Speedy Finance is a family oriented, responsible lender that values all of its customers. Unlike the payday lenders out there, we do not prey on people who are in need of financial assistance.
Speedy Finance offers personal loans over a longer duration, to people who have the ability to repay their loans. A payday lender, on the other hand, is a company that lends customers small amounts of money at high interest rates, on the agreement that the loan will be repaid when the borrower receives their next wages.
How We Lend
Firstly, Speedy Finance requires that all personal loans applicants are in a financial position to borrow money and make their repayments. Our process for evaluating loan applications is as follows:
- Customers need to confirm their identity
- Customers need to provide 90 Day bank statements
- If successful, Speedy Finance may need to review an applicants’ credit file
- Our Loan Specialist will assess every applicant’s income & expenses to determine their ability to repay a personal loan
- Our Loan Specialist may require additional information from some applicants to prove their ability to repay a personal loan (e.g. self-employed)
How do our loans work?
- If a loan application is approved, Speedy Finance will offer the applicant an amount they can afford to repay – which could be the full amount applied for, or a lower amount.
- All personal loan interest rates and fees are fully declared to our customers, their are no hidden fees & charges. All fees and charges are with compliant with industry guidelines.
- Speedy Finance customers can pay out their personal loans early, or make lump sum payments, at any time – and they are not penalised for doing so.
- Our payment default fees are reasonable and are charged within the finance industry law and guidelines.
Financial Hardship?
We understand that financial hardship can fall on anyone due to changed circumstances and challenges in their lives.
Speedy Finance takes a unique position on hardship requests in that we do not always seek formal documentation to adjust customer payments.
We simply require open lines of communication to assist clients through difficult times. While customers are in Financial Hardship, we place a hold on permitted monthly fees to ensure our client is not disadvantaged.
We value your opinion
If you believe that we have not met our responsible lending obligations or feel that we can improve our service, we would like to hear from you.