How does borrowing from Swoosh Finance work?
You can apply for a loan from Swoosh Finance online and find out if you've been conditionally approved within 60 minutes if you apply during business hours. Once the document is signed your funds will be transferred to you in as little as one hour, but depending on who you bank with it can take between 24-48 hours.
Swoosh Finance offers terms of 2 years with repayments tailored to your financial situation. Your repayments are automatically direct debited from your account according to your loan schedule.
Keep reading to see a breakdown of costs and other features offered by Swoosh Finance.
Features of a Personal Loan from Swoosh Finance
Swoosh Finance offers various features with its loans, including:
Easy application. You can apply online and complete the application in five minutes. Swoosh uses BankStatements.com.au to securely retrieve the last 90 days of your statement history to process your application.
Fast turnaround time. Swoosh Finance can usually have your loan approved and sent to you on the same day depending on who you bank with. Applications made on weekends, public holidays or later in the day will see your loan processed on the following business day.
Automatic repayments. Repayments will be direct debited from your account on the agreed upon dates.
Longer repayment period. Swoosh Finance offers terms up to 2 years on its loans, which is considerably longer than many other payday lenders.
How much will the loan cost?
Understanding the cost of any financial product, both what you will pay in fees and interest and what you might pay if you are late with your repayments, is important. The fees for this loan are as follows:
What you will pay:
- Establishment fee: $400
- Annual Percentage Rate (APR): 48% p.a.
What you might pay:
- Direct debit dishonour fee of $25
Ready to apply? Here’s how.
You can apply for a loan by submitting your application online or over the phone. In order to be eligible for a loan you need to:
Age. Be 18 years or older
Residency. Be a permanent Australian resident
Employment. You need to be employed and have been in your job for at least three months.
Income. Earn at least $300 from employment. You can earn income from Centrelink but this cannot be your main source of income.
Vehicle. Own a vehicle registered in your name with no finance owing on it or encumbrances
Credit rating. You can apply if you have bad credit, are currently bankrupt or in a Part 9 Debt Agreement
You’ll also need the following details to complete your application:
- Online banking details including your BSB and account number to receive your loan
- Personal details such as your name and address
- Information relating to your vehicle
- Details of your employer or the Centrelink payments you receive
- Your driver’s licence or Medicare card number
- Information regarding your income and expenses
The application should take less than five minutes and you can receive a response in 60 minutes if you apply during business hours. Your approved funds will arrive in your account within 24-48 hours.
If you’re interested in a loan up to $5,000 where you’ll have a little longer to repay, Swoosh Finance is an option for you to consider.
⚠️ 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.
If you're experiencing financial hardship and would like to speak to someone for free financial counselling, you can call the Financial Counsellors hotline on 1800 007 007. It is open from 9:30am to 4pm, Monday to Friday. When comparing short term loans, ensure you take into consideration any fees, charges and rates you may be charged. It's important to weigh up all your options before applying for any form of credit.