SpeedyMoney Payday Loans
Apply for an online payday loan and get the approved funds transferred directly into your bank account
Maximum loan amount
Within an hour
61 days - 12 months
Term of loan
How do SpeedyMoney loans work?
You can borrow any amount between $200 and $2,000 for terms of up to three months.
You must meet certain eligibility criteria in order to successfully apply for a SpeedyMoney loan. If you apply online, the process takes no more than a few minutes. SpeedyMoney verifies the information you provide, and you will be provided with a loan contract once your application is approved. You have to review and e-sign this document before SpeedyMoney can disburse your approved funds.
Once you accept the terms and conditions, SpeedyMoney will transfer the money within 60 minutes. If you are with Commonwealth Bank, the transfer may be instantaneous.
Repayments take place via direct debit and can happen weekly or fortnightly depending on how often you are paid.
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Features of a loan from SpeedyMoney
If you want to apply for a SpeedyMoney loan, consider the following points:
- The process is quick. You can complete the online application in around five minutes, and your application is processed quickly as well. Once you accept the loan contract, you can receive the money in your account in as little as an hour.
- Perfect credit history isn’t necessary. You can apply for a SpeedyMoney loan even if you have less-than-perfect credit history. This is because SpeedyMoney looks at your ability to repay and your recent repayment history.
- Use money for any purpose. What you do with the money you receive is basically up to you. You can use it to pay medical or veterinary bills, buy a gift or simply get by until your next payday.
- Repay the loan early. You can repay the loan before its due without additional fees or penalties.
- Dishonour fee waiver. If you make a repayment within 48 hours of the application of a dishonour fee, SpeedyMoney will waive the charge.
Fees and charges to expect
There is no application fee. SpeedyMoney charges an establishment fee, which is 20% of the amount you borrow, and you also have to pay a monthly fee of 4% of the amount borrowed.
For example, if you borrow $1,000 for a month, you’ll end up repaying $1,240. If you increase the loan term by another month, you’ll have to pay an additional 4%, taking the total repayment amount to $1,280. If you wish to repay this in four instalments, you’ll be paying $320 each fortnight.
If a scheduled payment does not go through, a $35 dishonour fee applies, which is subject to waiver. If your loan goes to an external collection agency because of non-payment, you’ll have to pay an additional $50 collection fee.
How to apply for a payday loan from SpeedyMoney
You can apply for a loan from SpeedyMoney using its online application. Bear in mind that you have to meet the following eligibility criteria to apply:
- You’re at least 18 years old
- You’re an Australian resident
- You have steady employment
You'll be required to provide additional information, which includes the following:
- The amount required and the purpose of the credit
- Your name, residential address, phone number and email address
- Your date of birth and driver’s licence number or Medicare card number
- Your employment status and details of your income and pay cycle
- Details of your expenses
- Your bank account details