Fast, easy and 100% online, this is a low cost loan with no ongoing fees or extra repayment penalties.
From
6.99%
Fixed
7.69%
Unsecured Personal Loan (Excellent Credit) (3 Year Term) (Amount > 5000)
Swoosh Finance is a finance provider based in south-east Queensland that specialises in secured finance options. Swoosh Finance was established in 2014.
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.
Total interest paid
$8,245
Total amount to pay
$38,245
Swoosh Finance provides a range of small loans to its customers. Swoosh Finance personal loans give borrowers up to $5,000 and a loan term of one to 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.
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.
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 a fast and easy online application form to submit their application, and a response is usually given the same day.
Fees for Swoosh Finance personal loans tend to be average. While Swoosh Finance charges a large establishment fee, 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.
Nick Bendel is RateCity’s property and personal finance editor, and an experienced journalist with numerous writing credits to his name. To date. He covers property, home loans, credit cards, superannuation and other bank products, and loves getting elbow-deep in the latest ABS, APRA and RBA data.
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 usually 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.
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.
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, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
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 get that approval faster, while a borrower with bad credit is less likely to have a loan approved and to get that approval slower.
Many personal loans, much like home 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.
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.
Many lenders offer online applications for personal loans, which can be convenient for borrowers who don’t have a lot of free time. 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.
The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:
There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.
In some instances, bad credit personal loans can help people with bad credit history to consolidate their debts in such a way that it makes it easier for them to repay 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.
However, this strategy can backfire if the borrower spends the extra money 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.
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.
