The following are the fees associated with Nifty Loans small loans:

• Monthly Fee: 4% of the total amount borrowed per month
• Establishment Fee: 20% of the total loan amount

The fees included in medium loans are the following:

• Annual Interest Rate: 47.80% of the loan amount
• Loan establishment Fee: $400

The following fees are associated with secured loans from $5,000 – $10,000:

• Annual Interest Rate: 21.24% of the loan amount
• Establishment Fee: 0-1% of the total loan amount per month of the contract

Other fees to look out for are the following:

• Missed Payment Fees: $35
• Direct Debit Cancellation Fee: $60

There are no unexpected costs with Nifty Loans and no extra hidden costs which could later affect you down the line.

The application process for all loans is done through Nifty’s website online loan application form. To be eligible for the loan, you must meet the following criteria:

• Be at least 18 years old
• Be an Australian citizen or permanent resident
• Have an active online bank account
• Have a working mobile number and email address
• Employed and with regular income within 90 days of the date of application.

You will also need to provide the following information:

• Share your current contact phone number and up-to-date contact details.
• Reason for taking out a loan
• Internet banking account details and a bank statement.
• MyGov details if receiving Centrelink benefits

After submitting the required information and documents, you’ll typically receive a pre-approval decision for your loan within 60 minutes from the time of application (which may vary depending on the current volume of applications).

As part of the responsible lender regulations, Nifty Loans checks your credit score. Credit history checks are required to ensure that you are a reliable borrower and that you are in a financial situation where you can repay the loan.

After receiving approval, you will be required to sign an electronic copy of the contract. Once signed, you will receive the loan proceeds to your nominated bank account within 60 seconds, even after business hours or on a weekend (if your banking account is NPP enabled). This means you could fill out your publication at lunchtime, in some cases have your money by the end of the day.

The notable loan product features of Nifty Loans include its quick 60-minute application approval (for applications completed during business hours). Loan proceeds are also sent immediately once the borrower signs the electronic contract (even during holidays and weekends).

Payments are automatically taken from your account through a direct debit arrangement in line with your pay cycle. There are no fees imposed on early repayments. Finally, the company also extends financial hardship assistance to borrowers who are experiencing difficulties in paying off loans.