Fees and costs

What are the fees and charges?

Speckle is transparent about fees and charges. You pay a one off establishment fee of 10% of the loan amount requested. We also charge a monthly fee (2% of the initial loan amount) during the term of your loan. Below is an explanation of the fees for Speckle.


Establishment Fee

This fee covers the cost of setting up your loan. Fee is calculated on the loan amount requested. It is 10% of the initial loan amount known as the ‘principal'.

Monthly Fee

This covers the cost of administering your loan. Fee is charged on a monthly basis during the loan term. It is 2% of the initial principal loan amount.

Dishonour Fee

This fee applies if your repayment dishonours and is set at $5.00

Default Fee

This fee is charged daily if you haven’t made your full repayment for more than 30 days. The fee is $1 per day.


What about repayment fees?

When you make scheduled repayments on or by the due dates you’ll only have to pay the establishment fee and the monthly fee.

If you’re having difficulty making a repayment, it’s really important that you talk to us so we can work something out together. If you don’t have enough money in your bank account to make a repayment or you haven’t made a payment for 30 days, you may be charged additional fees such as dishonour fees or default fees.

How much will a loan cost?

To estimate the total cost of a loan, simply go to our calculator and follow these steps:

  1. Enter a loan amount from $200 up to $2,000
  2. Choose the expected paid back period for a loan i.e. from 3 months up to 12 months
  3. Select a repayment option i.e. weekly, fortnightly or monthly

Why are there still fees if you’re not for profit?

Speckle is Australia's first online small lender run by a not-for-profit which means all fees and charges go back into keeping costs as low as possible so more people can borrow better. 

How do you compare to others?

Speckle is 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 you make scheduled repayments on or by the due dates you’ll only have to pay the establishment fee and the monthly fee.

If you’re having difficulty making a repayment, it’s really important that you talk to us so we can work something out together. If you don’t have enough money in your bank account to make a repayment or you haven’t made a payment for 30 days, you may be charged additional fees such as dishonour fees or default fees.

You can find a comparison with a few other lenders on Finder, or check out the comparison table below:

 

Speckle Cash Loan

Typical Payday Lender Cash Loan

Maximum Loan Amount

$2000

$2000

Loan Establishment Fee

10% of the loan amount

20% of the loan amount

Monthly Fee

2% of the loan amount

4% of the loan amount

Eligibility

Must be an Australian citizen or Permanent Resident aged 18 or above, earning a minimum of $22,000 from paid employment.

In most cases borrowers need to be in paid employment and receive less than 50% of their income from Centrelink payments.

Dishonour Fee

If a payment dishonours, Speckle will charge you a flat fee of $5 to cover part of the administration costs.

Vary from lender to lender. Recent legislation has limited the amount lenders can charge for dishonoured payments and most now set it at $15 per missed payment, some as high as $55 per missed payment.

Default Fee

If a repayment is missed, we'll give you 30 days to catch up. After that, Speckle charges a fee of $1 per day until the payment is made, or until we can discuss and agree to an alternative arrangement with you.

Varies, but typically a weekly fee around $15-$30, or a $5 per day fee immediately from the day the loan is in default.

Repayment Flexibility

If you need to change the day of repayment to align with your pay date, or if at any time you experience difficulty in repaying your loan, we will work with you. We can make alternative arrangements that allow you to fulfil your obligations without additional costs. Our goal is to help you gain financial independence, rather than keep you in debt.

While most lenders claim to offer flexibility in repayment schedules, in reality, it is notoriously difficult to do so.

Some charge payment reschedule fees from $10 - $35 per reschedule, among other charges such as missed payment fees (up to $55), collection transfer fees (up to $47) or debt management fees (up to $50).