Join the club and borrow up to $1,500
Do you need quick access to finance and want someone to help guide you through the process? A loan from Club Money could be for you. Fill in an online application and a representative will call you to discuss it, then assess your eligibility for a loan. You can borrow between $250 and $1,500 for terms of between 16 day(s) days to 365 day(s). They offer a clear loan structure and repayment terms so you'll know how much you'll pay and when, helping you to manage your repayments. So, is a Club Money loan right for you? Read on to find out.
How do I borrow from Club Money?
Taking out a loan from Club Money is a simple, straightforward process. The first step is to check if you're eligible, which you can do by checking the criteria listed at the bottom of this page. If you're eligible, you can apply at any time of day, but if you apply between the hours of 9am and 9pm you'll receive a phone call as soon as possible to discuss your application. Following this, your application will be assessed and Club Money will determine how much you can afford to borrow. If you agree to this amount, Club Money will produce the policy documents and you'll agree to the policy terms.
Three quick features to know about
- 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 have 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. This 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 $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 an active payday loan on your credit file (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. 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.
Are you eligible?
To apply for a loan with Club Money, you need to:
- Be at least 18 years old
- Be an Australian citizen
- 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
Information you'll need to apply
- 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.