Friendly Finance

What do you need to qualify?

Have an Australian mobile number, email address, identification, proof of address and evidence of income ready. Friendly Finance says its application retrieves recent bank statement data on a read-only basis. The lender may ask for payslips or further statements to check income against living expenses, debts and existing repayments.

The quick loan criteria specify three months of regular income without giving a weekly dollar minimum. The general eligibility page separately lists current employment or earnings of at least $350 a week. Earning that amount alone does not establish eligibility. Applicants receiving benefits should also check the Centrelink criteria before submitting bank details.

When a quick loan may suit

A panel search may suit someone facing a one-off expense who has enough left after essentials to cover each repayment. For an urgent car repair, an eligible borrower could first check a No Interest Loan, which pays the supplier directly. For an overdue utility bill, ask what a payment plan would cost. If the same shortfall occurs each payday, a new direct debit leaves less for the next bill.

How Friendly Finance matches an application

From request to written offer

Start with the Friendly Finance online form. Enter the amount you need and your contact, income and expense details. If Friendly Finance finds a match, it directs you to the lender to finish the application. The lender may request more evidence, decline the request or offer different terms. You can decline an offer.

Read the consent before submitting. The FAQ describes sharing application information only with the matched lender. The privacy policy allows wider disclosure, including selling personal information to credit providers or lead services that may market products or sell the information on. Ask Friendly Finance to clarify the recipients if that affects your decision to apply.

How quickly could the money arrive?

Friendly Finance advertises possible funding within 60 minutes after approval and signing during standard banking hours. Its timing disclosure says amounts over $3,000 usually take longer. A match notification starts the lender’s assessment. If a bill is due today, ask the lender when it can release the funds and whether your bank can receive them in time.

Questions for the matched lender

• How much will reach my account, how much will I repay in total, and when is the first debit?
• What will I owe if a debit fails? If I repay a month early, which future charges will fall away?
• Does the offer require security or insurance? If insurance is offered, can I decline it, what does it cost and what does it exclude?

Advantages and limitations

Advantages. The matching service is free to the applicant. One form can identify a panel lender willing to assess the request, and you can review its contract before accepting.

Limitations. A match does not show how the offer compares with lenders outside the panel. You provide financial information before knowing the final price, and a fast response from Friendly Finance can still be followed by further lender checks.

Friendly Finance quick loan rates, fees and total cost

Up to $2,000. For a regulated small amount credit contract, the lender may charge an establishment fee of up to 20% of the amount borrowed and a monthly fee of up to 4%. The monthly fee is based on the original amount, so it can stay the same as your balance falls. These are caps. The lender’s contract sets the actual fees. Moneysmart explains payday loan charges.

$2,001 to $5,000. For medium amount credit contracts, Friendly Finance’s quick loan page lists an establishment fee of up to $400 and a maximum annual cost rate of 48%. The annual cost rate is a statutory measure with its own calculation. Ask for the lender’s interest rate, comparison rate and total payable on your amount and term. Default or dishonour charges may apply if you miss a payment.

Published example: $1,000 over six months

Friendly Finance’s small-loan example adds a $200 establishment fee and six monthly fees of $40 to the $1,000 borrowed. That means $440 in fees and $1,440 to repay, collected in 25 weekly instalments of $57.60. Friendly Finance labels 199.43% as the comparison rate for this example. It is not a starting interest rate. The total assumes scheduled repayments and includes no default charge or insurance premium.

Is Friendly Finance worth considering?

Friendly Finance’s strongest feature is the time one request can save in finding a lender. Its main limitation is that you see the actual cost only after sharing your details. For a small advance, compare the fees in dollars with the cost of arranging more time to pay the bill. For a larger amount, compare the matched offer with personal loans for the same amount and term. Check both the total payable and what each debit leaves for essentials.

Friendly Finance quick loan FAQs

Will Friendly Finance show me several loan offers or match me with one lender?

Friendly Finance says it uses one application to match you with one lender from its panel. The search is free. The matched lender decides whether to offer credit and sets the price. A match tells you which lender is willing to assess your request; it does not establish which lender is cheapest. You can compare a separate quote for the same amount and term before signing. See how Friendly Finance selects a lender.

What does the 199.43% comparison rate mean for a $1,000 loan?

In Friendly Finance’s six-month example, you receive $1,000 and repay $1,440 in 25 weekly instalments of $57.60. The $440 cost comprises a $200 establishment fee and $240 in monthly fees. The 199.43% figure expresses the example’s cost as an annual comparison rate. When comparing another six-month quote, check how much you would repay above the same $1,000 and whether its repayment dates fit your pay cycle.

When does the advertised 60-minute funding time start?

The clock starts after the lender approves the loan and you sign the contract. Time spent finding a match, verifying income or supplying more documents comes first. Friendly Finance says a transfer may arrive within 60 minutes during standard banking hours, depending on your bank, and loans over $3,000 may take longer. When comparing same-day offers, check whether each provider quotes time from application, approval or signing. See the quick loan timing conditions.

Can I check for a match without a hard credit enquiry?

Friendly Finance’s quick loan page describes an initial soft check, while its homepage says it performs no credit check at pre-approval. Both distinguish this stage from the matched lender’s assessment. The lender may make a formal enquiry that appears on your credit report. If you are comparing quotes, ask whether you can see your rate and fees before authorising that enquiry.

Can I qualify if Centrelink makes up exactly half my income?

The published criteria differ at that boundary. The quick loan page allows Centrelink to account for up to 50% of income. The homepage eligibility checklist asks for more than 50% from other sources. The general FAQ also says some panel lenders consider benefits as the main income source. If half or more of your income comes from Centrelink, ask which lender accepts your particular mix of benefits and earnings before lodging a formal application.

Will a paid or unpaid default rule me out of a quick loan?

Friendly Finance says some panel lenders consider applicants with past defaults and assess current income, spending and repayment capacity. It gives no panel-wide rule distinguishing paid from outstanding defaults for quick loans. If your default is still outstanding, tell the lender its status and what you are paying towards it. That lets you ask whether its policy covers your situation before proceeding to a credit check.

If I expect to repay early, how can I compare two offers?

Ask both lenders for the payout amount on the date you expect to settle. Friendly Finance says its partners generally allow early repayment without a penalty, but the contract governs which charges remain payable. For each offer, add the instalments you would already have paid to the quoted payout. That gives you comparable totals even if one lender charges more upfront and the other charges more each month.

If Friendly Finance finds no match, who can still use my details?

Friendly Finance says it retains unsuccessful enquiries. Its FAQ describes sharing with the matched lender, while its privacy policy also permits selling personal information to credit providers or lead services that may market products or sell the information on. You can ask info@friendlyfinance.com.au who received your details and request deletion. Unsubscribing addresses future marketing; deletion is a separate request.

Who can change a repayment date or resolve a complaint?

Once you sign, the lender named on your contract controls the repayment schedule. Contact its hardship team before the next debit if you need a different date or reduced payments. For a complaint about the matching service or how it handled your details, contact Friendly Finance on 02 8880 5873. If the financial firm cannot resolve an eligible dispute, you can take it to the Australian Financial Complaints Authority on 1800 931 678. See Moneysmart’s complaints guide.