Easy Financing Personal Loan
Borrow up to $2,000 with Easy Financing and have up to 3 months to repay it.
People who are in need of a short-term loan have the option of a personal loan from Easy Financing. Customers can apply for a loan between $300 and $2,000 online and they can receive it on the same day.
Maximum loan amount
Same Day if approved
up to 3 months
Term of loan
|Product Name||Easy Financing Personal Loan|
|Minimum loan amount||$300|
|Maximum loan amount||$2,000|
|Initial Maximium Loan Amount||$2,000|
|Loan term||up to 3 months|
|Turnaround time||Same Day if approved|
|Costs||20% of borrowed amount + 4% of borrowed amount each month|
|Requirements||You must be over 18 and employed and have a bank account.|
|Available to Centrelink Borrowers?||No|
Are you struggling financially?
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
⚠️ Warning about Borrowing
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:
- For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
- Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
- If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94
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.
How does a loan from Easy Financing work?
To apply for a payday loan with Easy Financing, prospective borrowers can fill out an initial online application. Once this is submitted they'll need to send through supporting documents, and once those are received a representative from Easy Financing will call them to discuss their application. This can be in as little as one hour. If they're approved, their loan can be transferred to their account within 24 to 48 hours.
Repayments, like with most payday loans, are structured around when the borrower gets paid. This means they can be weekly, fortnightly or monthly. Customers can repay a loan using a direct salary transfer or automatic transfer from their bank account. People can also apply for a loan up to $5,000 with Easy Financing.
Compare Other Short Term Loans
Whilst we don't compare Easy Financing Personal Loan directly, here are some other loans that are similar.
Features of an Easy Financing loan
Before taking out a loan, it’s helpful to know all the features and benefits. Here is what you can expect from a personal loan with Easy Financing:
- Online application. Apply online from a computer or mobile.
- Accommodating eligibility criteria. Easy Financing will consider people for a loan if they have bad credit or if they're employed only part-time or casually, as long as they meet the minimum eligibility criteria.
- Turnaround time. Applicants can find out if they've been approved within one hour and receive the loan on the same day.
- Personal communication. After someone applies, they'll be contacted by someone from Easy Financing to help them through the loan process and to discuss their eligibility.
- Flexible repayments. Customers can repay the loan weekly, fortnightly or monthly, and choose between direct salary transfer or automatic direct transfer from their bank account. They can also repay the loan early without penalty.
- Longer loan terms. Some lenders require people to pay back a loan within one month, but with Easy Financing successful applicants can have up to 3 months to repay it.
What are the risks of payday loans?
- Unaffordable repayments. Payday loans are an expensive way to borrow money and should only be used as a last resort. Check the size of each repayment and ensure you will be able to pay it on time. Unaffordable repayments can lead to late fees that will only make things worse.
- High rates and fees. Rates and fees on payday loans are high but there are rules in place so be sure to check your lender is not charging you more than ASIC allows. Also, look at what you would be charged if you are late on a payment or if you default on the loan altogether.
- Unreputable lenders. All Australian lenders should be accredited by ASIC. Check for a credit licence on the ASIC Register and ensure that the lender is easily contactable.
- Impact on credit score. Every loan application shows up on credit reports. While lenders might not consider credit history, applying for lots of loans within a short period can have a negative impact on your credit score in the future.
Fees and charges
Successful applicants will be offered a loan contract with a list of all fees and charges that relate to their specific loan. It’s important that people go through this contract thoroughly, and understand what they may be charged. Here is an outline of Easy Financing’s fee structure:
- Establishment fee: 20% of the principal loan amount
- Monthly fee: 4% of the principal loan amount
- Missed payment fee: $35 for each missed payment. Loan customers should get in touch with Easy Financing if they think they might have trouble making a payment.
How to apply
People who are ready to apply for a loan with Easy Financing can click “Go to Site” to submit an online application or visit the lender's website directly. Before doing this, they should make sure that they meet the minimum eligibility criteria. Applicants must:
- Be over the age of 18
- Be an Australian or New Zealand citizen or permanent resident
- Have an Australian bank account
- Have access to the Internet
- Be employed
- Earn at least $450 per Week
- Have not had any defaults with other lenders in the last 30 days
Those who are able to answer “yes” to all of the above can start their application.
They will need to upload identification documents, their bank account details and proof of their income, so they should have the following on hand:
- Identification. 100 points of ID in the form of a driver’s licence, Medicare card, passport, birth certificate or payslips.
- Financial. Bank statements and bank account details.
- Personal details. Confirmation of their residential address in the form of a utility bill, car registration or phone bill.
If approved for a loan, Easy Financing will email and text a username and password. This will allow the successful applicant to log into their account to electronically sign their contract. After they sign, the funds will be transferred to their bank account.
Payday loans can be expensive forms of finance and should only be used in financial emergencies. This is because most payday loans have a similar fee structure based on the maximum possible capped by ASIC (20% establishment fee and 4% in monthly fees).
That being said, it is still worth comparing options to find the best possible deal, as some lenders may be more competitive. If someone is struggling with financial hardship, there may be alternative methods of financing that they qualify for.