enably Short Term Loan
Enably previously offered short-term loans of up to $20,000.
Enably is no longer in operation. If you're looking for a short-term loan, you can compare your options here.
Enably was an online loan provider that offered short-term cash loans to employed Australians earning at least least $1,500 per month.
Maximum loan amount
Within an hour
Up to 36 months
Term of loan
|Product Name||enably Personal Loan|
|Minimum loan amount||$2,001|
|Maximum loan amount||$20,000|
|Loan term||Up to 36 months|
|Turnaround time||Within an hour|
|Costs||0 - 20% application fee and 2.8 - 4 % monthly fee on loan amount|
|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 did enably short-term loans work?
enably offered loans of between $2,001 and $20,000 to be repaid over a maximum period of 3 years. The amount for which you are approved is based on your credit score and financial situation.
The application could be completed online and approved within an hour (during business hours). Loans had to be repaid by direct debit over a minimum term of 61 days in weekly, fortnightly or monthly installments.
Features of a loan from enably
- Turnaround. You can have your loan application approved within an hour of submitting it. The application itself takes a few minutes to complete online.
- Various loan amounts available. You can apply for a loan of between $2,001 and $20,000, depending on what you need.
- Loan terms. You're able to choose your own repayment schedule, with longer terms available for larger loan amounts.
- Repayment. Repay the loan weekly, monthly or fortnightly. The fees attached are based on the loan amount and the loan period. If you need to change your repayment date, a fee of $10 applies.
- Fees on reducing balance. You only pay fees on the outstanding principal. The more you pay off, the less you’ll be charged in fees.
- Repeat borrowing. As long as you repay your first loan in full, you can apply for another loan online at any time.
How much does the loan cost?
An establishment fee was charged as a percentage of the principal, which ranged from 0-20% depending on the loan amount and the loan term. The fees were charged on a reducing balance, meaning the fees decreased as the loan was repaid and reduced the principal amount. Monthly fees were 2.8 - 4% of the loan amount.
Other fees include:
- $1.10 for each direct debit payment
- $20 fee for dishonoured or failed payments
- $10 for rescheduling a payment
Are you eligible for an enably Short Term Loan?
To apply for one of these loans, applicants had to meet the following requirements:
- Be employed
- Be at least 18 years old
- Earn over $1,500 per month
If your loan wasn't approved but the applicant's circumstances had changed, they could submit another application 14 days after the loan application was declined.
How you can apply
Enably loans were available to apply for online and applicants were required to confirm the purpose of the loan, the amount and to provide some personal and employment details.
Enably would access the applicant's recent banking data through Yodlee, a third-party platform that provides read-only access to the account. If they were a new customer, enably would perform a credit check.