A Safe Mini Loan is a small personal loan. This means, if approved, you'll receive cash directly into your bank account.
We offer two types of personal loans - a Small Amount Credit Contract ('SACC') for loans from $500 to $2,000 and a Medium Amount Credit Contract ('MACC') for loans from $2,001 to $5,000. These loans are regulated under the National Consumer Credit Protection Act (2009).
As long as you are a Permanent Australian Resident, 18 years of age or older, have a bank account and phone in your name, and a driver’s licence or 100 points of ID, you’re welcome to apply.
For new clients (never had a loan with us before), you need to be working. You can also be receiving Centrelink benefits, but your take home wage needs to be at least $700/week. We are unable to accept an application if you only receive Centrelink benefits.
* Please note if you are a past client and have had a loan with us before you are welcome to reapply whether you meet this criteria or not.
You can apply for any amount from $500 to $5,000. All enquiries are welcome and we try to help everyone.
For loans up to $2,000 we charge an establishment fee and set monthly fees instead of interest. The maximum establishment and monthly fees are set out below:
| Loan amount | Establishment fee | Monthly fee |
|---|---|---|
| $500 | $100 | $20 |
| $1,000 | $200 | $40 |
| $1,500 | $300 | $60 |
| $2,000 | $400 | $80 |
For loans greater than $2,000 and up to $5,000, an establishment fee of $400 and a loan management fee of up to $399 applies, depending on the loan amount. We have a starting interest rate of just 8.7%, up to a maximum Annual Percentage Rate (APR) of 48% per annum depending on the loan term and amount. Comparison rate is 66.25%*
Loan cost examples
Let’s say you want to borrow $1,000 for an unexpected expense. The fees that will apply are a one-off establishment fee of $200 plus a monthly fee of $40 for the term of the loan. Our minimum loan term for a $1,000 loan is 26 weeks. So in this example, the total expected repayment amount over 26 weeks will be $1,479.92 — $1,000 principal loan that you borrowed, plus a $200 establishment fee and $279.92 in monthly fees.
Or, if you are looking for a larger loan of say $2,100 over 40 weeks, the total expected repayment amount for a weekly payer is $2,999.20 — $2,100 principal loan that you borrowed, plus a $400 establishment fee, $399 loan management fee and interest of only $100.20.
In both these loan examples, you will save on either monthly fees or interest if you decide to repay the loan sooner.
Our loan terms vary depending on the amount you wish to borrow. We have a minimum and maximum term for loan amounts up to $2,000, which are shown on our mini loan calculator and in the table below.
| Loan Amount | Minimum Term | Maximum Term |
|---|---|---|
| $500 | 13 weeks | 26 weeks |
| $1,000 | 26 weeks | 50 weeks |
| $1,500 | 26 weeks | 50 weeks |
| $2,000 | 26 weeks | 50 weeks |
For loans greater than $2,000, we offer a term of 40 weeks only. There are no restrictions or penalties for repaying your loan early. You could save on interest or fees should you choose to do this.
Our simple loan calculator gives you a choice of terms for repayments including all fees, charges and interest. Plus there are no penalties for early payouts.
There are no application fees, so it costs absolutely nothing to apply for a Mini Loan. Fees are only payable if we approve and fund your loan.
The best way for you to apply is online (it only takes a few minutes). Then, to finalise your loan application, we will need to speak with you to confirm certain questions - so you will need to be contactable by phone during our office hours.
You are welcome to apply if you have some bad credit - in many cases we are able to approve applications for people that have had past credit problems. However, we would discourage you from applying if you have multiple unpaid loan defaults on your credit report or are currently in a Part 9 Debt Agreement.
If you are a new client and your sole income is Centrelink benefits then unfortunately we cannot take an application at this stage. We can only accept an application from new clients if you are receiving wages and or certain other payments like DVA pension, Docs, Superannuation Payments.
Yes, during the application process a credit check will be performed.
Yes, to process your loan application we need to make an assessment of your ability to repay your loan and this includes sighting your bank transaction history. This is done securely by you sending us a read-only copy of your transaction history.
We will do our very best to approve your loan application, however we cannot guarantee approval in all cases. When looking to approve a loan, we will look at affordability (can you comfortably afford the repayments), your credit history (some bad credit is still considered) and other things like occupancy, employment (if working) and your repayment history on other loans or credit.
We do our best to make the process as fast as possible. During our office hours you generally receive a conditional answer within hours, then if approved it's up to you how quickly you sign and return your loan documents. We can email or express post them to you - with same day funding available.
There are additional fees and charges that may apply should you not adhere to the terms of your loan contract including dishonoured payment fees and other default fees as detailed in your loan contract. In the unfortunate event of a default, we may also notify credit reporting agencies by way of a default lodged on your credit report if you fall behind in your repayments. We always give you advance notice before we notify a default to the credit reporting agencies.
In the event of non-payment of a Mini Loan we prefer to seek to negotiate a resolution to repay the arrears, prior to resorting to court action. The following are some of the contact methods we use to notify you of missed payments and to seek to resolve matters - Phone, Mail, SMS and Email. Loans made are not renewed automatically. You will need to make a separate application for a further loan.
Safe Motor Vehicle loans are from $3,000 to $7,000.
As long as the vehicle is going to be registered, we're happy. We lend on new and used vehicles (all makes and models) which means you can buy from a car dealer or a private seller.
