Speckle short term loans are ideal for those who want economic relief and stability.
As Speckle is Australia’s first online small lender that’s run by a not-for-profit, meaning the fees and costs are kept as low as possible. Their aim is to promote economic wellbeing for people with low incomes and move them from financial crises into financial resilience. As its loans can be up to 50% cheaper than other lenders in the market, it’s an organization to keep an eye on.
How does a Speckle Small Loan work?
You are able to borrow a minimum of $200 and a maximum of $2,000. You are unable to apply if you’ve recently declared bankruptcy or have had two payday loans within the last 90 days. You are able to make extra repayments whenever you want as there is no repayment fee. The online application is straightforward and simple.
You are not able to use this loan for debt consolidation, gambling, refinancing or business purposes. You are also not able to use this loan to repay other debts.
Speckle offers alternative options, such as visiting the Australian Government’s Money Smart website or calling the free financial counselling hotline on 1800 007 007.
As an organisation that’s aiming to stop the cycle of debt, Speckle is beneficial in that it provides other affordable options.
Features of a loan from Speckle
Some of the features included with this loan are:
- Low fees. This loan offers low fees, such as a $5 dishonour fee and a monthly fee that is 2% of the principal amount.
- Varied loan amounts. You are able to apply for a minimum of $200 and a maximum of $2,000.
- Easy online application process. All you need to do is provide 90 days of bank statements, a working mobile phone number and email address and you’ll be on your way.
- Straightforward uses for loans. You are able to use the loan for car repairs and emergency costs as well as school expenses. What you’re unable to use the loan for is debt consolidation, gambling and refinancing.
- Flexible repayment system. You can pay off your loan weekly, fortnightly or monthly.
- Short term loans. As this is a short term loan, the terms start from 3 to 12 months.
- No repayment fees. If you decide to make an early repayment, there are no fees charged which means that you can make as many extra repayments as you want until you pay off the amount you owe.
- Helpful strategies offered. As Speckle is run by a not-for-profit called Good Shepherd Microfinance, this means that it offers fair and affordable finance. It also offers alternate strategies for dealing with debt, such as budgeting advice, counselling services for debt and the refusal to lend to anyone who has had more than two payday loans in the last 90 days.
Fees and charges
Some of the fees you will be charged for this loan include:
- An establishment fee which is 10% of the initial loan amount.
- A monthly fee equal to 2% of the initial principal loan amount.
- A dishonour fee of $5.
- A default fee of $1 a day charged daily if you haven’t made a full repayment for more than 30 days.
Are you eligible for a Speckle loan?
In order to be eligible for a Speckle loan, you must:
- Be an Australian citizen or a permanent resident residing in Australia
- Be at least 18 years of age
- Earn a minimum of $30,000 annually
- Have no more than 50% of your total income come from government benefits, such as Centrelink
- Have an Australian mobile number and working email address
- Have not had two or more small amount credit loans (such as payday loans) from any other provider
How you can apply
Applying for a Speckle loan is easy. You need to supply the following information:
- Electronic proof of identification, such as your Medicare card, your driver’s licence or your passport.
- 90 days of bank statements. These can be supplied electronically or manually.
Your loan can be approved in up to two hours if the relevant information is provided. Once you’ve been approved, the funds will be in your bank account within two business days once your contract has been signed and confirmed.