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If you're struggling financially and would like to speak to someone for free financial advice, information and assistance you can call the Financial Counsellors hotline on 1800 007 007 (open from 9:30am to 4pm, Monday to Friday). If you are suffering financial problems related to the coronavirus pandemic you may be eligible for additional support. Find out more here: https://www.finder.com.au/coronavirus-financial-help
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:
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.
People can apply for a Club Money small loan online. Club Money offers loans between $250 and $5,000 which can be repaid within 12 months. Applicants will be charged an establishment fee when they first get the loan and monthly fees each month they are repaying the loan. While repaying the loan over a longer loan term may result in smaller monthly payments as they're spread out, it means they will pay more in monthly fees.
Borrowers are charged fixed establishment and monthly fees but other fees may also apply if they can't pay their repayments on time.
Club Money will conduct a credit check when borrowers apply for a loan. It does consider applicants with bad credit history but they still need to prove their ability to repay the loan in full. You won't be considered for the loan if:
Applicants can apply for a Club Money loan online in 5 minutes. If they apply during business hours, the approval could take as little as 30 minutes and once approved they may receive the money by the end of the day. How long the fund transfer will take will depend on their financial institution. For example, transfers to the major banks can happen in two hours whereas a transfer to a smaller bank may take one or two business days.
Before applying for a loan with Club Money, applicants need to make sure that they meet the eligibility criteria and have the necessary information to complete the application:
Borrowers will need the following information on hand to complete their application:
Enjoy an introductory 90,000 bonus Citi reward Points, a $100 Coles eGift card, plus a reduced first-year annual fee with this Citi Rewards Card offer.
Learn more about how PayActiv's Earned Wage Access service can help you access up to $500 of your paycheque for a $5 fee charged fortnightly (only if you access your wage before payday).
MoneyMe offers a flexible line of credit loan that's accessible within minutes. Apply online and get approved for a maximum credit limit from $1,000 to $10,000 and make purchases straight from your mobile phone.
This week on Pocket Money, we dig into everything you need to know about home loans, from features to eligibility and how and when to apply.
Read Finder's detailed review of the Kogan Money Essential Fixed Home Loan. Compare rates and apply.
Check out Finder's detailed review of Kogan Money's Essential Variable Home Loan. Compare rates and apply.
Safe Financial offers short term loans between $1,000 and $5,000 with repayment terms up to 52 weeks.
Borrow up to $5,000 with 18 months to repay with a Capfin Money Medium Amount Loan.
Apply in time for a new business loan and save your business money.
Apply for a loan up to $5,000 with repayment terms from 62 days to two years with Moneyspot. Compare the features and fees here.