How does it work? Am I Eligible? The minimum requirements are: You must be at least 18 years of age Have a job or be self employed and earn at least $500 per week (excluding Centrelink payments) You must have an active bank account Do I need to be employed? You need to have a regular income because we only want to lend you cash if you can afford to pay it back comfortably. But we understand that a lot of people have cash jobs, run their own business or don’t have extensive credit histories. That’s why we operate on a trust system whereby you can borrow more over time. How long will it take to get my loan? If you apply by 3pm you'll get the funds the same night (often around 9pm, depending on your bank). However because banks aren’t always efficient (shocking huh) on rare occasions you might receive it the next morning. How much does it cost? Thought you’d never ask! We have the lowest fees Australia-wide - for more details just visit the ‘costs’ page. Do I need to fax any information? Nope, the entire process takes place online. Just fill out our online form and upload your bank statement via our bank feed. Then for subsequent loans all you have to do is fill out the online form and we’ll verify your bank statement via the same bank feed. Will you carry out a credit check? Yes, we will generally carry out a credit check as part of our automated decision making process. We use an advanced reference checking system because we're only interested in lending to people who we believe can afford to repay us without undue financial stress. However, we sometimes find first-time applicants suffer from anxiety about their credit history when they actually have nothing to fear! Remember our policies are very different to those of mortgage lenders and banks, who are looking to predict your financial reliability over several years. We’ll usually approve applicants with the odd black mark and decline people who either have an extremely bad credit history, are currently bankrupt or in a part IX debt agreement. To give yourself the best chance of acceptance, make sure you give us as much information as possible - and that it's accurate - during your online application. If we can't provide you with a loan at any time we'll always try to give you a reason for the decision, plus any actions you can take where possible. Is Kwoom right for me? All kinds of people use Kwoom for all sorts of reasons, but you should always ask yourself whether you can possibly wait for the cash. If there's a chance you can then Kwoom might not be right for you. We're here to help you manage your cash flow on an occasional basis - no more than twice in a 90 day period. We offer a solution for occasional, urgent and short term cash needs and our loans are not designed as a continual source of credit or for dealing with long-standing financial problems. If you're worried that you're sinking into a bad debt situation you need to seriously consider whether this is right for you. Instead we recommend that you seek independent financial advice, you can find a list of free advisory services at  http://www.asic.gov.au/fido/fido.nsf/byheadline/Financial+counselling How long before I have to repay a loan? We lend up to 60 days. We welcome early repayment at any time with no hidden fees How do I repay a loan? Simply by ensuring the required cash is available in your bank account on the repayment date. The total due will be deducted from your account automatically, first thing that morning. Please note that if the funds aren't available and your bank refuses our payment request you'll incur a $30 dishonour fee towards the cost of a failed collection. Can I extend my loan repayment date? If there's an unavoidable change in your circumstances you can extend your loan However unlike some lenders we won't keep rolling your balance endlessly from month to month. Whilst this may mean less profits for us we believe that it’s the right thing to do. If you decide to extend your payment due date just email our accounts departments at accounts@kwoom.com.au. Remember that extending a loan will generally cost you more and should therefore be avoided if possible. I just repaid my loan, how long do I have to wait until I can get another one? It depends how you are repaying your loan. If by direct debit, your next advance can be funded in 48 business hours. You can apply as soon as the direct debit takes place and we can process the next application once it clears. Alternatively you may EFT your payment to our bank account via your online banking service, in which case we will usually receive it on the next business day and we can fund the next loan on the same day. What happens if I don't repay my loan? We make every effort to avoid that situation and the vast majority of customers repay our trust in them. So we hope it never comes to this, but here's a straightforward explanation of what could happen if you don't repay a cash advance as promised... If our early morning collection attempt is declined by your bank - because you haven't ensured there are enough funds available a late payment fee may be added to your balance. We will then make further attempts to collect the money from you and also keep trying to contact you to discuss the situation with you as soon as possible. Your account will be handled by our professional collections team who will do their best to come to an arrangement with you. We don’t believe in hitting you with multiple charges, like most traditional lenders will, but interest will continue to accrue on your balance if we can't reach a fair agreement in the meantime. If you don't work with us and we can't recover the money over a reasonable period, your account may be passed to an external collections partner. Continued failure to repay a loan will mean credit reference agencies (CRAs) will record the outstanding debt. This information may be supplied to other organisations by CRAs and fraud protection agencies to perform similar checks and to trace your whereabouts and recover debts that you owe. Records remain on file for six years after they are closed, whether settled by you or defaulted. It's really not worth the potential consequences for a few hundred dollars. Do you fund larger loans? Yes! For existing customers we can loan larger amounts at great rates (often even cheaper than our already low published rates). In most cases we gradually increase your loan limit as you build up your credit history with us. We do this so we can keep our rates low by minimising loan defaults, the costs of which are then passed on to customers. If you’d like to discuss a larger loan please email us at accounts@kwoom.com.au.
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