Easy Financing is an online lender based in Sydney which specialises in offering small lending solutions. Before deciding on Easy Financing, understanding its loan options, fees, terms, and more is vital. Luckily, you can explore these details with Savvy. Delve into our review of its products and learn about the other options which may be open to you with us today!
Rates and product information are correct as of 12 February, 2024.
How do Easy Financing's small loans work?
With Easy Financing, borrowers can access loans ranging from $300 to $2,000, with repayment terms spanning from one month to 12. These loans fall under the Small Amount Credit Contract (SACC) category, making them subject to specific regulations in relation to their fee structures. Additionally, Easy Financing offers Medium Amount Credit Contract (MACC) loans starting at $2,001 up to as much as $5,000. Borrowers have the flexibility to choose their repayment frequency (either weekly, fortnightly or monthly) and won’t be charged additional fees for early repayments for either loan type.
The application process for Easy Financing is entirely online. Applicants are required to provide personal identification, contact details, bank information, proof of address and proof of regular income to qualify. Upon submission, you’ll receive an indicative outcome, and if approved, your loan funds can be sent to your account within 24 hours.
What will the cost of a small loan through Easy Financing be?
Easy Financing offers small loans with the following price breakdown:
Loans from $300 to $2,000
- Establishment fee: up to 20% of your loan amount
- Monthly admin cost: up to 4% of the principal amount
- Cost example: for a $1,000 small loan repaid monthly over three months, you would incur a $200 establishment fee and a $40 monthly fee, resulting in a total loan cost of $1,320.
Loans from $2,001 to $5,000
- Monthly admin cost: up to 4% of the principal amount
- Establishment fee: up to $400
- Cost example: for a $3,000 small loan repaid monthly over 12 months, you would incur a $400 establishment fee and monthly fees of $1,440, resulting in a total loan cost of $4,840.
Can I qualify for a small loan with Easy Financing if I have bad credit or receive Centrelink payments?
Easy Financing assesses loan applications based on various factors beyond just credit scores or Centrelink benefits. While credit checks are conducted in accordance with Australian responsible lending laws, Easy Financing, like many small loan companies, prioritises an individual's current financial situation. This can be extremely helpful in opening doors for those who have struggled in the past.
When it comes to Centrelink payments, as long as applicants meet the qualification criteria regarding minimum income, they can apply for a loan while receiving Centrelink payments. Specifically, you won’t be able to apply with Centrelink as your sole source of income, meaning those who are unemployed and relying on benefits, such as single mothers and some veteran payment and age pension recipients, won’t be approved.
What are the potential alternatives to a small loan with Easy Financing?
A simple alternative to Easy Financing is applying for a small loan through Savvy. Through our simple online process and trusted lending partners, we can help facilitate the swift acquisition of the funds you need.
Here's the straightforward process of applying for a small loan through Savvy:
- Complete our application form, providing pertinent information such as your credit score, income, employment details, and preferred loan amount, which ranges from $2,050 to $5,000.
- Submit your application and promptly receive an instant automated decision from one of our partnered lenders.
- Upon conditional approval, your application will undergo assessment by your designated lender, which may necessitate additional documentation.
- Following lender approval, you'll be furnished with formal approval and loan documents delineating your loan terms, fees, repayment schedule, and other pertinent details.
- Upon signing and returning the documents, your funds will be swiftly transferred to your designated bank account. This can take place as soon as the same day, depending on the timing of your application.
