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.
⚠️ 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.
What loans are offered by SRG Finance?
Customers can apply for any of the following loans offered by SRG Finance:
Cash advance customers with SRG can borrow between $100 and $1,200. Please note that the exact amount that an applicant qualifies for will depend on their income. Once someone is approved they can access their loan via their nominated bank account (which SRG will transfer the funds into) or an SRG prepaid Visa card. This loan will need to be repaid over a 9 weeks period.
The short-term personal loan by SRG Finance allows customers to borrow up to $3,000. As with the cash advance, the applicant's income plays a role in how much they can borrow. SRG Finance calculates repayments in advance so every applicant can understand just how much they have to pay each month, allowing them to plan their budget in accordance. Customers will have to repay this loan in a 3 to 12 months period.
The secured loan by SRG Finance allows customers to borrow larger amounts as long as they can provide some kind of collateral in the form of jewellery, a vehicle, a boat or a caravan. Alternatively, people can also get SRG Finance to work out a hire purchase agreement for a product they wish to buy but don't have the money for at the moment. A secured loan takes longer to approve, with applicants finding out around SRG's response 48 hours after they complete their application.
Features of an SRG Finance personal loan
- Approval and access to funds. Applying for a cash advance or a personal loan through SRG Finance means customers can find out if they have received approval within two hours of completing an application. With SRG's prepaid Visa card, customers get access to cash advance funds more quickly than with overnight bank deposits. For personal loans, applicants nominate a bank account and to have their funds electronically transferred to once the loan has been approved.
- Visa card. When applying for a cash advance through this provider, customers have the option of getting an SRG Cash Flash Visa card. They can use this prepaid Visa card to withdraw money from all Visa ATMs and to shop at merchants who accept Visa. It also gives them the ability to shop online and over the phone. ATM withdrawals and balance enquiries at Westpac-branded ATMs are free.
- Credit checks. When applying for a cash advance, customers don't have to go through a credit check. This changes if they apply for a personal loan, where the application process entails a credit check and includes bankruptcy status qualifications.
What are the risks of payday loans?
- Unaffordable repayments. Payday loans are an expensive way to borrow money and should only be used as a last resort. Check the size of each repayment and ensure you will be able to pay it on time. Unaffordable repayments can lead to late fees that will only make things worse.
- High rates and fees. Rates and fees on payday loans are high but there are rules in place so be sure to check your lender is not charging you more than ASIC allows. Also, look at what you would be charged if you are late on a payment or if you default on the loan altogether.
- Unreputable lenders. All Australian lenders should be accredited by ASIC. Check for a credit licence on the ASIC Register and ensure that the lender is easily contactable.
- Impact on credit score. Every loan application shows up on credit reports. While lenders might not consider credit history, applying for lots of loans within a short period can have a negative impact on your credit score in the future.
Fees and charges
The cost of a loan from SRG will vary depending on a number of factors. These include:
- The loan product that's applied for
- The loan amount
- Whether the loan is secured or unsecured
- The financial circumstances and employment status of the borrower.
That being said, payday loans of $2,000 and under are subject to an ASIC cap. This cap includes a maximum of 20% of the loan value as an establishment fee, and 4% of the loan value monthly in fees. This cap does not include late payment of default fees.
Loans of $2,001 and over are capped at a $400 establishment fee and 48% p.a. in interest.
How to apply for personal loans at SRG Finance
Applying for a personal loan through SRG Finance is straightforward and prospective applicants can start the process by clicking "Go to Site". Prior to submitting an application, loan customers should ensure that they meet the following eligibility criteria to qualify for a loan. Applicants must:
- Be over 18 years of age
- Be an Australian citizen or a permanent resident
- Have been living at the same address for more than three months
- Have had regular employment for more than 3 months
- If they have been declared bankrupt, to have been discharged
- Not be a part of any Part IX or X Debt Agreement
To prove this eligibility criteria, applicants must provide documentary evidence of their income coming directly into your bank account with a 90-day bank statement, as well as 100 points of identification.
Remember to compare
While looking for short term loan products, it is always a good idea to compare options thoroughly prior to submitting an application. Comparing options allows loan customers to best determine which loan will best suit their needs, as well as factors such as the transparency of the lender.
For those who are struggling financially, there is also the option to consider alternatives to payday lending.
SRG Finance provides cash advances up to $1,200 and short-term personal loans of up to $3,000. They also offer secured loans. Approvals are fast and because SRG has a prepaid Visa card is also available, you can also access the funds quickly. The pre-paid Visa card can be used just like a normal debit card. SRG does not perform credit checks for cash advances, but they will look into your credit history for personal loans. For loans under $2,000, there’s an establishment fee of 20% and a monthly fee of 4%. For loans over $2,001, the establishment fee is capped at $400, while the interest charged will be 48% p.a. This loan is expensive and should only be used in case of a financial emergency. It is not a long-term financial solution.