*Short term loans are loans of 15 days or less and the NCCP Act prohibits loans of this duration.

SpeedyMoney is one of Australia's newest online providers of Small Amount Credit Contracts (SACCs). To ensure the service we offer is the best it can be, we've secured the very latest technology to ensure you don't wait a minute longer than you need to to get your money. What's more, you can access SpeedyMoney's website via your desktop and mobile device 24/7. Our service is totally online right through to the approval process so don't wait a minute more, apply now!

Need a loan today?

Sometimes you need cash quickly, you've hit your credit card limit and your pay doesn't arrive until next week. What do you do? Sure, you can ask friends and family for help but that can be awkward. That's where Speedymoney can help. We offer short-term loans from $200-$1600 for 60 days or more. Our service is simple and transparent, exactly how you want it to be! Our establishment fee is 20% with a monthly fee of 4%, and that's it. We debit your bank account directly on the scheduled date so you don't have to worry about taking time out to send a payment. We also usually schedule it on your payday, much like a payday loan, so you know exactly when it's being deducted.

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

Responsible lending and SACCs

To comply with our responsible lending obligations, we check your financial situation to make sure you can afford it and don't suffer any undue hardship. We do however rely on the information you allow us to see, so it's important to be accurate with your application.

Our loans are available to you if you're a resident of Australia, over 18 years of age, you're employed and have a regular income stream. What's more, they're also affordable.

And remember if you are finding it difficult to meet your repayments, contact us as soon as you can so we can work out a plan that works for you. If you have any questions, please don't hesitate to contact us on 1300 271 902 or at customerservice@speedymoney.com.au.

Finding the right Short term Loan for you

The phrase short term loans is actually defined as a loan of under 15 days under the National Consumer Credit Protection Act. It is not possible to offer loans under 15 days in Australia, and hence all of our loans are 61 days or more. Most commonly loans are structured over the course of a month and this is what customers usually mean when they talk about short term loans. We offer $200 - $1600 loans lasting 61 days or more, and structure the repayments to be withdrawn from your account via direct debit on the day that you are paid. The online application takes less than a few minutes, and transfers are made within the hour during the working week.

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 61 days or more, with the majority of loans provided to customers over a one month period.

What will a Speedymoney Short term Loan cost you?

It depends how much you borrow - A Speedymoney short term 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 short term 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 short term 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 Short term Loans?

Our Short term Loan customers all have regular incomes and earn more than $500 a week. Most customers are using short term 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 short term loans on time. 

Repeat Short term Loan customers

Given the difficulties many face sourcing credit from banks and credit unions, it is not uncommon for short term loan customers to be repeat customers. Lenders become more comfortable providing short term 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.

Other recent short term 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 short term loan application. Please remember that different payments plans need to be agreed upfront.

Short term Loans and your Credit File

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

Need a Speedymoney Short term Loan today?

SpeedyMoney is one of the newest providers of short term loans in the Australian market. We offer loans from $200-$1600 over a loan duration of 61 days or more. 

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.

What Happens If I Can’t Repay My Loan?

Importantly, contact us as soon as you realise you may have difficulty repaying us on time. Defaulting on payments can result in late fees and dishonour fees, also negatively affect your credit score. Be sure to make contact with us and we will do our best to avoid this occurring.

Annual Percentage Rate (APR)

Please note that our loans are simply fee based with no hidden fees or charges. As such they don't have an Annual Percentage Rate (APR). The maximum APR is 164.83%.

Loan Term

Minimum Loan Term: 61 Days
Maximum Loan Term: 12 Months

What Is The Cost?

Our costs are straightforward however if you have any questions about our fees, please don’t hesitate to contact us:

Establishment Fee: 20% of the loan amount
Monthly Fee: 4% of the loan amount

These loans are fee based and as such there is not calculated using an APR. However, this is an APR example:
If James got a $200.00 loan and paid it off over 62 days the APR would be 164.83%. His expenses would be $56 and the total amount repayable would be $256.00.