A Spotter Loan can be approved even if you have bad credit
We understand that you are looking for a short term/pay day loan because your credit rating might not be 100%. We can loan to you even if you have:
• A low credit rating; • Outstanding defaults; • Multiple defaults
We can even advise you on steps you can take to help improve your credit rating. Although, we look into your credit rating, there are other factors we will take into account such as:
• Your income; and • Your expenditure; and • Your bank statements for the past 90 days; and • How large the defaults are on your credit file.
We will make an assessment on a case by case basis on whether or not you can afford the repayment and may not necessarily take your credit history into account.
How fast can I get approved?
Once we have all the necessary information, we aim to approve loans within the hour and cash can be sent same day to you.
Do I need to fill in any forms?
In the majority of cases you will not be required to fill in any paperwork or print or scan/fax back any documents to us, the whole process can be done electronically. Even your bank statements can be sent to us in minutes using a third party processor.
What’s the next step?
To start the process, click on the apply now button!
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Here's what a loan might look like
Here's what a small loan might look like...
You're after a loan for $1,000 for medical or dental bills. Your are looking to repay the loan back after 6 months and are happy to make fortnightly payments.
Here's what a medium loan might look like...
You're after a loan for car repairs for $2,500 and are looking to make payments back on a weekly basis over 2 years.
Small Loan Example
- $110.77=Per Fortnight
- $1,440.00Total Payments
Medium Loan Example
- $43.19=Per Week
- $4,490.88Total Payments
In the above example You'll pay:
- Loan Amount Financed:$1,000
- Establishment Fee:$200(set by NCCP at 20% of the loan amount)
- Monthly Permitted Fee:$40per month charged on the anniversary of the loan
- Amount of Credit of the Loan:$1,240
- Total Amount of Interest Payable:NIL
- Direct Debit Fees:$25.74($0.99 per transaction)
- Total amount of repayments:$1,440.00
- Nominal Percentage Rate (Interest) per annum:0% as defined by NCCP
- Comparison Rate: 160.0571% as defined by NCCP
In the above example You'll pay:
- Loan Amount Financed:$2,500
- Establishment fee:$400(Set by NCCP)
- Amount of Credit of the Loan:$2,900
- Total Amount of Interest Payable:1,590.86
- Repayments:103 x $43.19 + $42.31(a final payment)
- Total amount of repayments:$4,490.88
- Nominal Percentage Rate (Interest) per annum:48% as defined by NCCP
- Comparison Rate: 65.5138% as defined by NCCP
WARNING: This comparison rate is accurate and applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
See our full Fee Statement for fee details.
"These examples are provided for illustrative purposes only. They do not represent an offer from Rate Detective Pty Ltd. A Spotter Loan is subject to the completion of an application, which is subject to responsible lending checks that take your personal needs and financial circumstances into account."
Minimum repayment term 90 days, maximum repayment term 12 months.