Sometimes you need cash in a hurry – maybe you’ve lost your job or your fridge broke, and now you can’t easily afford a replacement. If you’ve reached the point where borrowing from lenders is the only option to fill your short-term cash needs – you will quickly discover such loans can be very expensive.
Enter Speckle – an alternative whose fees and costs are kept as low as possible and in most cases can be up to 50% cheaper than other similar lenders in the market. Speckle is backed by Good Shepherd Microfinance and The National Australia Bank (NAB).
NAB has committed $130 million for lending to people on low incomes and together with Good Shepherd Microfinance aims to reach 100,000 people each year.
You can get a Speckle loan for amounts ranging from $200 to $2,000 and they charge:
- 10% of the initial loan amount and
- 2% monthly service fee
There are no other fees, including early repayment fees and you can pay by the month, week or fortnight which is quite handy.
Use their online calculator to see what your repayments would be – and you can apply easily online. See their website for more information.
This is a great product from Good Shepherd Microfinance, a not-for-profit organisation whose aim is to promote economic wellbeing for people with low incomes and move them from financial crisis to resilience and inclusion.