Buddy Loans Small Personal Loan

Information verified correct on October 26th, 2016

A unique way to get over your short term financial woes: Use your buddy to get loans up to $5,000 from Buddy Loans

Buddy Loans has come out with a novel method to assist people who need short term financial help. They provide loans of up to $5,000 to applicants who can provide a buddy to act as a guarantor. This buddy can be your parents, a friend, sibling, colleague or anyone. The only requirement is that this person should be an Australian citizen and should be a homeowner – even if they are paying off a mortgage on their house.

Buddy Loans then speaks with the guarantor to check the details and tell them about their obligations as a guarantor. Once this process is completed, the funds will be transferred into the applicant's account within 24 hours.

How does a personal loan from Buddy Loans work?

Unlike other firms who base their loan approval on credit ratings and computerised algorithms, BuddyLoans provides a simpler approach of approving loans on the recommendation of a guarantor. This guarantor can be any person you might know and the only requirement is that they are homeowners, with or without mortgage.

Loans of up to $5,000 can be disbursed within 24 hours once the details of the guarantor are verified. The repayment terms of the loan is from one to 12 months. The final loan amount is based on the applicant’s ability to comfortably repay the loan. These loans can be used by applicants who might not have a good credit history or have a few defaults in the past.

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Whilst we don't compare Buddy Loans Small Personal loan directly, here are some other loans that are similar.

Rates last updated October 26th, 2016
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Features and benefits to consider

  • Bad credit history acceptable. This loan uses the recommendation of the guarantor as a basic credit check. By doing so, it is possible to give loans to applicants who might not have good credit history. The firm also checks the applications manually, which allows decisions to be made on the current situation instead of past credit records.
  • Simple terms. The terms of the loan are quite simple. Once an applicant gets a guarantor they can apply for a suitable loan and choose a repayment schedule. The entire process is easy to understand and follow.
  • Quick turnaround time. The approval and disbursal of the loan is speedy and the final approval can be obtained within 24 hours.
  • Flexible repayment schedule. The repayment schedule can be chosen according to the capacity of the applicant. The terms for the loan can vary between one and 12 months. Early repayments can be made to repay the loan faster and does not incur any penalties or extra fees.
  • Higher credit limit. One of the best features of this loan is the higher credit limit that's available. Applications can be made for $2,000 to $5,000, which should suffice for a majority of short term requirements.

Fees and charges

  • For loans up to $2,000 with terms of less than one year, there is an establishment fee of 20% of the borrowed amount and a charge of 4% per month.
  • For loans from $2,000 to $5,0000, there is a $400 establishment fee and 4% per month charge.
  • There are no additional charges or fees and early repayment will not incur any penalties.
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How to apply for a loan from Buddy Loans

If this loan is suitable for your needs, you can click ‘Go to site’ on this page and start the application process. The online application is quick and you can get a response within ten minutes of applying. Before you start the application, make sure you meet the following eligibility requirements:

  • Age. The applicant must be over 18 years of age.
  • Guarantor requirements. The guarantor must be an Australian citizen and be a homeowner. A mortgage on the house is acceptable.
Required information
  • Personal details. Your name and date of birth need to be provided.
  • Contact details. The contact details that need to be submitted include your mobile phone number, home phone number and email.

This is can be an attractive loan option for people looking for short term loans, as it lets you provide a guarantor to help your chances of being approved. Make sure you compare this loan with other similar options to ensure you apply for the best loan for your needs.

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