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Financier Small Loan
This loan comes with a personal loan manager who will work with you from start to finish. Turnaround time is quick but the loan is expensive.
Financier provides unsecured personal loans of $150 to $5,000. The loans are structured around a step-up system, which means applicants won't be able to borrow $5,000 the first time around. Successful applicants can pay their Financier loan on their next payday, and loan terms can extend up to 2 years. You can apply for this loan online and receive pre-approval almost instantly. You could receive the funds within an hour.
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$5,000
Maximum loan amount
Next Business Day
Turnaround time
2 - 24 months
Term of loan
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Details
| Product Name | Financier Small Loan |
|---|---|
| Minimum loan amount | $150 |
| Maximum loan amount | $5,000 |
| Initial Maximium Loan Amount | $450 |
| Arrears Fee | $9.90 |
| Loan term | 2 - 24 months |
| Turnaround time | Next Business Day |
| Costs | charged once to set up direct debits |
| 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 Financier work?
Prospective applicants can submit an online application for immediate approval or rejection. Financier relies on digital technology to confirm their applicants identification and their ability to repay, and it also does a reference check to verify their employment details.
After verification, Financier provides their customers with a loan contract which they have to review and accept in order to move forward. Once an applicant does this, they transfer the funds into a nominated bank account. At this point they also schedule direct debits from that same bank account, so customers don’t have to remember making repayments each time they’re due.
After paying their first Financier loan in full, successful applicants will qualify for a Financier debit card. With this card, the next time one of their customers needs a Financier loan they can access funds more easily. Remember though that taking out multiples loans is not recommended and can lead to serious financial issues if not managed carefully.
Compare other payday loans
While we don't compare Financier Personal Loans directly, loan applicants can compare other options using the table below:
The features on offer from Financier
This loan includes the following features:
- Various loan amounts available. The minimum that loan customers can borrow through a Financier loan is $150 and they can borrow as much as $5,000. The first time around successful applicants cannot borrow more than $450, but once they repay the first loan they qualify for more money on a step-up basis. Financier offers a tiered system for their maximum approval limits where customers are able to move from one level to the next.
- Variable loan term. Financier gives people the ability to repay their loan on their next payday and they can also opt for loan terms extending up to 2 years.
- Personal loan manager. Right from the moment they apply for a Financier loan, customers get to work with a personal loan manager and this person continues to remain their single point of contact from start to finish.
- Repeat borrowing available. Once someone repays their first Financier loan, applying for and getting another Financier loan is more straightforward. As a repeat customer the application process is much faster, as is the approval. Customers can also get quicker access to borrowed money using their Financier debit card.
Risks of taking a Financier loan
- Unaffordable repayments. Payday loans are an expensive way to borrow money so check that you won't get caught short before you need to make each repayment. If you can't afford your repayments then you will be charged a late fee that will make your financial situation worse.
- High rates and fees. Rates and fees on payday loans are high and there will be more fees added if you are late on a repayment. There are additional fees if you can't pay the loan back altogether.
What does a Financier personal loan cost?
Financier gives a clear indication of what customers might end up paying in terms of fees and charges as the loan progresses through the loan’s contract, which they receive upon their application’s approval. It is important for all customers to thoroughly check these documents, so that they know what to expect from their loan agreement . The following should give an indication of the costs associated with a Financier loan.- Administration fee for direct debits: $1.10 (one-time direct debit set up fee)
- Transaction fee for direct debits: $0.88 (charged each time)
- Credit card fee: Different for Visa/Mastercard and AMEX/Diners (applicable for payments that come from credit card accounts)
- SMS payment reminder: $0.28 (optional service, charged for each text sent to your phone 24 hours before the scheduled debit)
- Direct debit dishonour fee: $9.90 (charged by third party, not by Financier)
What is a Financier Card?
When someone successfully repays their first Financier loan, Financier issues them a Visa debit card that gives them instant access to money if they need it next. They can use this card at any ATM or EFTPOS terminal across Australia, just like any other debit card.
This card comes linked to a personalised account using which customers can monitor by checking their account balance, viewing their transaction history, make changes to their personal details, transfer funds to their Financier card, and access BPAY.
How to apply for a loan from Financier
To apply for a Financier loan applicants have to visit the Financier website, but ought to make sure that they meet the eligibility criteria (listed below) before they apply. Applicants must:
- Be a permanent resident of Australia
- Have steady employment and earn at least $500 each week
- Have a wage which goes into their bank account directly
- Have a bank account is at least four months old
- Not have bankruptcy, judgements, or defaults on their credit file
- Have bank statements for the last two months which don’t show more than two dishonoured or reversed payments
Completing the application requires various information and documentation, which includes the following:
- Name and driver's licence number
- Residential address, email address, and phone number
- Employment status and employer’s contact details
- Details surrounding income and expenditure
It's important to always compare loans before before applying.
