Swift Small Loans Review
Swift offers small short term loans of up to $4,500.
Maximum loan amount
Within 60 minutes
10 - 52 Weeks
Term of loan
|Product Name||Swift Small Loans|
|Minimum loan amount||$300|
|Maximum loan amount||$4,500|
|Loan term||10 - 52 Weeks|
|Turnaround time||Within 60 minutes|
|Costs||20% of the loan amount & 4% monthly service fee.|
|Requirements||You must be 18+, be an Australian resident and have a steady job.|
|Available to Centrelink Borrowers?||Yes|
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. Find out more here: https://www.finder.com.au/coronavirus-financial-help
⚠️ 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 loan from Swift Loans work?
Eligible applicants can request short term loans up to $4,500 for repayment terms between 10 - 52 Weeks. Borrowers will be charged an establishment fee and monthly fees. They are required to make regular repayments that will coincide with when they are paid (for example, weekly, fortnightly or monthly) and are direct debited from their account.
If applicants have checked the fees and eligibility criteria, they can apply online in a few minutes. Swift may conduct a credit check and if approved, they may receive their funds within 60 minutes. Before applicants sign their contract, make sure they can afford the regular repayments, fees and check what charges apply if they default on the loan.
Features to compare
- Fees. For loans up to $4,500, Swift Loans charges a monthly fee of 4% and a one-off 20% establishment fee.
- Loan amount. Applicants can request to borrow between $300 and $4,500, in increments of $50.
- Loan term. Borrowers can apply for loan repayment terms of 10 - 52 Weeks. While a longer term will give them more time to pay off their loan amount, they will also pay more in monthly fees overall.
- Repayments. The repayments coincide with their salary cycle, so the repayment date will fall on the day they get paid. They can expect a reminder via email one day before the automatic debit.
- Early repayments allowed. They can make additional payments or repay their loan before the end of the loan term without being charged any penalty fees.
- Bad credit applicants considered. If they have a low credit score or defaults on their credit report, they can still apply as long as they meet the other eligibility criteria and can demonstrate their ability to make payments. If they have defaulted on a small loan in the last 90 days or are currently bankrupt, they won't be approved and shouldn't apply.
Fees and charges
- Loan establishment fee: 20% of loan amount.
- Monthly account maintenance fee: 4%.
- Direct debit fee: $1.10 (for every direct debit).
If customers miss a repayment or default on the loan, they may be charged the following fees:
- Direct debit dishonour fee: $15 (for each instance)
- Follow-up phone call for missed payment: $7.00 (for every such call)
- Follow-up SMS text for missed payment: $7.00 (for every such text)
- Follow-up email for missed payment: $7.00 (for every such email)
- Follow-up letter for missed payment: $7.00 (for every such letter)
- Debt recovery: If your account goes into debt recovery, you have to pay all costs associated with recovery of the debt.
How to apply for a personal loan from Swift Loans
Borrowers can apply for a Swift Loan online but it's important to check if they meet the eligibility criteria before they do:
- You’re at least 18 years old
- You’re a permanent Australian resident
- You have a regular source of income (this can include Centrelink benefits)
The application requires them to part with certain information to check if they qualify, so prepare to provide the following.
- Loan purpose. Applicants can use the drop-down menu to confirm how they are using the loan. Some of the options include home repairs, purchase of appliances, medical bills and wedding expenses.
- Income details. Confirm their employment status, annual gross income and the frequency of their pay.
- Finances. Include information regarding expenses including living costs, mortgage repayments and details of any existing debts.
As short term loans can be an expensive type of credit and aren't designed as a long-term financial solution, make sure to compare the options and ensure you can afford to repay it before you apply.
Compare other payday loans
Whilst we don't compare loans from Swift directly, use the table below to see how they compare against other short term loans
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.