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Spot by Douugh

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Summary

If you need access to cash before payday, Spot allows you to borrow up to $2,000 and repay over 4 easy instalments.

3 things to consider with Spot by Douugh:

  • Flexibility: The cash you borrow is deposited directly into your linked bank account.
  • Borrow amount: You can borrow up to $500.
  • Fixed fee: There’s a fixed fee of $9.99 for every repayment you make. Over 4 repayments, that’s $39.96.

Pros

  • Can be used for general purchases, as well as for bills or invoices
  • No late fees
  • No interest

Cons

  • Accessing your pay in advance will reduce your salary on pay day
  • Not a long term financial solution

In this guide

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  • Details
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Details

Product Details

Product Name Spot by Douugh
Minimum amount $50
Maximum amount $2,000
Loan term 4 weekly repayments
Turnaround time Instantly
Costs $9.99 for every repayment

⚠️ Warning about Borrowing

payday-warningDo 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 Spot by Douugh work?

With Spot by Douugh, you can access up to $2,000 when you need it. The amount you borrow is then repaid over 4 weekly instalments. Each of those repayments comes with a $9.99 fee.

Unlike other buy now, pay later services where you might also split repayments over 4 weeks, the cash you borrow from Spot gets deposited directly into your bank account. This means you have much more flexibility over where you're spending your money.

You can have multiple 'Spots' at any time, with an overall limit of your approved amount (up to $2,000).

You can then easily manage your account at any time and have complete oversight on where your funds stand through the Douugh app.

What can Spot be used for?

Because the cash goes directly into your bank account when you need it, you can use Spot for anything.

The approved funds are sent straight to your bank account for you to use on any worthwhile purchase, including unexpected bills and expenses.

Features of Spot:

  • No interest. Douugh doesn't charge any interest on the funds you borrow.
  • No late fees. There are no fees if you're late in meeting your repayments.
  • A simple fixed fee. There's a $9.99 fee for every repayment you make, which adds up to $39.96 across 4 repayments.
  • Borrow amount. You can borrow up to $2,000, depending on approval.
  • 4 weekly repayments. Split up your spending over 4 weeks, starting from 1 week after the Spot is deposited into your account.
  • Flexibility. With the funds going directly into your account, you can spend it any way you choose.
  • 100% app based. Check what funds you have available and manage your repayments all through the Douugh app.
  • Get StockBack. When you repay your Spot in time, Douugh will give you up to 4% cashback, which you can use to invest through the Douugh app.

Fees and charges

  • Repayment fee: For every repayment you make there is a set $9.99 fee
  • No late fees
  • No interest

How to apply:

To be eligible you must:

  • Be over 18
  • Be an Australian or New Zealand citizen, Australian resident or eligible non-resident visa holder
  • Have an Australian address
  • Use the facility for personal use, rather than business use
  • Earn over $300 a week after tax. Centrelink payments cannot make up more than 50% of your income
  • Be paid regularly either weekly, fortnightly or monthly
  • Have your salary paid into the bank account connected to your Douugh account
  • Pass Douugh's financial assessment based on factors such as income and spending behaviour

Compare other Pay on demand

Name Product Minimum amount Maximum amount Loan term Cost details call to action
Wagepay
$100
$2,500
Next payday
5% flat fee of withdrawal, and 24% interest p.a. charge on all drawdowns
Beforepay Pay On Demand
$50
$2,000
Up to 4 pay cycles
5% transaction fee per advance
Borrow up to $2,000 of your wages. Get funding within 60 seconds of approval. A 5% transaction fee applies.
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