What do small cash loans cost?

Loans come with an establishment fee and a rolling monthly fee. Your set-up fee is capped at $400, while monthly fees are calculated at a fixed rate of no more than 48% over the course of a year.

What documents will I need to provide to get a loan?

In most cases, you’ll only be required to provide digital copies of your driver’s licence or passport and Medicare card when you apply for a loan. Lenders use these to verify your identity. If you’re receiving government benefits, you’ll need to submit a Centrelink income statement. You will also need to provide ‘read-only’ access to your online bank statements so your lender can verify your income and expenses.

Can I use my loan to pay for day-to-day costs?

Yes – loans can be used to cover general costs such as petrol, groceries and utility bills. They can also be used to purchase new appliances or furniture, cover urgent medical procedures or pay for travel or gifts over the Easter weekend .

Can I get a small loan if I’m unemployed?

Yes – you can get a loan if you’re unemployed so long as you’re earning some form of consistent income. Fixed Centrelink benefits, investment revenue and superannuation payments can all be counted towards your borrowing power. JobSeeker won’t count if it’s your sole form of income. However, you can use it to supplement a low income.

Can I get a small loan if I’m in a Part IX Debt Agreement?

Being under a formal arrangement to repay existing debts will make it harder to get a loan, as most lenders won’t consider applications from those under active debt agreements or bankruptcy. However, there may be some direct money lenders willing to consider your application.

Can I apply if I have just changed jobs?

Yes – you can be considered for a loan so long as you’ve been earning a steady income for the last three months . Lenders generally prefer if you’ve worked for a decent amount of time with the same employer before you apply for a loan, though.