Swoosh Finance Personal Loans
Low Rate Personal Loan Secured
OurMoneyMarket offer competitive low rates on loans over $2,000, plus free extra repayments and fee-free redraw facility.
Low Rate Personal Loan Secured (Excellent Credit)
Established in 2014, Swoosh Finance is a finance provider based in south-east Queensland that specialises in secured finance options.
Swoosh Finance operates as an entirely online personal loan lender, which means that it does not run traditional bank branches. Rather, customers interact with Swoosh Finance through phone and online channels, including a fast online application process. Being an online provider gives borrowers an alternative to the big four banks in Australia.
Swoosh Finance personal loan repayment calculator
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Swoosh Finance personal loans rates
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- Fast approval process
- Flexible repayment schedule
- No application fee
- Charges an establishment fee
- Above-average interest rates
- Maximum loan size of $5,000
Features of a Swoosh Finance personal loan
Swoosh Finance provides a range of small loans to its customers. Swoosh Finance may lend you between $2,000 and $5,000 in the form of a personal loan. Loan terms are between one and two years.
Swoosh Finance does not charge an application fee, but does charge an establishment fee should the borrower be approved. A direct debit dishonour fee may apply if a scheduled direct debit is returned unpaid.
Because Swoosh Finance loans are smaller and shorter than other personal loans, the personal loan interest rates tend to be above average.
Swoosh Finance personal loans – customer service
Customers can contact Swoosh Finance by phone, online enquiry, Facebook message or mail. Swoosh Finance customer service is available on weekdays, from 7am to 5pm.
Complaints and concerns can be submitted by email.
Who is eligible for a Swoosh Finance personal loan?
- Must be a permanent Australian resident
- Must be aged 18 years or over
- Must be employed for at least three months
- Must own a vehicle registered in your name, with no finance owing or encumbrances
How to apply for a Swoosh Finance personal loan?
- Click ‘Start your loan application’.
- Complete the online application form.
- Submit the online application form.
- If you're eligible and all the required information is complete, you will receive a loan approval within one business day.
- The funds will be transferred directly to your account.
Swoosh Finance personal loans review
Swoosh Finance offers a range of loans for borrowers who need small amounts of funds quickly. Swoosh Finance lends up to $5,000 for terms of one to two years.
Swoosh Finance does not operate traditional branches. Customers use an online application form to submit their application, and a response is usually given on the same day.
Fees for Swoosh Finance personal loans tend to be average. While Swoosh Finance charges a high establishment fee if you're approved, it does not charge ongoing monthly fees or an application fee.
Because its loans are relatively small and are paid back quickly, Swoosh Finance personal loan rates tend to be above average.
If you’d like to find the best personal loan rates for your financial situation, it’s best to compare personal loan rates from a range of different lenders.
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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
In the best-case scenario, an application for a bad credit personal loan can be made within minutes and then be approved within 24 hours. However, if a lender needs more information or needs more time to verify the provided documents, the application process may take longer.
The worse your credit history, the harder you will find it to consolidate your debts, because lenders will be less willing to lend you money and will charge you higher interest rates.
However, people with bad credit histories can make debt consolidation work by following this three-step process:
- First, find a lender willing to give you a bad credit personal loan. This process will be simplified if you go through a finance broker or use a comparison website like RateCity.
- Second, make sure the interest repayments on your new loan are less than the repayments on the loans being replaced.
- Third, instead of spending those savings, use them to pay off the new loan.
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.
Some lenders are able to approve applications with little documentation and within minutes. However, there is a catch. People who take out easy/instant loans generally pay higher interest rates and are restricted to lower amounts than people who follow a traditional borrowing process.
When many lenders assess a borrower’s income to determine whether they can afford a loan’s repayments without ending up in financial stress, they may not count Centrelink payments as income for this purpose.
Before applying for an emergency loan, it may be worth contacting a potential lender to find out if they accept applications from borrowers on Centrelink.
Many borrowers use quick loans to cover short-term or urgent costs, such as paying for car repairs, medical bills, or replacing broken appliances or electronics. Quick loans often have high interest rates compared with regular personal loans.
Before applying for a quick loan, consider your other available options, such as working out a payment plan or applying for an advance or extension.
Few, if any, lenders would be willing to give guaranteed approval for a bad credit personal loan. Borrowers with bad credit histories can have more complicated financial circumstances than other borrowers, so lenders will want time to study your application.
It’s all about risk. When someone applies for a personal loan, the lender evaluates how likely that borrower would be to repay the money. Lenders are more willing to give personal loans to borrowers with good credit than bad credit because there’s a higher likelihood that the personal loan will be repaid.
So a borrower with good credit is more likely to have a loan approved and to be approved faster, while a borrower with bad credit is less likely to have a loan approved and, if they are approved, may be approved slower.
If more than half of your income comes from Centrelink benefits, it may be more difficult to have a $2000 loan application approved. Many lenders will check if you can afford a loan’s repayments on the income from your job before they’ll approve an application, and many won’t count Centrelink payments when assessing your income for this purpose.
Some lenders may offer $2000 loans to borrowers on Centrelink – consider contacting potential lenders to check before applying.
Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.