Speedy Finance Review
Speedy Finance located in Bundall, Queensland has been a trusted lender to Australians for 15 years. Speedy Finance services offer different types of loans: personal loans and business loans like a flexible business loan, second mortgage, bridging finance and equipment financing. Speedy Finance Reviews on Google are 4 out of 5 stars.
This review of Speedy Finance will help you better understand your financial options when it comes to borrowing funds for you or your business. When you need cash quickly, speedy financial services are able to help you get the right kind of loan even if you have bad credit history.
Speedy Finance Review in Numbers: 2018
|Australian Business Number (ABN):||51 107 822 766|
|Australian Credit License:||37 90 39|
|Loan amount:||From $300 to $5,000 or up to 100% average sales over the six-month period|
|Unsecured Loans Offered?||No, financing is available for debt already owed to the client by way of invoicing|
|Easy Online Application:||Yes – 5 minute applications|
|Response Normally Within:||30 Minutes, second mortgages could take up to 2 days|
|Documents Required to Apply:||180 Days of Bank Statements|
|Requirements to Apply:||Purpose of loan must be for business, not personal. A general rule for application is that the business must be operating for a minimum of 6 months with a minimum turnover of $10,000.|
|Minimal Interest Rates:||Unknown|
|General Feedback from Clients Online:||Overall clients are satisfied with Speedy Finance loans|
|Awards and Recognition:||N/A|
Speedy Finance (website address speedyfinance.com.au) is considered by many to be one of the best Australian business lenders. It has 6/8 positive reviews on Google. Speedy Finance loans are for firms that that have been established for at least 6 months, although start-up or purchase funds are available as well, however the requirements for start-ups and purchasing existing businesses vary. General loan terms may vary but you can borrow a minimum of $300 up to $5,000 or 100% of your average turnover. The application process is quick; it should only take 5 minutes. Depending on the loan type you may need more documentation, but the minimum is 180 days of monthly bank statements to show income and expenses of the business.
Speedy Finance has been lending Australians money since 2004 and with limited negative reviews for a long-term business, which leads us to believe that they operate their business effectively and efficiently. Loan terms are not available online because every loan situation is different. Speedy Finance has a loan manager work with each client to ensure that they are borrowing the amount needed, not too much and not too little. Their repayment options vary as well. They strive to treat their customers with courtesy and respect in trying to understand their finance strife.
Some comments about Speedy Finance interest rates were of shock because of the high interest rates, without consideration that the operations of Speedy Finance are quick easy loans. These loans require little paper work and can be unsecured, whereas bank loans require many documents to obtain financing and if a business is in a pinch they may not have the privilege of time on their hands and need the funds immediately.
Speedy Finance Client Reviews on Google
The 5 star reviews on Google state that they are fast and easy to work with and good at their jobs. The 1 star reviews were negative based on a customer not meeting the requirements and left them feeling unsatisfied and another was based on a personal experience with a staff member in particular.
– Google Reviews: 8 Reviews, 6 Positive, 0 Neutral, 2 Negative – Average Score 3.9 / 5 (Good)
Analysis of Client Reviews:
With only 8 reviews online it is likely that Speedy Finance isn’t a large lender. However, it is worth noting that most customers rank Speedy Finance Services either excellent or above average with only a couple of unsatisfied customers. With 15 years of lending this translates to an excellent ranking, when considering most customers who are unhappy will write reviews. It is less likely that a satisfied customer will leave a review versus an unhappy customer.
The unhappy customers experience does not actually reflect the business practices, but one reflects an experience with a staff member, while the other was unhappy about not qualifying for the loan amount he desired. Neither of these negative comments demonstrates poor business practices by Speedy Finance.
Speedy Finance Compatibility
Startup: Yes, Speedy Finance will finance start-up businesses.
Bad credit: Yes, Speedy Finance reviews yours incoming cash flows on bank statements, so bad credit can be mitigated in the loan process.
Sole trader: Yes, Speedy Finance will finance sole traders.
Minimum Monthly Turnover: Speedy finance requires minimum monthly turnover of $10,000 or more.
Established Business: Yes, Speedy Finance will finance established businesses with a minimum of 6 months trading.
Business Purchase: Yes, Speedy Finance will finance business purchases.
Maximum Loan Amount: Speedy Finance will finance 100% of an average monthly turnover.