Speckle Small Loan

How does a Speckle Small Loan work?

With this loan product customers are able to borrow a minimum of $200 and a maximum of $2,000. Customers are unable to apply if they've recently declared bankruptcy or have had two payday loans within the last 90 days. Successful applicants are able to make extra repayments or repay their loan early should they wish to, as there are no early repayment penalties. The online application process is usually straightforward.

Borrowers are prohibited from using this loan for debt consolidation, gambling, refinancing or business purposes. They are also not able to use this loan to repay other debts.

Speckle also offers alternative options to its loans, such as visiting the Australian Government’s MoneySmart website or calling the free financial counselling hotline on 1800 007 007.

Features of a loan from Speckle

Some of the features included with this loan are:

• Competitive fees. This loan offers competitive fees for a short term loan, such as a $5 dishonour fee and a monthly fee that is 2% of the principal amount.
• Varied loan amounts. Loan customers are able to apply for a minimum of $200 and a maximum of $2,000.
• Low doc online application process. All applicants need to apply is to provide 90 days of bank statements, a working mobile phone number and an email address.
• Straightforward uses for loans. Successful applicants are able to use the loan for car repairs and emergency costs as well as school expenses. What they're unable to use the loan for is debt consolidation, gambling and refinancing.
• Flexible repayment system. Customers can pay off your loan weekly, fortnightly or monthly.
• Short term loans. As this is a short term loan, the terms start from 3 to 12 months.
• No repayment fees. If someone decides to make an early repayment, there are no fees charged. This means that customers able to pay off their loan early can save money over the life of the loan, penalty free.
• Helpful strategies offered. As Speckle is run by a not-for-profit called Good Shepherd Microfinance, this means that it offers more fair and affordable finance than other short term lenders. It also offers alternate strategies for dealing with debt, such as budgeting advice, counselling services for debt and the refusal to lend to anyone who has had more than two payday loans in the last 90 days.

Fees and charges

Some of the fees successful applicants will be charged for this loan include:

• An establishment fee which is 10% of the initial loan amount.
• A monthly fee equal to 2% of the initial principal loan amount.
• A dishonour fee of $5.
• A default fee of $1 will be charged daily if someone hasn't made a full repayment for more than 30 days.

Speckle loan eligibility

In order to be eligible for a Speckle loan, applicants must:

• Be an Australian citizen or a permanent resident residing in Australia
• Be at least 18 years of age
• Earn a minimum of $22,000 annually
• Have no more than 50% of their total income come from government benefits, such as Centrelink
• Have an Australian mobile number and working email address
• Have not had two or more small amount credit loans (such as payday loans) from any other provider

How to apply

Applying for a Speckle loan is straightforward. Applicants will need to supply the following information:

• Electronic proof of identification, such as their Medicare card, their driver’s licence or their passport.
• 90 days of bank statements. These can be supplied electronically or manually.

Loans can be approved in up to two hours if the relevant information is provided. Once an applicant has been approved, the funds will be directed to their nominated bank account within two business days, once their contract has been signed and confirmed.