We try and make the process as fast as possible. During business hours, you generally receive a conditional answer within hours of us receiving your application and conducting a credit assessment. Then if approved, it's up to you how quickly you sign and return your loan and any security documents. We can email, fax or express post them to you. Same day funding is available, but private sales can take a little longer.
If all you want to do is buy a vehicle and not borrow money for anything else then a Safe Motor Vehicle Loan is for you. A Safe Mini Loan is a personal loan for when you want to borrow money for other items.
As long as you are 18 years old, have a bank account in your name and are receiving a take home income of at least $700 per week or $1,400 per fortnight you are welcome to apply.
* Please note if you are a past client and have had a loan with us before you are welcome to reapply whether you meet this criteria or not.
We don't charge upfront fees, so it will cost you nothing to apply. One of our friendly consultants will discuss repayment amounts, interest, fees and charges with you while handling your enquiry.
You can use the business loan for any legitimate business purpose, whether it’s to buy a work vehicle, purchase stock, pay suppliers, manage cash flow, expand or more...
We keep paperwork to a minimum and generally only require supporting documentation to confirm the information you’ve given us.
Factoring and Invoice Discounting is when we purchase a debt that is owed to you. An invoice you have issued and are awaiting payment on is a debt that is owing to you, so rather than waiting 30 or 60 days to be paid, we can purchase it directly from you. This frees up your cash flow instantly.
Yes, we're a fully accredited Mortgage and Finance Broker so we can arrange fixed and variable home loans with all the usual features from various lenders, including the major banks.
Using a Mortgage Broker means we can help you compare a number of loan options and choose one that best suits your objectives and requirements.
Contact us for a free mortgage consultation. We do not charge you for this service. If your loan proceeds to funding we will receive commissions from the lender.
A Debt Agreement is only suitable for a person with an unmanageable amount of debt. It is a legally binding agreement between yourself and your creditors (the people you owe money to) to repay your outstanding debt at a rate you can comfortably afford. To put it simply, you pay either a weekly or fortnightly amount and we split that amongst your creditors in order to pay off your debt. In most cases, if you can not afford to repay the full amount of your debt, we can negotiate with your creditors to get a reduction for you.
If your Debt Agreement is accepted, your debts are frozen and all further interest is stopped! Creditors and debt collectors can no longer contact you to repay this debt. You will make one regular payment, which we will distribute to your creditors on your behalf. A Debt Agreement does not mean you are filing for bankruptcy.
If you are insolvent i.e. you are unable to pay your debts as they fall due, you may be eligible. In addition, in the last 10 years you must not have been bankrupt or had a previous Debt Agreement. There are also thresholds relating to your assets and income as well as your total unsecured debts (for more info - contact Safe Debt Management).
No, unlike consolidation loans, a Debt Agreement is designed to get you out of debt, not further into debt. A Debt Agreement is an interest-free way of combining your current unsecured debts into one regular repayment, set to match your budget.
Unfortunately there are no quick fixes to dealing with unmanageable debt. Bankruptcy brings with it many requirements and restrictions like having assets sold by a trustee, having your income monitored and having to surrender your passport to name just a few. Through a Debt Agreement, you are basically asking your creditors for a fair go by presenting them with your best offer. This way you are legally allowed to hold onto assets up to the value of the asset threshold (for more info - contact Safe Debt Management). You will not have your income monitored and you will not have to surrender your passport.
Once you enter a Debt Agreement it is listed on your credit report for a minimum 5 years. This will include the date you entered into the agreement and when you have fulfilled all your obligations. It may also impact your ability to obtain further credit during this period.
A $200 non-refundable AFSA lodgement fee is payable at the time of submitting all paperwork. To make life easier, you can pay 4 instalments of just $50 per week, payable towards your AFSA fee.
The set up fee for a Debt Agreement with Safe Debt management is $1958.00. This amount becomes part of your Debt Agreement - you are not required to pay this separately. This fee covers the time we spend contacting, negotiating and obtaining all relevant information from your creditors. In addition, we explain all paperwork to you and prepare and lodge the Debt Agreement.
Furthermore, once your agreement is activated, we manage all payments for you. We disburse payments to your creditors on a quarterly basis throughout the term of your agreement with the funds you transfer into our trust account. We also send you quarterly progress reports so you can see what you have paid and exactly what you have left to pay to become debt free!
Included in your Debt Agreement are management fees payable to both AFSA and Safe Debt Management during the term of your agreement. These fees are included in your payments and may vary depending on the amount of your debt.
It is important to be aware of companies that charge upfront fees which are payable even if you Debt Agreement proposal is not accepted. In the unfortunate event that your proposal is not accepted by your creditors and you decide not to submit another proposal - we do not charge a fee.
The debt agreement system is regulated by AFSA (Australian Financial Security Authority) under Part IX of the Bankruptcy Act. It enforces that you are guarded from any further legal action including bankruptcy while maintaining your Debt Agreement payments. Basically you are protected under the Bankruptcy Act without going bankrupt. AFSA maintain a database called the NPII (National Personal Insolvency Index) that includes the details of all people that have entered into any form of Administration.
If you have a vehicle loan, home loan or are in a rental agreement you can keep possession of this property by continuing to repay your secured creditors. In most cases secured debts are not included in your Debt Agreement.
The above points are some of the more detailed information that you will need to consider prior to deciding whether a Debt Agreement is the right choice for you. There are also additional factors that you may need to consider depending on your individual situation - which one of our Debt Agreement specialists can explain to you.