Club Money Loans

Club Money offers a way for you to get quick access to finance of between $250 and $2,000. You'll then have up to 365 days to repay what you borrow.
Find out how the loan works in this review.

How do I borrow from Club Money?

First, check the eligibility criteria. If you're eligible, you can apply at any time of day by clicking "Go to Site" on this page. If you apply during business hours you should receive a response within 30 minutes. Your credit history will be checked as part of your application but it's unlikely you'll be rejected due to a few small bad marks on your credit file.

If you're approved and you accept the loan contract, Club Money will determine how much you can afford and organise a repayment schedule to suit your budget. Your nominated bank account will be direct debited the repayment amount on the scheduled date as outlined in your contract. You just need to ensure you have sufficient funds available.

What features are available with a Club Money loan?

• Repayments. Club Money will work out a repayment strategy that best suits your financial situation – this is to make it easier for you to repay your loan. On the pre-set out repayment dates, the repayment amounts will simply be direct debited from your nominated bank account.
• Easy application. You can apply online 24 hours a day seven days a week by completing a simple form.
• Bad credit applications considered. Club Money has specific guidelines around bad credit applicants. You can still apply if you have negative listings on your file, but it will help for you to check their criteria first. These criteria can be found here.

What will borrowing cost me?

Club Money has a clear fee structure for their loans. You'll be charged a fixed rate for your repayments, and fees if you fail to pay back your loan. Take a look at what you will and might be charged:

• Loan establishment fee. This is 20% of your principal loan amount.
• Monthly loan fee. Each month you are repaying your loan you'll be charged 4% of your principal loan amount as a fee.
• Payment dishonour fee. If a direct debit payment isn't honoured, if one of your payments isn't made in full or if your request one of your payments to be rescheduled, you'll be charged $15 on each occasion.
• Arrears letter fee. If your loan goes into arrears and Club Money write to you, you'll be charged $15 each time.
• Default notice. If, when your loan is in arrears and Club Money issues you a default notice, you'll be charged $25.

I have bad credit. Can I still borrow with Club Money?

Club Money will still consider your application if you have bad credit history. That being said, they still need to consider your ability to repay the loan before they approve you. You will be unable to take out a loan with Club Money if:

• Your bank statements show dishonoured direct debit payments to lenders in the previous 90 days
• You currently have more than two short term loans active (small amount credit contract)
• You don't tell Club Money about other loans or financial commitments that you have
• You aren't paid regularly
• A loan from Club Money may be unsuitable or cause financial hardship
• If you rely on Centrelink as your sole source of income

How to apply with Club Money

You can easily apply for a Club Money loan by filling out an online application form, which you can start by clicking "Go to Site". You can do this at any time of the day or night, but if you apply during business hours you'll receive a call back from Club Money to discuss your application, usually within 30 minutes.

To apply for a loan with Club Money, you need to:

• Be at least 18 years old
• Be an Australian resident
• Earn at least $250 per week
• Have a bank account in your own name
• Have received at least three consecutive payments from your employer into your nominated bank account

You'll need the following information on hand to complete your application:

• Loan information. You'll need to list the amount you want to borrow, your preferred weekly repayments and the purpose of the loan.
• Personal details. Your name, date of birth, phone number and email address is required on the application.
• Identification documents. A driver's licence number and the state of issue, as well as your Medicare card's details will be needed.
• Banking information. You'll need to provide your private Internet banking details. This bank account will need to show the receipt of three regular payments from your employer.

Elizabeth Barry

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Elizabeth Barry is Finder's global fintech editor. She has written about finance for over five years and has been featured in a range of publications and media including Seven News, the ABC, Mamamia, Dynamic Business and Financy. Elizabeth has a Bachelor of Communications and a Master of Creative Writing from the University of Technology Sydney. In 2017, she received the Highly Commended award for Best New Journalist at The Lizzies. Elizabeth has found writing about innovations in financial services to be her passion (which has surprised no one more than herself).