
Get exclusive money-saving offers and guides
Straight to your inbox
SpotMe offers payday loans between $250 and $1,000 with terms of 1-3 months. Borrowers can choose a repayment schedule that is weekly, fortnightly or monthly depending on what lines up with the frequency of their income. Borrowers will pay a one-off establishment fee as well as monthly fees. See a complete list of the features, fees and eligibility requirements that apply in this review.
$1,000
Maximum loan amount
24 hrs
Turnaround time
1-3 months
Term of loan
We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
Product Name | SpotMe Payday Loan |
---|---|
Minimum loan amount | $250 |
Maximum loan amount | $1,000 |
Initial Maximium Loan Amount | $1,000 |
Arrears Fee | $25 |
Loan term | 1-3 months |
Turnaround time | 24 hrs |
Costs | 20% of principal amount establishment fee + 4% monthly fee |
Available to Centrelink Borrowers? | No |
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. Find out more here: https://www.finder.com.au/coronavirus-financial-help
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:
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.
SpotMe loans are available for up to $1,000. To get started, applicants need to create an online account and submit their application. If approved, they can receive their loan on the same day or at the least the next business day. They can repay their loan via direct deposit and can manage their account through their online dashboard. They can repay their loan early without penalty if they provide SpotMe with two days notice.
While we don't compare this loan directly, here are some other loans that are similar.
SpotMewill confirm the repayments and charges specific to an applicant's loan after they apply and before they sign the contract. They can compare the fees and charges they pay on their first loan below:
If borrowers fail to pay their loan on time, they may be charged:
If customers don't think they can make a repayment on time, they must contact SpotMe as soon as possible to notify them. They may be able to move the repayment due date. If applicants default on the loan, this will be registered on their credit report and will remain there for up to five years.