A Spotter Loan Can Be Unsecured Cash Loans

At Spotter we specialise in unsecured cash loans for those in Melbourne and beyond. We can provide you with an unsecured loan up to $2000. We can often provide unsecured loans even if your credit rating is bad. The approval process takes less than an hour once you get then necessary documentation back to us. Once approved you will generally receive the money in your bank account within 24 hours.

At Spotter there is generally no need to fill in paperwork or scan or fax us back signed documents, everything can be done electronically.

Rather than securing your loan, we will get some other information off you which is a legal requirement in order to process your loan on an unsecured basis. Such information includes:

  • Your income
  • Your expenditure
  • The last 90 days of bank statements.

Repayment terms are flexible, you can choose a repayment schedule between 3 and 12 months.

What exactly are unsecured cash loans?

Well, when you get a secure cash loan, the lender gets to use an asset of yours (like a car, house or boat) as a security. And if you don’t pay back the loan, they have a rightful claim to this asset. For this reason, secured loans offer slightly lower interest rates.

On the other hand, unsecured cash loans do not require an asset for holding. At Spotter Loans, we want to help as many individuals ease some of the financial stressors in their life, which is why we offer these loans for those in Melbourne, Sydney and across Australia. While we don’t take any assets, we will conduct a fair and just assessment to ensure you can get your loan on an unsecured basis.

How to get started on applying for unsecured cash loans?

You can start by submitting an application with us and letting Spotter Loans know how much you’d like to borrow. From there, we will let you know of all the relevant documents needed to help process your claim. Once the documents are submitted, we will start assessing your application and there should be an outcome within the hour.

Spotter loans are upfront about all our repayment plans. We are happy to talk to you about a plan that best suits your needs and financial situation. If you are unsure if this loan is the right one for you, don’t hesitate to talk to our friendly team to get advice on what type of loan best suits.

Call us on 1800 776 863 or submit an online enquiry.

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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.

Small Loan Example

$1,000
Loan Amount
13 X $110.77 = $1,440.00
RepaymentsPer FortnightTotal Payments
Loan length: 26 weeks

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: $40 per 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

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.

Medium Loan Example

$2,500
Loan Amount
104 X $43.19 = $4,490.88
RepaymentsPer WeekTotal Payments
Loan length: 104 weeks

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.”

For loans under $2000 the minimum repayment term 90 days, maximum repayment term 12 months.