From $2,001 - $15,000
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Loan Information
Small Loans
$300 – $2,000 Loan Amount
3 months min – 12 months max
Cost
20% upfront establishment fee + 4% monthly fee
In APR terms, the maximum annual percentage rate on these SACC loans between $300 and $2000 is 199.43%
Representative Example
Loan Amount of $1,000 over 6 months repayable weekly (25 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $240 (fees based on 4% per month over 25 weeks) = $1,440 total repayable in 25 weekly installments of $57.60.
Dislaimer:
Under the current legislation, most small personal loan providers don’t charge an annual interest rate% (you’ll know this as an APR). The maximum you will be charged is a flat 20% establishment fee and a flat 4% monthly Fee. The maximum comparison rate on loans between $300 and $2000 is 199.43%
Warning:
This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan.
Medium Loans
$2,001 – $5,000 Loan Amount
13 months min – 24 months max
Cost
Maximum 48% annual percentage rate (APR)
67.41% comparison rate p.a.
In APR terms, the maximum annual percentage rate on these loans between $2001 and $5000 is 48%
Representative Example
Based on a Loan Amount of $3,000 over 18 months repayable weekly (78 weekly repayments). $3,000 (Principle Amount) + $400 (Establishment Fee) + $1,379.06 (reducing interest) = $4,779.06 total repayable over 18 months with weekly installments of $61.27.
Warning:
This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan.
Large Loans
$5,001 – $15,000 Loan Amount
13 months min – 72 months max
Cost
Minimum 5.75% – Maxmimum 48% annual percentage rate (APR)
6.47% – 48% comparison rate p.a.
In APR terms, the maximum annual percentage rate on these loans between $5001 and $15000 is 48%
Representative Example
Based on Loan Amount of $10,000 over 24 months repayable weekly (104 weekly repayments). $10,000 (Principle Amount) + $5,577.12 (Interest) = $15,577.12 total repayable over 24 months with weekly installments of $149.78.
Warning:
This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan.
Frequently Asked Questions
How quickly can my loan be approved?
The time it takes to process a loan application depends on the type of loan you’re applying for.
On average, unsecured personal loans, since no collateral is used as security for the loan, can be approved within the same day if all necessary requirements are met. However, lenders may need longer to do additional checks and ask additional questions. For secured personal loans, it may take longer as lenders need to appraise the personal asset being used as security. Applying for payday loans is faster, but the final approval will depend on the affordability assessment of the
Am I eligible for a loan?
The approval of your loan application will depend on whether you have met the lender’s criteria. You will be asked to provide personal and financial information such as 90 days’ worth of bank statements, to demonstrate you meet affordability requirements.
At a minimum, you need to meet the following eligibility criteria:
- You must be an Australian citizen or a permanent resident of Australia
- You must be at least 18 years old.
- You must be employed and have money deposited into your bank account
- You have a good credit history
- You have an internet banking account
- You make a certain amount of income every month
It's my first time applying for a loan, what do I do?
There are a few things you’ll want to do before you begin the loan application process.
- Make sure you know what kind of loan you’re looking for as there are different loan options available
- Get familiar with the process and application process
- Decide how much money you need and how much you can afford to pay back over time
- Make sure you have ID documents to hand and access to your latest 90 days’ worth of bank statements
How do I know if my details and accounts are secure?
Here at Friendly Finance, we collect, hold, use, and disclose information that is reasonably required to offer and provide our financial services. We aim to collect information directly from you in the most practical way possible, to ensure that your details and accounts are secured, primarily through secure online forms. We also retrieve bank statements through a secure, read-only platform to keep your data safe and secure.
Why do I need to disclose my loan purpose?
Lenders are responsible for assessing your loan purpose and how it will affect your financial situation. You need to disclose your loan purpose to lenders to provide them with the information they need to make a comprehensive assessment of whether the loan can be deemed suitable for you, and thus meet obligations for responsible lending.
Before applying for a loan from a lender, you should get clear about what kind of borrowing you are planning on doing. For instance, if you are planning on buying an expensive item or paying off existing debt, then it is important that you disclose this in order to avoid any misunderstandings later on when it comes time for repayment of your loan amount back into your bank account. You may also have questions regarding what type of product or service will be provided by the lender and how interest rates they charge. These details should also be disclosed so they can determine if they can offer you a suitable product given your needs.
What is the best way to get a loan?
The best way to get a loan is to apply for a loan online. Friendly Finance connects you with multiple lenders through one application form, saving you time.
There are many benefits of applying for a loan online. You can compare the different lenders and choose the best one for your needs. You can also do it in a few minutes instead of going from one place to another or filling out forms and waiting for days or weeks for an approval letter from each lender. This way, you save both time and money.
How can I borrow money immediately?
If you have an unexpected expense that you need to pay off as soon as possible, you might want to consider taking a short-term loan. These loans allow you to borrow between $50 to $2,000 and can be repaid in as little as 16 days. Depending on the lender, you can get your money in 6 hours.
