Financier Loans

Financier Loans have been gaining some popularity in Australia recently, and I’d say for a good reason. This financing company seems to have it all in order for unsecured, short-term small and medium loans. So, what’s their deal? Keep reading to learn all the information you might be wondering about.

What Is Financier?

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Financier is a lending entity in Australia that specialises in small and medium short-term loans. The best loan companies offer unsecured loans and secured loans that range between as low as $150 and as high as $5,000.

However, it’s worth mentioning that the loans are based on a step-up system, which means that first-time borrowers won’t be able to get $5,000; only ones that have succeeded in repaying previous loans can increase the amount borrowed after.

The initial amount of money you can borrow would be $450. After having paid that in full and on time without defaulting (being unable to repay the debt), you’ll be able to increase the amount you borrow from then on.

How Do Financier Loans Work?

financier loan

Financier loans can extend up to 2 years, and applying for them can be carried entirely online with almost instant pre-approval.

Once the bond loan pre approval is approved, the money is transferred to the borrower’s bank account within an hour, if the request was approved before 2:30 PM on workdays (Monday through Friday).

After paying the first Financier loan in its entirety, a borrower can get a Financier debit card, which provides them with faster access to easy financial loans with bad credit that are accepted from that point on.

What Are the Advantages of Financier Loans?

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  • The application form takes only 5 minutes to complete, and then you receive your cash on the same day upon approval during business hours.
  • Guaranteed transaction and trustworthy source as it’s owned and run by Australians with a credit licence of #402957.
  • Unsecured small and medium loans from $150 and up to $5,000.
  • Well-established as they’ve been running since 2009.

Who Is Eligible for Financier Loans?

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To be eligible for a loan from Financier, the following has to apply to you when you apply for a loan online:

  • Having a steady job with a net income of $500 per week (Excluding Centrelink payments)
  • Having worked for at least 3 months with one employer.
  • Having a bank account that’s older than four months.
  • Getting paid by a direct transfer to the bank account, not through cheques or cash.
  • Being an Australian citizen or a permanent resident.
  • Having a maximum of two reversed or dishonoured payments throughout the last two months on your bank statements.
  • Having no bankruptcy listings, judgements, or defaults on your credit file. (However, minor defaults with energy or telecommunication companies are exempted).

What Are the Fees Associated with a Financier Loan?

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When applying for Financier’s 360 cash emergency loans Australia, you’ll be paying the following fees:

  • Administration fee ($1.10), which is paid once for the establishment of direct debit on the account in question.
  • Transaction fee ($0.88), which is charged with each instalment. So, if you pay the loan over 6 weeks, you’ll be charged $6 ($0.88 x 6).
  • SMS reminders fee ($0.28), which is a payment for the SMS you receive to remind you to pay your instalment 24 hours before the designated time.
  • Dishonour fee ($11.90), which is charged when the amount in your bank account doesn’t cover the instalment amount for repayment. It’s charged by a third-party, and none of the value is received by Financier.

Is a Financier Loan Worth It?

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Sometimes, how easy it is to request a money loan as well as get one might make loans quite appealing, but you have to ask yourself whether you could do without the loan or not. Make sure to check your financing options before you decide on borrowing from a lending entity.

It’s worth mentioning that the maximum repayment time for a $2,000 or less is 8 weeks, while $2,050 and up to $5,000 have repayments that can span over 24 months.

Also, keep in mind that the longer you extend your repayment duration (loan term), the more interest accumulates, and the more you’ll end up paying. So, the optimum route is to minimise the term of your loan by maximising the repayments you make.

Also, the closer together you make your payments, the less you end up paying after the term is over. Hence, weekly repayments are better than biweekly ones, and biweekly ones are better than monthly ones.

If you’re going to borrow $150 (the minimum) and repay them after 8 weeks, you’ll end up paying $192. That’s beside any extra fees you might need to pay as well, so make sure that the cost of the loan makes sense in proportion to the amount you’re borrowing.

Frequently Asked Questions:

How Do I Repay Online Cash Loans?

As the loan is deposited automatically and electronically to your bank account, the repayments are also automatically debited from your account on upcoming payday(s).

Do I Need to Provide Collateral or Security for a Financier Loan?

No, the small and medium, short-term loans granted by Financier are unsecured, which means that you don’t have to provide collateral to get approval.

Does Financier Check My Credit Score and Rating?

Yes. Financier personnel check personal credit reports to evaluate your application and see if the request will be approved or rejected (what is personal loans?). They do so through plenty of credit rating agencies.

If minor defaults are found with energy companies telco companies, it’s not a big deal. However, it’s advisable to check your credit score by contacting Equifax before you contact Financier for a loan overnight.

To obtain a credit file within 10 working days for free, click here.

To obtain a credit file in a single working day, click here.

Is Financier Safe?

It’s claimed that the Financier website uses SSL encryption technology for security, so you don’t have to worry about your personal information’s security and safety. Not to mention, they offer protection through their Privacy Policy found on the Security Page

Do I Need to Have Internet Banking?

No, you don’t have to have internet banking, although it would make it a lot easier and more time-efficient for you. Otherwise, you can call your personal bank and request bank statements or transaction histories, then fax them to Financier at (03) 9528 3243. You can also pay the bank’s branch a visit and ask personnel to send it on your behalf.

Final Thoughts

Just as with any loan, you have to make careful calculations to ensure your return on investment is actually worth it. Still, loans with Financier are quite secure, quick, and handy. Their trustworthiness stems from the fact that they check borrowers’ credit scores, only lend larger amounts after borrowers have successfully repaid previous private money lenders Australia, and have shorter terms for smaller loans.

About the Author

Lucy has over a decade of experience in finance. She is currently the content curator here at Perfect Payday.

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