Lender Review: Safe Financial

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Company Brief

Safe Mini Loan: $500 – $2,000

Type of Loan Interest Rate Interest Type Min Loan Amount Max Loan Amount Turnaround time Min Loan Term Max Loan Term
Personal Loan $20-$80 monthly fee Fixed monthly fee + fixed establishment fee of $100 to $400 $500 $2,000 24 hours 22 weeks 52 weeks

 

Safe Financial offers small personal loans from $500 to $2,000, with a repayment term of 22 – 52 weeks, for a fixed monthly fee amounting to the following:

  • $20 monthly fee for $500 borrowed
  • $40 monthly fee for $1,000 borrowed
  • $60 monthly fee for $1,500 borrowed
  • $80 monthly fee for $2,000 borrowed

The one-time establishment fees for this loan are as follows:

  • $100 establishment fee for $500 borrowed
  • $200 for $1,000 borrowed
  • $300 for $1,500 borrowed
  • $400 for $2,000 borrowed

For example, if you borrow $500 for 22 weeks, you will be charged a $100 establishment fee and a monthly fee of $20 for the loan. The total repayments made would be $719.84 with weekly repayments of $32.72.

Safe Unsecured Mini Loan (Medium Amount Credit Contract): $2,001 – $5,000

Type of Loan Interest Rate Interest Type Min Loan Amount Max Loan Amount Turnaround time Min Loan Term Max Loan Term
Personal Loan 8.7%-48% fixed interest rate per annum Fixed interest rate + fixed establishment fee of $400 and management fee of up to $399 $2,001 $5,000 24 hours 40 weeks 40 weeks

 

Medium amount loans from Safe Financial is an unsecured loan that ranges from $2,001 to $5,000 with a repayment term of 40 weeks, and with an annual interest rate of 8.7% up to 48% per annum depending on the loan contract. The fees included in this type of loan are establishment fees of $400 and a loan management fee amounting to up to $399.

For example, if you take out a loan of $2,100 with a 40-month term, fees included are the $400 establishment fee, $399 loan management fee, and $100.20 in interest payments (based on an 8.7% interest rate). The total payable amount is $2,999.20, with a $74.98 weekly repayment.

Secured Car Loan: $3,000 – $7,000

Type of Loan Interest Rate Interest Type Min Loan Amount Max Loan Amount Turnaround time Min Loan Term Max Loan Term
Personal Loan 8.7%-48% fixed interest rate per annum (from loans amounting to $3,000-5,000) Fixed interest rate + fixed establishment fee of $400 and loan management fee of up to $399 (from loans amounting to $3,000-5,000) $3,000 $7,000 24 hours 52 weeks 78 weeks

 

The Safe Financial Car loan is a secured loan that ranges from $3,000 to $7,000 with a payment period of 52 weeks to 78 weeks. Interest rates range from 8.7% to 48% with a fixed monthly fee of $400 and a loan management fee of $399 for loans ranging from $3,000 to $5,000. For funds borrowed above $5,000, security for the loan is required.

For example, if you take out a $4,000 loan, your establishment fee would be $400 and your loan management fee of $399. Total repayments over a 40-week loan, as computed by the website’s calculator, would be $5,276.80, with a $1,276.80 total amount in interest payments (if the borrower qualifies for an 8.7% interest rate). The weekly payment would be $131.92.

Breakdown of all fees for each loan product

The following are the fees associated with $500-$2,000 Safe Financial Loans:

  • Monthly Fees and Establishment Fees:
    • $20 monthly fee and $100 establishment fee for a $500
    • $40 monthly fee and $200 establishment fee for a $1,000
    • $60 monthly fee and $300 establishment fee for a $1,500
    • $80 monthly fee and $400 establishment fee for a $2,000

For Loans above $2,001 the following fees are included:

  • Establishment fee: $400
  • Interest rate from 21.24% to 47.8% per annum depending on the total amount borrowed

There are no dishonour or default fees or late payment fees imposed by the company. There are no additional application fees other than the establishment costs listed above.

Application Process

The loan application for Safe Financial is made online by completing an online application form. To be eligible to borrow money, you need to meet the following eligibility criteria:

  •  Must be an Australian resident on a permanent basis.
  • 18 years of age or older
  • Have a bank account and phone number
  • Provide a Driver’s licence or 100 points of ID
  • New clients have to be employed
  • If receiving Centrelink benefits, the borrower’s salary should be at least $500 per week.

After completing the application form online, an agent from the company will contact you to confirm the details you provided in the online form. Applications finished during business hours will receive conditional approval within hours.

As part of the responsible lending regulations, lenders will have to check your source of income as part of the borrowing process. Once the application is approved, you will receive the funds of the loan within the same day, depending on how quickly you revert the signed documents to the lender.

Notable Loan Product Features

One of the notable loan product features of Safe Financial is that the application is done online with conditional approval sent within hours of the application. There are also no penalties imposed for late payments or dishonoured payments. This is helpful in the case of an unfortunate event or financial emergency.

Borrowers with a bad credit history are also welcome to apply for a loan subject to the approval of the lender. This may help people get access to the finances they need,  and the company’s office hours make it easy to apply and answer customer queries.

 

The Company

Positives:

  • Quick-release of conditional approval
  • Zero fees on late payments
  • Borrowers with poor credit scores can apply for loans with the lender

Negatives:

  • High administration fees for loans above $2,001.
  • Loans getting declined after minor discrepancies in the application details

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