I need help with
Top Questions
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Am I eligible for a Speckle loan?
As a minimum you:
- Must be an Australian citizen or a Permanent Resident residing in Australia,
- Must be at least 18 years of age
- Must earn a minimum gross income of $30,000 annually which is not inclusive of government benefits e.g. Centrelink
- Should have no more than 50% of your total income from government benefits e.g. Centrelink
- Must have an Australian mobile number and valid email address.
- Can't have had two or more small amount credit contracts e.g. payday loans in the last 90 days (from any provider)
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Can I get a Speckle loan if I'm on government benefits?
It depends on your situation. You can't get a Speckle loan if you receive more than 50% of your income from government benefits.
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How much does it cost?
It depends on your loan amount ($200 to $2,000) and repayment period (from 3 to 12 months). You can use our calculator tool on our homepage to get an idea of repayment amounts.
- The establishment fee is 10% of the amount you borrow
- The monthly service fee is 2% of the amount you borrow
- A $5 dishonour fee applies if your Speckle loan payment is dishonoured by your bank.
- A $1/day default fee is charged when your account is greater than thirty days in arrears.
Head to our fees and costs page for more information.
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How do you compare to others?
Speckle is a product of 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. In keeping with this mission, Speckle's 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.
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When will I get my funds?
Generally it takes up to two business days to deposit the funds into your bank once your contract has been signed and confirmed.
About the loan
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Am I eligible for a Speckle loan?
As a minimum you:
- Must be an Australian citizen or a Permanent Resident residing in Australia,
- Must be at least 18 years of age
- Must earn a minimum gross income of $30,000 annually
- Should have no more than 50% of your total income can come from government benefits e.g. Centrelink
- Must have an Australian mobile number and valid email address.
- Can’t have had two or more small amount credit contracts e.g. payday loans in the last 90 days (from any provider)
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How much does it cost?
It depends on your loan amount ($200 to $2,000) and repayment period (from 3 to 12 months). You can use our calculator tool on our homepage to get an idea of repayment amounts.
- The establishment fee is 10% of the amount you borrow
- The monthly service fee is 2% of the amount you borrow
- A $5 dishonour fee applies if your Speckle loan payment is dishonoured by your bank.
- A $1/day default fee is charged when your account is greater than thirty days in arrears.
Head to our fees and costs page for more information.
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How much can I borrow?
You can apply to borrow between $200 to $2,000.
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How much are the repayments?
It depends on your loan amount and repayment period. You can use our calculator tool on our homepage to get an idea of repayment amounts. Alternatively, head to our fees and costs page for more information.
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What can I use a Speckle loan for?
A Speckle loan can used for a range of things for example:
- Car repairs
- Emergency costs
- Plumbing expenses
- Electrical expenses
- Washer/dyer/fridge/dishwasher/oven breaks down
- School uniforms and expenses
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What can't I use a Speckle loan for?
- Debt consolidation
- Gambling
- Refinancing
- Business purposes
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Can I get a Speckle loan to repay other debts?
No, but there are other options that may be helpful:
- Speak to your existing bank or lender to work out a payment plan.
- Visit the Australian Government’s Money Smart website for free and impartial access to tools and information or;
- Call the free financial counselling hotline on 1800 007 007 (9.30am - 4.30pm, Monday to Friday). Calls from mobile phones may incur a fee from the mobile phone carrier.
Eligibility
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Can I get a Speckle loan if I'm on government benefits?
It depends on your situation. You can't get a Speckle loan if you receive more than 50% of your income from government benefits.
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I'm currently bankrupt or a discharged bankrupt can I apply?
No, if you have been or are currently bankrupt, you’re not eligible for a Speckle loan. You could speak to a financial counsellor about your options via the National Debt Helpline on 1800 007 007 (9.30am - 4.30pm, Monday to Friday).
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I'm a self-funded retiree, can I apply?
Yes, provided that you meet the minimum eligibility criteria.
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Can I still get a loan if I have a bad credit history?
It depends. As part of the process, we complete credit checks to assess your ability to repay the loan based on your current financial situation.
Application
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What do I need to do to get started?
Check out Our loans page for more information on how our loan process works including everything you need to have ready to complete the loan application.
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Do I have to supply my statements electronically?
