A loan with a difference: Have access to a credit limit up to $2,025 with DollarsDirect.
If you’re after a small, short-term personal loan, you might want to consider the flexibility on offer from DollarsDirect. If approved you’ll have access to a credit limit up to $2,025. You can use this money for anything you need and you have the flexibility to continue drawing on the loan up to the middle of the loan period.
How does the DollarsDirect Short Term Personal Loan work?
This loan is a line of credit, giving you access to up to $2,025 until midway through the loan term. Most customers will have access to less than the full amount at the beginning of the loan term, and as you make repayments you will be able to access more money throughout the redraw period. The redraw period lasts until midway through your full loan term. You are only able to redraw up to $2,025 in total during the course of your entire loan term.
What are the features being offered?
The DollarsDirect Short Term Loan comes with several features and benefits, including:
- Generous loan term. Standard practise for payday lenders is to offer terms extending up to 30 or 45 days, but DollarsDirect offers loan terms of between and days.
- Refinancing available. If you want to extend your loan, you can apply for refinancing to be approved for another credit limit of $2,025. Just keep in mind you will need to repay the establishment fee, and the amount you owe on your first loan will be subtracted from your new loan.
- Easy online application. The whole application can be completed online within minutes.DollarsDirect is legally required to review three months of your bank account transactions. This can be done automatically through Yodlee, a secure platform that gives DollarsDirect a read-only view of your statements.
- Apply with bad credit. You will be considered for a loan even if you have bad credit, as long as you prove you will be able to afford your repayments.
I’m considering applying. What will I be charged?
Before submitting your application the following costs should be considered:
- Establishment fee: $300
- Interest rate: 4% of principal amount per month.
You may also incur certain fees for late payments or for direct debits that are dishonoured. More information on these charges will be outlined in your credit contract. If you sign up to your loan and decide that you want to cancel, you can do so within 24 hours.
How do I apply for the DollarsDirect Loan?
Start your application online by clicking ‘Go to Site’. Keep in mind that eligibility criteria need to be met before you apply, including that you:
- Have been employed for at least a month
- Have an active bank account with direct deposit
- Are a current resident of Australia
- Are at least 18 years of age
You’ll also need certain personal and financial details to complete your application. If you apply for the loan by 2:30pm and you bank with ANZ, CommBank, St.George or Westpac you can expect the loan in your account on the same business day. Customers with other banks and credit unions can expect their approved loans by the next business day.