FAQs question_answer

Small Cash Loans

How much can I borrow?

Start with what you need and making sure it’s an amount you feel comfortable with repaying, based on your preferred loan term. We will then review and may reduce the amount to meet our Responsible Lending guidelines.

Please note, that if > 50% of your income is from Centrelink, you can only borrow an amount where your repayments do no exceed 20% of your income.  Example: If you receive $2,000 per month from Centrelink, your loan repayments cannot be more than $400 per month.

For first time customers, we typically lend a little less, but can increase once you have repaid your first loan.  For example, if you are on Centrelink benefits, you can only borrow $1,000 maximum, but this can go to $2,000 as an existing customer.

For a Centrelink Loan, what is the maximum I can borrow?

If > 50% of your income is from Centrelink, you can only borrow an amount where your repayments do no exceed 20% of your income.  Example: If you receive $2,000 per month from Centrelink, your loan repayments cannot be more than $400 per month.

For first time customer, we typically lend a little less, but can increase once you have repaid your first loan.  For example, if you are on Centrelink benefits, you can typically only borrow $1,000 maximum, but this can go to $2,000 as an existing customer.  

How much will my loan cost for a Small Loan?

A simple way of reviewing this is to look at the schedule.  Add up all your loan repayments and compare that to the amount loaned.  This will give you the dollar figure if you paid out to schedule.

For our small loans, your costs are simply calculated against the initial loan amount:

  • 20% Establishment Fee
  • 4% Monthly Maintenance Fee

Example for $500 Small Loan over 4 months

  • Establishment Fee: $100
  • Monthly Maintenance Fee: $20
  • Total cost: $180
What else do I need to provide in my application?

New Customer:

We do ask a bit upfront to get you started.  You’ll fill out our online application which takes just a few minutes.  To get started we also require:

  • Upload a 90-day bank statement showing evidence of your income and budget
  • If you receive Centrelink benefits, you will also need to upload your Centrelink Income Statement in the same process
  • We will need you to provide a copy of some ID, like a driver’s licence, Medicare card or passport
  • We will do a short onboarding call with you to get you set up, and may ask for additional information if necessary, for the approval process

Existing Customer

  • Not much, because we have it all pretty much
  • We will do an update of your latest bank statement, which we can help you do online
Can I upload or email my bank statements?

Yes, but for final approval, we do need a bank statement submitted through the secured banking service on our application form.  That also helps get your bank account set up so we can transfer you the borrowed funds and collect repayments. If you need help, just call us on 1300 264 941