No, there are two ways to supply your statements:
- Electronically - this is the fastest option. Find out more about how this works or;
- Upload manually - this takes a little longer.
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I'm having trouble completing my application. Can you help?
Of course! Please jump on live chat or email us at [email protected] and we’ll get back to you in two days.
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My loan purpose is not in the drop down list. What can I do?
Please select "Other" and enter a description in the text box.
Approval
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Do you complete a credit check on my credit file?
Yes, this is part of the application assessment process.
Settlement
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What happens when I'm approved?
Here is how it works:
- e-sign our contract to accept the loan offer.
- We’ll send a unique PIN to your mobile to enter during the contract e-signing process.
- Your loan agreement is emailed to you once the cooling off period ends.
- Once the loan is settled, we’ll transfer the loan funds into your chosen bank account.
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When will I get my funds?
Generally it takes up to two business days to deposit the funds into your bank once your contract has been signed and confirmed.
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What is the cooling off period?
The cooling off period is two hours. This is the time frame when you can change your mind if you do not want to proceed with the settlement without incurring fees or charges.
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Why haven't the funds hit my bank account yet?
Every bank is different. If it's more than one business day since your loan settled, it's best to contact your bank to find out when the funds will hit your bank account. If there aren't any banking payment issues call us on 13 43 23 during business hours or email us at [email protected].
Repayments
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Can I authorise a representative to access my account?
Yes, please contact us on [email protected] or 13 43 23 and a member of our team will help you out with this.
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How do I make repayments?
Repayments are done by direct debit, you can set up either weekly, fortnightly or monthly repayments. The money will be drawn from your bank account on the due date. You can also make additional payments via BPay at no extra charge.
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What time does the direct debit come out of my account?
Accounts are debited at varying times - it depends on who you bank with. To avoid a default fee, it's best to have your loan repayment money in your bank account at least the day before payment is due.
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Can I make loan repayments from a Credit Card?
No. Repayments from credit cards are not permitted.
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Can I make extra repayments on my loan?
Yes, you can make extra repayments on your loan using the Bpay reference number listed on your online portal.
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Will I be charged an early repayment fee?
We don't charge early repayment fees. So pay early and often if you can!
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Can I increase the loan amount on my existing Speckle loan?
No, we don't allow increases to existing Speckle loans. Any additional fund requests will be treated as new applications and are assessed accordingly. You need to pay out any existing Speckle loan before making another Speckle loan application.
Missed payments
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I won't be able to make my loan repayment. What are my options?
Contact us on 13 43 23 during business hours and we can work something out together.
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Can I use Bpay for outstanding repayments?
Yes. We accept Bpay payments. Your biller reference number is in your online Speckle portal.
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Why did you list a default on my credit file?
A default is listed on a credit file if the loan account has an outstanding repayment due which is greater than 60 days. If this is your situation, please contact our Customer Care team on 13 43 23 as soon as possible so we can work it through with you.
Fees
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What are the fees?
Visit Our Fees and costs page for more information.
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I have been charged a dishonour fee on my account. Why?
This fee applies if your Speckle loan payment is dishonoured by your bank.
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I have been charged a default fee on my account. Why?
This fee is charged daily when your account is greater than thirty days in arrears. This fee assists us in covering the cost of managing your account if it falls into arrears.
Customer Enquiries
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I've lost my login details for my online account. How can I get access?
Give our Customer Care team a call on 13 43 23 - and we'll help sort out your online account access.
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How do I get a loan account statement?
Simply log in to your online Speckle portal and look under 'View transaction history'. If however you need a new loan account statement, simply contact our Customer Care team on 13 43 23 for assistance.
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How do I update my personal details?
To update your personal details, call us on 13 43 23.
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How can I give Speckle feedback?
Head to our Contact us page to send us your feedback or you can also just call us on 13 43 23 between 9:00am to 5:00pm Monday to Friday, AEST. We're closed on weekends.
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I have more questions. What do I do?
Simply call us on 13 43 23 between 9:00am to 5:00pm Monday to Friday, AEST.
Contact us
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What are your business hours?
Our business hours are 9:00am to 5:00pm Monday to Friday, AEST and closed on weekends.
Got feedback?
Tell us what you think using our handy feedback form.