecured loan, usually only $200 the first time but could go up to $500. They get repaid over a 4 week period. The repayment dates are set to match your own pay day and pay cycle, for example 4 weekly payments or 2 fortnightly payments or 1 monthly payment. Weekly repayments for a $200 advance would be 4 weeks of $62 You can pay it quicker if you want to.
Q: What’s a personal loan?
A: It’s an unsecured loan, usually about $1000 but could go up to $2000. They get repaid over a 6 month period but you can pay it quicker and save yourself some interest if you want to. Weekly repayments for $1000 would be $60 for 24 weeks, that’s less than 6 months.
Q: How quickly can I get approved?
A: We will process your application the same business day that we have all your information as described on “Online lending steps”. If you want to borrow again in the future it’ll be easier and quicker as you’ll have built up a history with us.
Q: How will I get my money?
A: Personal loans will always be transferred directly to your bank account. It will arrive overnight as cleared funds which can be accessed immediately. Fast cash loans can be collected in person from a store or be transferred to your bank.
Q: Will I qualify?
A: We only have a few basic requirements. If you are over 18, are in full time employment, earn over $400 a week, and can afford the repayments then you are likely to qualify.
Q: Can I have more than one personal loan or payday advance at the same time?
A: No, you can only have one payday advance, or one personal loan at any one time. Because we are a responsible lender, we need to make sure that you can affordably pay back your loan. When you’ve built up a history with us you may be able to get one pay advance and one personal loan if its clear you can manage them together.
Q: My pay day or my bank details have changed.
A: If any details have changed, it’s not a problem, just call us on 1300 762 731 and we’ll be able to sort it out or use the “existing customers- update your details” form.
Q: What if I think I might have difficulty making a payment or two?
A: We know things can change. If you are having problems, we always recommend that you give us a call to discuss things and we’ll do our best to help. So long as you keep us informed we’ll find a way to help.
Q: What are your business hours, I have other questions….
A: Please call us on 1300 762 731 during business hours, that’s 9am to 5pm Monday to Friday. We’re here to help ! There’s also a form called “Ask a question” under the “Contact Us” tab.
Q: How much does it cost?
A: Our loans have the following simple cost structure: 20% of principal amount (establishment fee), + 4% of principal amount per month.
There is NO Interest charged on our loans, therefore our APR is Nil, all charges are fee based as per current Australian legislation.
Q: What happens if I do not repay on time?
A: If you can’t repay on time please let us know immediately so we can reschedule or adjust the repayment. The fee for missing a repayment or for dishonouring one is $30. If we agree to a request to reduce a payment amount the fee to do so is $20.
We’ll always try to contact you if there is a missed or dishonoured payment to give you an opportunity to catch up or to work out an affordable arrangement.
If we can’t recover a debt after 60 days overdue we may pass it over to our external collections partner and you may have a default placed on your credit file that impacts your credit history for up to 5 years. So it’s best to always communicate with us if you are having trouble repaying so we can work something out together.