Speckle Small Loan
With Speckle, you can borrow up to $2,000. This payday loan is cheaper than others, but high fees still apply.
- Speckle is no longer accepting new applications. All product information below is correct and applicable for any existing loans.
Speckle is Australia’s first online short-term lender run by an independent not-for-profit. As a result, fees and costs are 50% lower than other short-term lenders. Fees include an establishment fee that 10% the loan amount, and a monthly fee of 2%. While this loan is cheaper than most payday loans, the eligibility criteria is strict and there are restrictions on how you can use the funds. Where eligibility is concerned, you cannot apply if you’ve had two payday loans within the last 90 days. It is also not available to Centrelink recipients. You also cannot use the loan funds for debt consolidation, gambling, refinancing, business purposes or to repay other debts. Payday loans are not a long-term financial solution and should only be used in case of emergencies.
Maximum loan amount
1 business day
for $1,500 loan
3 to 12 months
Term of loan
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.
How does a Speckle Small Loan work?
With this loan product customers are able to borrow a minimum of $200 and a maximum of $2,000. Customers are unable to apply if they've recently declared bankruptcy or have had two payday loans within the last 90 days. Successful applicants are able to make extra repayments or repay their loan early should they wish to, as there are no early repayment penalties. The online application process is usually straightforward.
Borrowers are prohibited from using this loan for debt consolidation, gambling, refinancing or business purposes. They are also not able to use this loan to repay other debts.
Speckle also offers alternative options to its loans, such as visiting the Australian Government’s MoneySmart website or calling the free financial counselling hotline on 1800 007 007.
Features of a loan from Speckle
Some of the features included with this loan are:
- Competitive fees. This loan offers competitive fees for a short term loan, such as a $5 dishonour fee and a monthly fee that is 2% of the principal amount.
- Varied loan amounts. Loan customers are able to apply for a minimum of $200 and a maximum of $2,000.
- Low doc online application process. All applicants need to apply is to provide 90 days of bank statements, a working mobile phone number and an email address.
- Straightforward uses for loans. Successful applicants are able to use the loan for car repairs and emergency costs as well as school expenses. What they're unable to use the loan for is debt consolidation, gambling and refinancing.
- Flexible repayment system. Customers 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 someone decides to make an early repayment, there are no fees charged. This means that customers able to pay off their loan early can save money over the life of the loan, penalty free.
- Helpful strategies offered. As Speckle is run by a not-for-profit called Good Shepherd Microfinance, this means that it offers more fair and affordable finance than other short term lenders. 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 successful applicants 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 will be charged daily if someone hasn't made a full repayment for more than 30 days.
Speckle loan eligibility
In order to be eligible for a Speckle loan, applicants must:
- Be an Australian citizen or a permanent resident residing in Australia
- Be at least 18 years of age
- Earn a minimum of $22,000 annually
- Have no more than 50% of their 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 to apply
Applying for a Speckle loan is straightforward. Applicants will need to supply the following information:
- Electronic proof of identification, such as their Medicare card, their driver’s licence or their passport.
- 90 days of bank statements. These can be supplied electronically or manually.
Loans can be approved in up to two hours if the relevant information is provided. Once an applicant has been approved, the funds will be directed to their nominated bank account within two business days, once their contract has been signed and confirmed.