If you have a regular income and good credit history, you can 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 Loans, 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 you 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. You can get a small cash advance of between $100 and $800, ensuring that you get only the amount of money that you need for a small 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 your bank, you will incur a $30 administration fee towards the cost of a failed collection.
- Quick online processing. For your 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 you apply by 15:00 you will get the funds the same night (often around 20:00, depending on your bank).
- Credit check. 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 you have an extremely bad credit history or are currently bankrupt.
- Repayment extension. If there is an unavoidable change in your circumstances, you can extend your loan for up to another 28 days, but the firm will not keep rolling your balance endlessly from month to month. A $15 extension fee will be added to your balance and interest will continue to accrue (at the same rate as normal) during the extension period.
How to apply for a personal loan from Kwoom
Before you apply, it is important to confirm that you meet all requirements. You will need to be at least 18 years of age, have a job or be self employed, and earn at least $500 per week. You must also have an active open bank account
To apply for a loan, fill out the online application form. If you are a new customer, attach your payslip and bank statement. The company will contact you within a couple of hours by SMS and email to confirm your transaction, and you can expect the funds to be in your bank account the same night.
The entire process of taking a short-term loan with Kwoom takes place online. Just fill out the online form and attach your payslip and bank statement showing your BSB, account number and current address. If your statement does not show your current address, then send proof of address in the form of a phone or utilities bill.
For subsequent loans, all you 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, your loan will be instantly approved. The firm may still ask you to sign into their online bank account verification tool so as to verify your recent 90 day transaction history, in which case you 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. You can also opt for early repayment at any time, with no hidden fees.