Heard about Club Money? Only good things, we hope! If you have any questions about us, we want to get them cleared up straight away. Read on to get your answers, or contact the team today for more information about our lending services.
WHAT IS CLUB MONEY?
Club Money is a licensed Small Amount Credit Contract (SACC) provider. We offer small loans of between $250 and $1,500 to people looking for an easy finance option that offers fast approval, fast money transfer and flexibility.
Loans in this amount are often called ‘short term loans’ due to their small size and relatively short repayment periods.
At Club Money, we exclusively offer our small loans online via our website clubmoney.com.au. Despite some reports, we do not have physical stores currently where customers can pick up cash in person. Instead, every customer must fill out our application form online and receive loan funds via a bank transfer.
WHY USE A short term loan?
short term loans are a great finance option for a range of situations. They’re often used as a fast way to access funds in an emergency, such as car repairs and servicing. All it takes is a bit of bad luck to leave you stranded, holding a $500 mechanic’s bill with no spare savings to dip into!
In this example, a $500 Club Money loan could be approved and transferred on the same day. Then depending on your personal situation, you could choose to pay back the loan in a matter of weeks or months.
Of course, a short term loan – just like any form of finance – should not be used frivolously or irresponsibility. Things like alcohol and gambling are strictly illegitimate uses of a Club Money short term loan.
We encourage the responsible use of finance, and we can help our clients structure their repayments to suit personal pay cycles and budgets.
DO short term loanS CHARGE A HIGH RATE OF INTEREST?
short term loans charge fees rather than accumulate interest. In Australia, the cost of a short term loan is charged as two fees: an establishment fee and a monthly fee, calculated as percentages of the initial loan amount. The idea is that this loan structure makes loan repayments predictable and easy to manage.
At Club Money, we charge a 20% establishment fee and a 4% monthly fee. Note that these fees are not paid upfront. Instead, they are added to the loan amount and factored into your overall repayment schedule.
In other words, while a credit card or bank loan can charge interest on previously accumulated interest, known as ‘compounding interest’, a short term loan can only continue to charge one uniform fee, excluding any late payment or penalty fees.
IS CLUB MONEY A RESPONSIBLE LENDER?
Absolutely. As a licensed SACC lender, we uphold our legal obligations to our customers as well as our high standards of customer service. We have a strict set of lending policies to ensure we only offer loans to suitable candidates.
We review all our loan applications to make sure that a person:
- Has a stable job with a regular income of at least $250 per week
- Demonstrates at least 90 days of problem-free banking
- Has no other short term loan commitments
- Does not display problem gambling behaviour.
We also do not believe in making your situation worse by adding unnecessary fees. This is in contrast to other online payday lenders who may charge a default fee of more than $30 and add $7 every day a missed payment remains outstanding.
Instead, our approach is one of open communication and flexibility. Club Money clients can contact us at least 12 business hours before a payment becomes due to avoid any extra charges and reorganise their repayment schedule.
WHAT DO PEOPLE SAY ABOUT CLUB MONEY?
Customers are regularly praiseworthy of their short term loan experience with Club Money. From application to repayments, our service is friendly, fast and flexible. In particular, our customers enjoy these unique aspects of the service:
- Loan features
- Ease of use
- Minimum loan requirements.
MORE QUESTIONS ABOUT CLUB MONEY?
Call the team on 1300 792 932 and we’ll be happy to help you with your enquiry.