Swoosh Finance

Swoosh Finance: online personal loans in Australia

Swoosh Finance is an Australian direct lender that operates exclusively online and offers personal loans between $2,350 and $5,000 AUD. The company presents itself as an alternative for those who need cash quickly, even with bad credit, and claims to have surpassed 10,000 Google reviews.

Available loan products

The lender's catalogue includes several types of personal loan, including:

• Debt consolidation loans, which combine multiple debts into a single repayment plan.
• Car repair loans, designed to cover mechanical expenses with quick approval.
• Loans against cars, where the applicant can keep driving the vehicle while using it as security.
• Quick online loans, with a digital application and fast disbursement.
• Bond loans, intended to cover a rental deposit.
• Secured personal loans, with the vehicle as security.
• Christmas loans and holiday loans, designed for seasonal expenses or travel.

Eligibility requirements

To apply for a loan, the company requires four conditions: being over 18, having been employed for at least three months, being a permanent resident or holding a valid visa in Australia, and owning a vehicle — car or motorcycle — registered in the applicant's name.

Application and disbursement process

The process is carried out entirely online and without paperwork. The applicant completes a digital application, which is reviewed instantly. Once the contract is signed electronically, the funds are transferred to the customer's bank account. The company states that approval takes minutes during business hours and that funds are sent within the business day following signing; if the signed contract is returned before 3:30 p.m. (AEST), the transfer is made overnight.

Credit assessment and bad credit loans

Swoosh Finance conducts credit checks as part of its responsible lending practices, but accepts applications from people with bad or very bad credit. The assessment is based on the applicant's current financial situation — including recent bank statements — and their ability to repay, and the company notes that it uses human assessors rather than automated systems to review each application.

Costs and conditions

The lender states that it does not apply hidden fees or early repayment penalties. The repayment calculator on the site shows an example based on an annual interest rate of 47%, with a comparison rate of 66.0347% when the upfront fee is included. The website itself warns that this comparison rate is valid only for the example given and that other terms, fees or amounts may result in a different rate.

Current promotion

The site advertised a promotion whereby every funded loan automatically enters a weekly draw for $1,000 in the form of an e-gift card, with five weekly winners. The promotion is subject to terms and conditions.

Customer service

The company highlights its local customer service and the support provided throughout the application process. The reviews collected on the site mention several assessors for their help and speed of communication.