Borrow up to $5,000 and have up to 2 years to pay it back
Needy Money is a Victoria-based personal and commercial loan provider, and you can approach this financial institution for a Medium Loan to borrow between $2,001 and $5,000. You can choose loan terms of 1-2 year(s), and this loan also offers repayment flexibility, allowing you to make repayments.
Once you repay your loan completely you can get another loan through Needy Money, only this time the process is even quicker because you apply as a premium client. If you're approved, you can access your funds in as little as one hour, and you can use proceeds from this loan for just about any legitimate purpose.
|Product Name||Needy Money Medium Loan|
|Minimum Loan Amount||$2,001|
|Maximum Loan Amount||$5,000|
|Loan Term||1-2 year(s)|
|Cash Deposited In||1 hour - conditions apply*|
|Costs||Based on your credit history, employment and residential stability.|
|Available to Centrelink Borrowers?||No|
How a Medium Loan from Needy Money works
The first step is to submit an online application using the Needy Money website. After Needy Money receives your application along with required supporting documents, it sends you an email to confirm this. You can expect a Needy Money representative to process your application in around 60 minutes, as long as you apply during business hours. Once the processing is complete, you receive a call informing you of the outcome.
Next, you receive the loan contract via email, and this requires acceptance from your end. After you accept the contract’s terms and conditions, you get to select how you receive your funds, and your options include over the counter, by cheque or through electronic transfer.
You have to start making repayments soon after, and these can be in line with your pay schedule.
Looking to apply? Here are the features on offer
If you’re considering applying for a Needy Money Medium Loan, know that it comes with a number of features, which include the following:
- Flexible loan amount. Depending on your needs, you can apply for any amount between $2,001 and $5,000.
- Flexible loan terms. With a Needy Money Medium Loan, you have the option of choosing loan terms of between 1-2 year(s).
- Choose how you get your money. When it comes to accessing funds after the approval of your loan, you can choose between receiving it over the counter, via cheque, or via electronic transfer.
- Repayment flexibility. You can set up repayments in accordance to your pay schedule, which basically means that you can make payments every week, fortnight or month.
- Quick processing. By submitting your loan application during business hours you can look forward to a response within one hour.
Fees and charges
Needy Money gives you a clear indication of all associated fees and charges through your Medium Loan contract, and you get to review these before you accept the contract.
Going through all the fees and charges associated with the loan at the very onset is a good idea, as this gives you an indication of just what to expect. In case you think that the associated fees and charges are high, you don’t have to accept the contract.
How to apply for a Medium Loan from Needy Money
If you want to apply for a Needy Money Medium Loan, you have to do so online. Before applying, establish if you meet the following eligibility criteria:
- You are a permanent Australian resident
- You are at least 18 years old
- Your primary source of income is not from Centrelink
- You have not entered into bankruptcy or a Part 9 Debt Agreement in the past 12 months
In order to successfully complete the application, you have to provide different types of information as listed below.
- Personal information such as your complete name, date of birth, marital status, number of dependants, and contact details
- Banking details like account name, BSB, account number, and length of time the account’s been operational
- Income details including amount and source
- Details of your expenses, which include repayments towards all existing debts
While Medium Loans provided by Needy Money give you quick access to funds, so do loans by other financial institutions, so it’s in your best interest to compare a few before deciding.