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 borrowing from Swoosh Finance work?
Prospective applicants can apply for a loan from Swoosh Finance online and find out if they've been conditionally approved within 60 minutes if they apply during business hours. Once a contract is signed, funds will be transferred directly to the applicant in as little as one hour. Depending on the customer's bank, this process could take between 24-48 hours.
Swoosh Finance offers terms of 2 years with repayments tailored to an individual's financial situation. Customer repayments are automatically debited directly from a nominated bank account according to a loan schedule as agreed upon by Swoosh and the approved applicant.
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:
- Application.Customers can apply online and complete the application in some instances within five minutes, provided they have the right information to hand. Swoosh uses BankStatements.com.au to securely retrieve the last 90 days of an applicant's statement history in order to process their application.
- Turnaround time. Swoosh Finance can usually have a loan approved and sent to their customers on the same day, depending on who they bank with. Applications made on weekends, public holidays or later in the day will see a loan processed on the following business day.
- Repayments.Repayments will be direct debited from a nominated bank account automatically 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.
What are the risks of personal loans?
- Unaffordable repayments. Consider the size of the regular repayments and ensure the loan is able to be repaid during the loan term. If not, extra fees apply to extend it. Be careful, since repayment periods for these kinds of loans tend to be shorter than regular loans.
- Multiple applications. Every loan application shows up on credit reports. While lenders might not consider credit history, several applications within a short period can have a negative impact on your credit score moving forward.
- Check rates and fees. Establishment and monthly fees are capped, so be wary of lenders quoting prices beyond the legal maximum amounts. Be crystal clear on what will be charged for late payments or a default on the loan. The total cost of the loan matters here - lenders can charge interest rates on top of everything else.
- Long-term repercussions and legal issues. Once the loan agreement is signed, the customer is bound to its conditions until the loan and any associated rates and fees have been paid. Typically these loans are unsecured, which means that the lender can initiate legal proceedings against the customer if they can't repay.
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:
Mandatory fees and charges:
- Establishment fee: $418.20
- Annual Percentage Rate (APR): 48% p.a.
Applicable fees and charges:
- Direct debit dishonour fee of $35
How to apply:
Loan customers can apply for a loan by submitting their application online or over the phone. In order to be eligible for a loan prospective applicants must satisfy the following requirements.
- Age. Be 18 years or older.
- Residency. Be a permanent Australian resident.
- Employment. Need to be employed and have been in their job for at least three months.
- Income. Earn at least $300 from employment. Customers can earn income from Centrelink but this cannot be their main source of income.
- Vehicle. Own a vehicle registered in their name with no finance owing on it or encumbrances.
- Credit rating. Customers can apply if they have bad credit history, are currently bankrupt, or are in a Part 9 Debt Agreement.
Applicants will also need the following details to complete their application:
- Online banking details including their BSB and account number to receive their loan
- Personal details such as their name and address
- Information relating to their vehicle
- Details of their employer or the Centrelink payments they receive
- Their driver’s licence or Medicare card number
- Information regarding their income and expenses
The application should take less than five minutes and customers can receive a response in 60 minutes if they apply during business hours. Approved funds will arrive into the nominated bank account within 24-48 hours.
If you're interested in a loan up to $4,581.80 where you'll have a little longer to repay, Swoosh Finance is an option for you to consider. However, consider all other avenues of financing first before considering something as potentially costly as this kind of loan.