Loans and lenders like Fundo have emerged as a popular choice for Australians seeking quick access to funds. Yet, it's crucial to explore other options, which is why Savvy is here to help. You can learn more about Fundo and similar loans, comparing them to the simplicity of applying for a fast loan through us today!
How do loans like Fundo work?
Fundo specialises in offering small loans, providing a swift and accessible financial solution for those in need of quick funds. Commonly known as payday loans, Fundo offers both small ($500 to $2,000) and medium loans ($2,001 to $5,000). While small loans are based around fees, rather than interest, medium loans do come with both interest and fees.
The approval process is designed for speed, often resulting in same-day approval and, in some cases, funds disbursed within an hour of application. Repayment terms are flexible, allowing borrowers to choose durations ranging from 91 days to six months (small loans) or two years (medium loans).
What fees will I have to pay with loans like Fundo?
For loans like Fundo, the applicable fees and interest depend on the loan size you opt for. Loans up to $2,000 come with an initial establishment fee, which is up to 20% of the loan amount, and ongoing monthly fees, which can be as high as 4% of the loan. In the case of larger loans ranging from $2,001 to $5,000, the establishment fee is capped, not exceeding $400, and interest is charged, which may be up to 48% p.a. (specifically 47.8% p.a. as of January 22, 2024, for Fundo).
Understanding the implications of these fees is crucial for assessing the overall cost of your loan. For instance, if you borrow $500 and repay it over four fortnights, your total fees for the term could amount to $140. However, opting for a $2,000 loan spread over 13 fortnights would result in increased fees, totalling $880. In contrast, applying for a $3,000 loan with Fundo repaid over one year fortnightly would result in a $400 establishment fee and interest of $1,028.
What alternatives to loans like Fundo are available?
On the hunt for a suitable alternative to loans like Fundo? Consider applying for a small loan through Savvy. We have trusted lending partners around the country, enabling us to offer access to fast cash loans ranging from $2,050 to $5,000 to all eligible Australians. The application process is streamlined and efficient, helping deliver an instant outcome in just 60 seconds.
If that yields a conditional approval, you can swiftly secure formal approval (subject to relevant eligibility criteria), and funds may be sent by your lender within as little as one hour, depending on your lender and bank's processing times. Get started today to access the financial support you need with ease!
