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 1 - 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.
Compare Other Payday Loans
Whilst we don't compare Buddy Loans Small Personal loan directly, here are some other loans that are similar.
Updated September 17th, 2019
⚠️ Warning about Borrowing
Do you really need a loan today?*
It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.
Check your options before you borrow:
- For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
- Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
- If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94
The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.
* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.
If you're experiencing financial hardship and would like to speak to someone for free financial counselling, you can call the Financial Counsellors hotline on 1800 007 007. It is open from 9:30am to 4pm, Monday to Friday. When comparing short term loans, ensure you take into consideration any fees, charges and rates you may be charged. It's important to weigh up all your options before applying for any form of credit.
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
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- 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 $5,000, 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.
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.
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.