Apply for a loan up to $5,000 with Club Money.
If you're looking for looking for additional features from a short-term lender, you may want to consider Club Money. Club Money offers same-day loan approval for loans up to $5,000 and lets you pick repayment periods of up to 12 months.
Club Money will consider people with bad credit, while applicants with no other outstanding loans and stable work may get 25% off monthly fees and one-month interest-free.
Find out more in this review.
How does a Club Money loan work?
Club Money offers loans up to $5,000 with repayment terms up to 12 months. You may be eligible for a loan even if you have bad credit. If you have no outstanding loans and stable employment, along with a few other criteria (see the features section below), you may be eligible for 25% of your monthly fees and one month interest-free.
When you apply, you’ll generally hear back from Club Money within half an hour if it's a business day, and you can get cash in hand or in your bank account within two hours.
Club Money will check your recent income and transaction history to help work out how much you can reasonably borrow and set up a repayment schedule to suit your situation. Your nominated bank account will be direct debited on the chosen date. You just need to ensure you have sufficient funds available.
If something comes up, or your situation changes and you won’t be able to make a repayment, just inform Club Money at least 12 hours ahead of time, and it may waive the usual $15 missed-payment fee and help sort out an alternative schedule to get things back on track.
Features of a loan from Club Money
- Repayment and application help. Club Money will work out a repayment strategy that best suits your financial situation to make it easier for you to repay your loan. On the pre-set repayment dates, the repayment amounts will simply be direct debited from your nominated bank account.
- Quick and easy application. You can apply online 24 hours a day seven days a week by completing a simple form. On business days, applicants can get cash in hand within two hours.
- Every application considered individually. Credit history isn’t everything, and Club Money is more interested in your real situation than your credit history. Low doc, self-employed, bad credit and good credit applicants are all considered on their own merits.
- Discounts. You may be eligible for one-month interest-free and 25% off your monthly fees by meeting certain criteria. You need to have no other small amount credit contractts, have 90 days of reversal-free banking, have been employed in the same job for three months, are not a gambler and meet our usual lending criteria.
What are the Club Money fees and repayments?
There are no hidden fees and no fine print that might multiply your repayments to enormous amounts. The following costs are all you will need to pay:
- Loan establishment fee. This establishment fee is 20% of your principal loan amount. The principal is the amount you borrow.
- Monthly loan fee. Your repayments include a fee of 4% of your principal loan amount each month.
- Payment dishonour fee. If a direct-debit payment doesn’t fully go through as scheduled, or you request a payment to be rescheduled, you may be charged $15 on each occasion. If you get in touch with Club Money ahead of time, they may be willing to waive this fee.
- Arrears letter fee. A $15 fee may be charged if your loan goes into arrears and Club Money finds it necessary to write to you about the situation.
- Default notice. A $25 fee is applicable if Club Money finds it necessary to issue a written default notice.
How to apply for a Club Money loan
The first thing to do is to consider whether a loan is the right answer for your situation. If so, check the eligibility criteria to see whether Club Money can help you out. When applying, make sure you have the necessary information ready.
You need to meet the following criteria:
- 18 years old or older
- An Australian resident
- Earning more than $250 per week
- Have at least three consecutive payslips from your employer
- Have a bank account in your own name
You won't be eligible for a loan if:
- Your only income is from Centrelink.
- You have more than two other small amount loans currently active
- Your take-home pay is less than $1,000 a month and don't have three consecutive payslips from your employer
- Your bank statements show multiple payment reversals, or dishonoured direct debits, to other lenders in the previous 90 days.
- If your application shows you will not be able to afford the loan
- 100 points of identification. You will need identification such as a driver’s license or Medicare card in addition to your bank details.
- Bank details. You will need to provide some bank details. If you have an Internet connection and your bank login details handy, you can find and provide info as needed.
- Personal details. Your name, date of birth, phone number and address are required.
- Loan information. You will need to decide how much you would like to borrow, up to $5,000, and your preferred repayment schedule. If you’d like, Club Money can help work out an affordable repayment plan based on your income and expenses.
If you meet the conditions, you can click “Go To Site” to be securely redirected to the Club Money site. Here, you can choose how much to borrow, up to $5,000, and select your repayment terms.