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 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 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.