Safe Financial Small Loan

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Borrow up to $5,000 and get your funds the same day.

Safe Financial offers loans with repayment terms between 22 weeks and 52 weeks depending on the size of the loan. Applications can be completed online or over the phone and Safe Financial considers people with bad credit, although they'll still need to meet the other eligibility criteria.

$5,000

Maximum loan amount

Same day

Turnaround time

conditions apply

$396

Fortnightly repayment
for $1,500 loan

22 - 52 weeks

Term of loan

Details

Product NameSafe Financial Small Loan
Minimum Loan Amount$1,000
Maximum Loan Amount$5,000
Arrears Fee$35
Loan Term22 - 52 weeks
Turnaround timeSame day - conditions apply
CostsUp to $2,000 - 20% establishment fee + 4% monthly.

Above $2,000 - $400 + from 8.7% to 48% APR
Available to Centrelink Borrowers?No

Main points to consider about the Safe Financial Small Loan

Loan amounts vary between $1,000 and $5,000. The specific charges will depend on the size of the loan and the length of the repayment term. Loans up to $2,000 aren't charged interest but borrowers will be charged an establishment fee and ongoing monthly fee. For loans between $2,000 and $5,000, borrowers will pay an establishment fee, a management fee and will be charged an interest rate starting at 8.7%, with a comparison rate of 66.25%.

The loan term will vary based on the size of the loan. Borrowers may receive a loan term between 22 and 31 weeks for loans of $1,000, between 31 and 40 weeks for $1,500 loans and a term of 44 to 52 weeks for loans of $2,000. Loans between $2,000 and $5,000 also have a set term of 40 weeks. Safe Financial accepts early repayments without charging a penalty.

Applicants must be employed and receive a minimum weekly income of at least $500. You can still apply if you're currently receiving Centrelink, but you will also need to have another source of income.

Features of the Safe Financial Small Loan

  • Loan amounts. Safe Financial offers loans starting from $1,000 and up to $5,000.
  • Flexible loan terms. The length of your loan will vary based on how much you borrow, with a minimum term of 22 weeks up to 52 weeks for loans between $1,000 and $2,000. For loans over $2,000, a set 40-week term applies.
  • Early repayment option. Borrowers can repay the loan early without penalty.
  • Same day funding. If they meet the eligibility requirements and other lending criteria, applicants can be approved within hours and then receive your money on the same day.

Fees and charges

Different fees and charges apply depending on the size of the loan:

  • $1,000 loan. A $200 establishment fee and a $40 monthly fee apply.
  • $1,500 loan. Borrowers will be charged a $300 establishment fee and a $60 monthly fee.
  • $2,000 loan. A $400 establishment fee and an $80 monthly fee apply.
  • $2,001-$5,000 loan. Customers must pay a $400 establishment fee and a loan management fee of up to $399. You will also pay interest at a rate from 8.7% with an APR of up to 48%.

If you don't make payments on time, you may be charged dishonoured payment fees and other default fees.

How to apply

You can begin your application by clicking "Go to site" above. Before applying, check if you meet the eligibility criteria:

  • Be at least 18 years old
  • Be an Australian citizen or permanent resident
  • Have a minimum weekly income of $500
  • Not have Centrelink as your only source of income
  • Smart Financial considers applications from people with bad credit but they discourage applicants from people with multiple unpaid loan defaults on their credit report or if they're currently in a Part 9 Debt Agreement.

You will also need to provide the following as part of your application:

  • Your bank details and phone number
  • 100 points of ID
  • A read-only copy of your transaction history

A Safe Financial Small Loan offers amounts up to $5,000, with no early repayment penalty. As with any short term loan product, you should compare a range of options and make sure the loan is right for your circumstance before applying.

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