Phone Loans

Yes – you can get a phone loan with bad credit, subject to meeting your lender’s qualification requirements. Lenders providing phone loans take a more flexible approach, considering various factors beyond just credit scores. This increases the chances of securing a loan for a new phone, even if you have bad credit.

Yes – you can settle your phone loan early. Much like all other small loans, phone loans come with the option for early repayment without additional penalties. Because of this, settling your phone loan before the scheduled time will help you save money overall.

Yes – beyond purchasing the phone, you can allocate the funds from your loan for various needs. Whether you choose to cover additional expenses or address unexpected financial needs, such as if you need to buy a new laptop, the decision is yours. However, it's important to note that certain restrictions apply to the use of these funds, such as settling other small loans or engaging in prohibited activities like gambling.

The primary costs for your phone loan consist of the establishment fee (capped at $400) and monthly fees (capped at 48% of your loan’s total value per year). The precise amount you pay is subject to various factors, including:

• The loan amount
• Your loan term (between 16 days and two years)
• Your chosen repayment schedule (weekly, fortnightly or monthly)
• Whether you make additional repayments
• The impact of potential conditional fees, such as late repayment or dishonour fees