Athena and Wisr win fintech awards

Athena and Wisr win fintech awards

Athena Home Loans and Wisr were two of the winners at the annual Finnie Awards, which honour Australia’s fintech sector.

Athena Home Loans, which is one of Australia’s newest lenders, was named Emerging FinTech Organisation of the Year.

Wisr, which is Australia’s only ASX-listed marketplace lender, took home the gong for Excellence in Consumer Lending.

Wisr was also a finalist in the FinTech Organisation of the Year category, while Wisr CEO Anthony Nantes was a finalist in the Outstanding FinTech Leader of the Year category.

RateSetter, SocietyOne, loans.com.au, MoneyPlace also nominated

RateSetter received three nominations at the Finnie Awards:

  • Excellence in Consumer Lending
  • Excellence in Wealth Management (PFM and Robo)
  • Best Partnership of the Year

SocietyOne and loans.com.au were also nominated in the Excellence in Consumer Lending category.

In the individual categories, loans.com.au managing director Marie Mortimer received two nominations – Outstanding FinTech Leader of the Year and Female FinTech Leader of the Year.

MoneyPlace founder Stuart Stoyan was also nominated in the Outstanding FinTech Leader of the Year category.

The other Finnie Awards winners were…

  • FinTech Organisation of the Year: Afterpay
  • Outstanding FinTech Leader of the Year: Jack Zhang, AirWallex
  • Excellence in Wealth Management: Myprosperity
  • Best Partnership of the Year: Up
  • Female FinTech Leader of the Year: Van Le, Xinja
  • Emerging FinTech Leader of the Year (under 35): Jessica Ellerm, Zuper
  • Deal of the Year: MoneyPlace
  • Excellence in Payments: Afterpay
  • Excellence in Insurtech: Huddle Insurance
  • Biggest Raise of the Year: AirWallex
  • Best Workplace Diversity: Identitii
  • Excellence in Blockchain / Distributed Ledger & Digital Currencies / Wallets / Exchanges: Enosi Australia
  • Excellence in Business Lending: Trade Ledger
  • Excellence in Crowdfunding: Equitise
  • Excellence in Establishing Market Presence, Global: Airwallex
  • Excellence in FinTech Support Services: Reinventure Group
  • Excellence in Industry Collaborations & Partnerships: Up

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Learn more about personal loans

How long are $3000 loans?

Medium amount loans can be repaid between 16 days and 2 years. Many personal loans have terms between 1 year and 5 years, though some are as short as 6 months while others last for 10 years.

Generally, the shorter a loan’s term, the more expensive your regular repayments may be, but the less total interest you’ll pay. Loans with longer terms mean more affordable repayments, but more interest charges over the full term.

Do student personal loans require security?

While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.

Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.

What interest rates are charged for personal loans?

Lenders aren’t allowed to charge interest on loans of $2,000 and under. Instead, they make their money by charging a one-off establishment fee of up to 20 per cent and a monthly account-keeping fee of up to four per cent. Lenders might also ask you to pay a government fee.

For loans between $2,001 and $5,000, lenders can make their money in only two ways: a one-off fee of $400 and annual interest rates of up to 48 per cent.

For loans of $5,001 and above, or for loans that have terms longer than two years, lenders can charge annual interest rates of up to 48 per cent.

Those fee caps don’t apply to loans offered by authorised deposit-taking institutions such as banks, building societies or credit unions, although such institutions are highly unlikely to charge interest rates of anywhere near 48 per cent.

Can I get a fast loan with bad credit?

Some lenders offer fast loans to borrowers with bad credit. Providers of small payday loans of up to $2000 or medium amount loans of up to $5000 may have no credit checks, though these lenders will usually want to confirm you can afford its loans on your income.

Are there emergency loans with no credit checks?

While many personal loans require a credit check as part of the application process, some personal loans and payday loans have no credit checks, which may appeal to some borrowers with a bad credit score.

Keep in mind that even if a loan is available with no credit check, the lender will likely want to confirm that you can afford the repayments on your current income.

Which lenders offer bad credit personal loans?

Several dozen lenders offer bad credit personal loans in Australia. These are generally smaller lenders that aren’t household names.

How long does it take to get a $5000 loan?

Depending on the lender, personal loans and medium-amount loans for $5000 can sometimes be approved in under an hour, and give you access to the money the same day. Other loans may take 24 hours or longer to assess your application, and you may not get the money for a few days.

Are there any interest-free emergency loans?

The No Interest Loans Scheme (NILS) allows low-income borrowers to take out no-interest loans for up to $1500 to purchase essential goods and services.

There are also similar low-interest loan schemes available to borrowers in financial hardship who are having a tough time getting finance approved.

Are there $2000 emergency loans?

If you’re having trouble being approved for a loan of less than $2000 and urgently need to purchase household essentials, there may be emergency loan options available to you.

For example, the No Interest Loans Scheme (NILS) allows low-income borrowers to take out interest-free loans of up to $1500 for essential goods and services.

For further assistance, consider contacting a financial counsellor, or calling the National Debt Helpline on 1300 007 007

What do single parents need for a personal loan application?

Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:

  • Proof of identity
  • Proof of residence
  • Proof of income
  • Details of assets (e.g. car, home)
  • Details of liabilities (e.g. credit cards, other loans)
  • Loan amount
  • Loan term

What are the pros and cons of personal loans?

The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.

One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.

What are the pros and cons of bad credit personal loans?

In some instances, bad credit personal loans can help people with bad credit history to consolidate their debts, which can help make it easier for them to clear those debts. This is because the borrower might be able to consolidate several debts with higher interest rates (such as credit card loans) into one single debt with a lower interest rate and potentially fewer fees.

However, this strategy can backfire if the borrower spends the loaned funds instead of using it to repay the new loan. Another disadvantage of bad credit personal loans is that they have higher interest rates than regular personal loans.

How do I find out my credit rating/score?

You're entitled to one free credit report per year from credit reporting bodies like Equifax, Dun & Bradstreet, Experian and the Tasmanian Collection Service. You can also get a free report if you’ve been refused credit in the past 90 days.

Credit reporting bodies have up to 10 days to provide reports. If you want to access your report sooner, you’ll probably have to pay.

What is credit history?

Your credit history covers everything to do with applying for loans. It includes the number of loans you’ve applied for, the amounts you’ve borrowed and your record of meeting repayment schedules.