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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Pros and cons
- Fast approval process
- Flexible repayment schedule
- No application fee
- Charges an establishment fee
- Above-average interest rates
- Maximum loan size of $5,000
Swoosh Finance personal loans rates
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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.
Learn more about personal loans
Can you refinance a $5000 personal loan?
Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.
If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.
Can single mothers get personal loans online?
Many lenders offer online applications for personal loans, which can be convenient for borrowers who have busy lives. If you’re not confident your personal loan application will be approved, you may want to consider contacting the lender by email, live chat, phone, or by visiting a branch, to discuss your situation before applying.
How long does it take to get a student personal loan?
Completing an online personal loan application can often take anywhere from 10 minutes to 1 hour. Depending on your lender, processing your personal loan application may take anywhere between 1 and 24 hours. If your personal loan application is approved, you may receive the money in your bank account the following business day, or, in some cases, the same day.
What is a bad credit personal loan?
A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.
What is the average interest rate on personal loans for single parents?
Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.
How much can you borrow with a bad credit personal loan?
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.
What is a personal loan?
A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.
Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.
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.
Should I get a fixed or variable personal loan?
Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.
A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.
Are there low doc personal loans?
Self-employed borrowers may be eligible for low doc personal loans, which require less documentation in their application process than many other personal loan options.
It’s important to remember that though low doc personal loans may require less paperwork, you may need to provide additional security, or pay a higher interest rate.
Can unemployed single parents get personal loans?
It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments.
If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan options. Consider contacting the lender before applying.
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.
How can I get a $3000 loan approved?
Responsible lenders don’t have guaranteed approval for personal loans and medium amount loans, as the lender will want to check that you can afford the loan repayments on your current income without ending up in financial hardship.
Having a good credit score can increase the likelihood of your personal loan application being approved. Bad credit borrowers who opt for a medium amount loan with no credit checks may need to prove they can afford the repayments on their current income. Centrelink payments may not count, so you should check with the lender prior to making an application.
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 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.