Kwoom Payday Loan
Applicants who have a regular income and good credit history may be able to borrow amounts from $100 with competitive fees.
Kwoom is an Australian company that offers payday loans to people with a regular income. These short-term cash advances are meant to cover occasional, urgent and short term cash needs. The loans are not designed as a continual source of credit or for dealing with long-standing financial problems.
The firm is an approved member of the Credit and Investments Ombudsman Limited.
Comparison of Payday Loans
Whilst we don't directly compare Kwoom Payday Loan, use the table below to help in your comparisons.
Types of personal loans from Kwoom
The payday loan offered by Kwoom is a short-term fund provision meant to benefit people who are either employed or self-employed and have good credit histories. The loans are meant to help customers with unexpected emergencies such as medical and utility bills or a car breakdown.
This loan attracts a fee for every $100 borrowed. An extension fee is charged on delayed payments, in addition to additional interest at normal rates.
Features and benefits of a Kwoom personal loan
Low loan amounts
Loan customers can get a small cash advance of between $100 and $800, ensuring that they get only the amount of money that they need for a small financial emergency.
Competitive interest rate
The loan has a fair interest rate. There are no hidden fees, administration charges or early payment fees. If the funds are not available on the due date from a customer's bank, that customer will incur a $30 administration fee towards the cost of a failed collection.
Quick online processing
For an applicant's first loan, the funds will normally clear the same day. In some rare cases, this will be done the next day due to delays in the verification process. The firm has a more involved approval process than most short-term lenders in order to minimise the numbers of late payers and so keep charges down. For subsequent loans, if borrowers apply by 15:00 they will get the funds the same night (often around 20:00, depending on their bank).
A credit check is undertaken as part of the automated decision making process using an advanced reference checking system. Kwoom will decline giving a loan if the applicant has an extremely bad credit history or is currently bankrupt.
If there is an unavoidable change in a customer's circumstances, they can extend their loan for up to another 28 days, but the firm will not keep rolling their balance endlessly from month to month. A $15 extension fee will be added to the balance and interest will continue to accrue (at the same rate as normal) during the extension period.
Kwoom loan eligibility
Before applying, it is important for prospective applicants to confirm that they meet all requirements. Borrowers will need to be:
- At least 18 years of age
- Earning at least $500 per week
- In possession of an active open bank account
How to apply
To apply for a loan, prospective loan applicants must fill out the online application form. This entire process is done online. The documentation required will be as follows:
- ID. Customers will be required to submit some form of identification, as well as their personal details.
- Payslip. Applicants will need to attach a payslip as proof of income.
- Bank statement. A bank statement showing the BSB and account details is needed to determine the applicant's financial history.
- Proof of address. If the bank statement does not show the applicant's current address, this can be provided in the form of a phone or utility bill.
The company will contact applicants within a couple of hours by SMS and email to confirm the application, and successful applicants can expect the funds to be in their bank account the same night.
For subsequent loans, all customers have to do is fill out the online form, then so long as you have a good payment history and don’t have any outstanding payments, and their loan will be instantly approved.
The firm may still ask returning borrowers to sign into their online bank account verification tool so as to verify their recent 90 day transaction history, in which case they do not have to resend documents.
The firm gives loans for a default period of up to 16 days, but it does lend for up to 30 days. Customers can also opt for early repayment at any time, with no hidden fees.
What to consider
There are a large number of similar lenders currently on the market, so it is important for prospective applicants to consider their options and compare loans carefully before submitting an application.
Payday loans also usually come with high fees and interest rates attached, so if people are struggling financially, it may also be worth considering alternative options.
Ask an Expert