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Quick and Easy Finance Small Loan
Quick and Easy Finance can help people get smaller loans quickly.
A Quick and Easy Finance loan for $500 to $2,000 can be an option to consider for people who need a small loan to cover a financial emergency. The application process is online and successful applicants make payments through a payroll deduction system. Quick and Easy Finance offers both secured and unsecured loans.
$2,000
Maximum loan amount
1 to 12 Months
Term of loan
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Details
| Product Name | Quick and Easy Finance Small Loan |
|---|---|
| Minimum loan amount | $500 |
| Maximum loan amount | $2,000 |
| Loan term | 1 to 12 Months |
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. Find out more here: https://www.finder.com.au/coronavirus-financial-help
⚠️ 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.
How does the Quick and Easy Finance small loan work?
The process for a Quick and Easy Finance short-term loan begins by a prospective borrower applying for a loan of between $500 and $2,000. It's important for customers to know how much they can afford to pay back because even though they make repayments by payroll deduction, the repayments might not leave them with enough to live on.
Quick and Easy Finance suggests that customers only take out loan amounts that are 20% of their net income. Due to the short term of the loan, this means that they can pay off their debt quicker.
Features of a loan from Quick and Easy Finance
Here are the features that customers can expect from a short-term loan from Quick and Easy Finance:
- Turnaround time. Once Quick and Easy Finance has approved someone's loan, they can expect the money within their account by the next day.
- Variety of ways to apply. Customers can apply through fax, email, phone or the online application.
- Payroll deduction system. Quick and Easy Finance uses a payroll deduction system and takes the money out of loan customers' pay in instalments.
- Flexible repayment terms. Successful applicants can pay the loan back in weekly, fortnightly or monthly instalments.
What are the risks of short term loans?
- Unaffordable repayments. Short term 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 short term 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 fees and charges for this loan are already calculated in the repayment calculator. This means that the amount an applicant sees after they've chosen their repayment terms, the term of the loan and the frequency of payments is the amount that will be taken out of their account.
There are no fees or charges for paying off a loan early, although there is a $15 charge to access an applicant's credit information when they apply for this loan. However, since the lender takes out the repayments through payroll deductions, their department might charge them a processing fee. This processing fee will be added to their payment.
Quick and Easy Finance short-term loan eligibility
It is important to note that if an applicant is a pensioner, self-employed or a casual employee, Quick and Easy Finance will not accept their loan application. Applicants will also need to meet the following eligibility requirements to get a loan:
- Be 21 or over.
- Not apply for a loan amount that exceeds 20% of their current net income.
- Be employed at the current job for the duration of the loan.
- Be employed as a full-time employee.
- Agree to sign the payroll deduction authority offered by Quick and Easy Finance
How to apply
Customers will need the following documentation to apply:
- A copy of their driver's licence
- A copy of their Medicare card
- A copy of their last three payslips.
- Three months’ worth of bank statements showing their salary deposits.
They can apply through fax, mail or phone as well as through the online application.
Short term lenders to compare
Whilst we don't compare Quick and Easy Finance loans directly, use the table below to see how they compare against other loans.
