SpeedyMoney Payday Loans

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Find out more about SpeedyMoney's short term payday loans

SpeedyMoney is Sydney-based online lender regulated by the Australian Securities and Investments Commission (ASIC). It’s an active member of the Financial Ombudsman Service (FOS) as well as the National Credit Providers Association (NCPA). This online lender provides payday loans to individuals across Australia, and they can apply using an all online process.

$2,000

Maximum loan amount

Within an hour

Turnaround time

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.

Updated January 26th, 2020
Name Product Maximum Loan Amount Term of Loan Turnaround time Arrears Fee Costs Fortnightly Repayment (for $1500 Loan)
Nimble Short Term Loan
$2,000
62 days to 9 months
1 hour - conditions apply
$15
15% of loan amount + 3% of loan amount each month
$372
Finder Exclusive: 25% discount on the establishment fee (now 15%) and monthly fee (now 3%)
A loan up to $2,000 with terms up to 62 days to 9 months. Centrelink cannot be your primary source of income.
Sunshine Short Term Loans
$2,000
9-12 weeks
30 minutes - conditions apply
$35
20% of loan amount + 4% of loan amount each month
$396
A small loan up to $2,000 that you repay over 9-12 weeks. Loans approved and funded in as little as 30 minutes. Centrelink must not be your primary income
Wallet Wizard Smart Loan (Up to 2K)
$2,000
Up to 2 years
3 hours - conditions apply
$10
47.8%
$316.70
Apply for up to $2,000 and be able to access your approved loan as a convenient line of credit.
Safe Financial Small Loan
$5,000
22 - 52 weeks
Same day - conditions apply
$35
Up to $2,000 - 20% establishment fee + 4% monthly.

Above $2,000 - $400 + from 8.7% to 48% APR
$396
Borrow from $1,000 to $5,000 with same-day funding and no early repayment fees.
Fair Go Finance Small Loan
$2,000
3-12 months
1 business day
$35
Establishment fee from 10% of loan amount + monthly fee from 2%
$354
A small loan between $500 and $2,000 that can be funded in 24 hours.
Speckle Small Loan
$2,000
3 to 12 months
1 business day
$5
10% of loan amount + 2% of loan amount each month
$348
A small loan up to $2,000 from a lender backed by NAB. Transparent eligibility criteria and competitive costs.

Compare up to 4 providers

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.

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