Speckle
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Frequently Asked Questions

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Top Questions

  • 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)

  • 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.

  • 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.

  • 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.

  • 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

  • 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)

  • 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.

  • How much can I borrow?

    You can apply to borrow between $200 to $2,000.

  • 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.

  • 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

  • What can't I use a Speckle loan for?
    • Debt consolidation
    • Gambling
    • Refinancing
    • Business purposes

  • 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

Application

Approval

Settlement

  • What happens when I'm approved?

    Here is how it works:

    1. e-sign our contract to accept the loan offer.
    2. We’ll send a unique PIN to your mobile to enter during the contract e-signing process.
    3. Your loan agreement is emailed to you once the cooling off period ends.
    4. Once the loan is settled, we’ll transfer the loan funds into your chosen bank account.

  • 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.

  • 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.

  • 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

Missed payments

Fees

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