SpeedyMoney Payday Loans
Find out more about SpeedyMoney's short term payday loans
Maximum loan amount
Within an hour
61 days - 12 months
Term of loan
How do SpeedyMoney loans work?
Customers can borrow any amount between $200 and $2,000 for terms of up to three months.
Applicants for SpeedyMoney loans must meet certain eligibility criteria in order to successfully apply. For people who apply online, the process takes no more than a few minutes. SpeedyMoney verifies the information their customers provide, and if they approve an application, the applicant will be provided with a loan contract. Successful applicants then have to review and e-sign this document before SpeedyMoney can disburse their approved funds.
Once an applicant accept the terms and conditions SpeedyMoney will transfer the money within 60 minutes. If the applicant in question is with Commonwealth Bank, the transfer may be instantaneous.
Repayments take place via direct debit and can happen weekly or fortnightly depending on how often each customer is paid.
Compare Other Short Term Loans
Whilst we don't compare this loan directly, here are some other loans that are similar.
Features of a loan from SpeedyMoney
People looking to apply for a SpeedyMoney loan should consider the following points:
- The process is quick. Applicants can complete the online application in around five minutes, and their application is processed quickly as well. Once they accept the loan contract, they can receive the money in their account in as little as an hour.
- Perfect credit history isn’t necessary. Customers can apply for a SpeedyMoney loan even if they have less-than-perfect credit history. This is because SpeedyMoney looks at their ability to repay and their recent repayment history.*
- Use money for any purpose. What customers do with the money they receive is basically up to them. Borrowers can use the funds to pay medical or veterinary bills or simply get by until their next payday.
- Repay the loan early. Borrowers can repay the loan before it's due without additional fees or penalties.
- Dishonour fee waiver. If someone makes a repayment within 48 hours of the application of a dishonour fee, SpeedyMoney will waive the charge.
*Please note that while most payday lenders act under responsible lending guidelines, it is still important for people to individually work out their budget themselves to consider whether they can realistically afford the loan.
Fees and charges
SpeedyMoney charges an establishment fee, which is 20% of the amount borrowed. Customers will also have to pay a monthly fee of 4% of the amount borrowed.
"But how much would this cost me?"
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.
"What if I miss a payment?"
If a scheduled payment does not go through, a $35 dishonour fee applies, which is subject to 48-hour 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
Customers can apply for a loan from SpeedyMoney using its online application. Prospective applicants should in mind that they have to meet the following eligibility criteria to apply:
- At least 18 years old
- An Australian resident
- Have steady employment
Details and documentation
Applicants will be required to provide additional information and documentation, which includes the following:
- The amount required and the purpose of the credit
- Their name, residential address, phone number and email address
- Their date of birth and driver’s licence number or Medicare card number
- Details of their employment status and, including income and pay cycle
- Details of their expenses
- Their bank account details
What to know
While most payday lenders do charge similar fees due to ASIC regulations, it's still important for prospective applicants to do their own research and compare options before applying. If they are experiencing financial hardship, there are also some alternatives to payday loans that they may qualify for.