Friendly Finance | Company Profile, Available Loans, & Reviews

friendly-finance

Ever heard about friendly finance from friends but were too shy to ask what it entails? I can relate very well. We all want to appear learned, hence the need to do personal research on a supposed unknown subject.


Well, let’s do you the honor of unveiling that friendly finance is an online financial institution that provides you with loans to cater to your need. So, if you urgently need funds, this finance body can come in handy.


Hey! This is just a tip compared to what friendly finance offers. You should read on if you need in-depth knowledge about this finance body. We have explained all you need to know. Let’s get started!

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About Friendly Finance

Friendly Finance is a new financial comparison website launched in the Australian and South African markets in 2016. This firm aims to provide consumers with a reliable source of information on available loans while looking for credit online.

With a focus on credit cards, loans, and insurance, their goal is to become the major digital source for all things financial, allowing consumers to make real-time comparisons of what’s available.

So, looking for a virtual helper in consumer finance? This here should be your sure plug.

They aim to assist Australian customers in making educated financial decisions by offering timely material and valuable information on the most commonly used consumer finance products.

Also, as a new customer here, you can use their free, no-obligation loan search. They provide short-term and long-term loans ranging from $100 to $5,000.

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What Loans Are Available in Friendly Finance?

Friendly finance has varieties of loans option that go around depending on the said need. It ranges from quick loans, small loans, same day loans, and personal loans in Australia to instant cash loans.

They give you the best loan lenders. Meanwhile, here’s a list of some loan options they offer:

Safe Mini Loan: $500 – $2,000

Friendly finance provides modest personal loans ranging from $500 to $2,000 with payback terms ranging from 22 to 52 weeks for a set monthly charge of the following:

  • For every $500 borrowed, there is a $20 monthly charge.
  • For every $1,000 borrowed, there is a $40 monthly cost.
  • For a loan of $1,500, the monthly charge is $60.
  • For a loan of $2,000, the monthly charge is $80.


The following are the one-time setup costs for this loan:

  • For every $500 loaned, there is a $100 establishment charge.
  • $200 in exchange for $1,000 borrowed
  • $300 in exchange for $1,500 borrowed
  • $400 for a $2,000 loan


For instance, if you borrow $500 for 22 weeks, you will be charged a $100 setup fee and a $20 monthly cost for the loan. The total amount repaid would be $719.84, with weekly installments of $32.72.

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Safe Unsecured Mini Loan (Medium Amount Credit Contract): $2,001 – $5,000

Another available loan in friendly finance is the unsecured loan ranging from $2,001 to $5,000 with a payback duration of 40 weeks.

Here, the annual interest rate ranges from 8.7% to 48% per annum based on the loan contract. This sort of loan, however, includes $400 in startup costs as well as a loan administration charge of up to $399.

Let’s simplify this; if you borrow $2,100 over 40 months, the charges include the $400 startup fee, $399 loan management fee, and $100.20 in interest payments (based on an 8.7% interest rate). The total sum owed is $2,999.20, with a weekly payment of $74.98.

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Secured Car Loan: $3,000 – $7,000

The Safe Financial Car loan is a secured loan with a payment duration of 52 to 78 weeks and a loan amount ranging from $3,000 to $7,000.

So, for loans ranging from $3,000 to $5,000, interest rates vary from 8.7% to 48%, with a set monthly cost of $400 and a loan administration fee of $399.

However, it might interest you to know that loan security is required if you’re borrowing more than $5,000.

For example, if you borrow $4,000, your establishment charge will be $400, and your loan management cost will be $399. Total repayments for a 40-week loan, as calculated by the website’s calculator, would be $5,276.80.

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Are There Fees For Each Loan Product?

Of course, Friendly finance has fees allocated to each loan product, so let’s take a look at each of them.

Before we list them, note that these fees are for loans ranging from $500-$2,000:

  • For a loan of $500, you will be charged an establishment fee of $100 and a monthly fee of $20.
  • A loan of $1,000, starting fee of $200 alongside a $40 monthly fee is required.
  • Starting fee of $300 and a monthly fee of $60 are required for a loan of $1,500.
  • For a loan of $2,000, you will be required to pay a monthly payment of $80 and an establishment fee of $400.

However, for loans above $2,001, this firm does not charge dishonor, default, or late payment penalties.

Other than the setup charges indicated above, there are no extra application fees.

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What is Friendly Finance Loan Application Process?

The loan application process for friendly finance is purely online. Of course, loans here are applied for online by filling out an online application form.

To be qualified to borrow money, you must satisfy the following criteria:

  • You must be a permanent resident of Australia.
  • 18 years old or older
  • You must have a bank account and a phone number.
  • Provide a driver’s license or 100 points of identification.
  • You must have a sure stream of income
  • If you are receiving Centrelink payments, your weekly earnings should be at least $500.

Once you are done completing the online application form, a corporate representative will contact you to validate the information you gave in the online form.

However, applications completed within business hours will be granted conditionally within hours.

So, if your application is granted, you will get loan cash the same day, depending on how promptly you return the completed documentation to the lender.

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Friendly Finance Reviews And Rating

Rating: 1.5 out of 5.

Friendly Finance has a total rating of 1.4, and customers are generally disappointed. It was originally listed on PissedConsumer on February 22, 2011, and has since earned 32 reviews.

This Finance body is ranked 522nd out of 2729 in the Financial Services industry. Customers frequently contact Friendly Finance with inquiries about Payments and Charges, Accounts, and Products/Services.

You will find below a clip of a friendly finance review.

Friendly Finance review

Frequently Asked Questions About Friendly Finance

Who is friendly finance?

Friendly Finance is a new financial comparison website in the Australian and South African markets, offering users a reliable source of information while looking for finance online.

Does friendly finance do a credit check?

No, Friendly Finance does not do a credit check. They collaborate with a network of direct lenders who all use ACLs.

Their application procedure just takes a few minutes to complete, there is no credit check as part of their search process, and you will receive an instant match decision.

What are the easiest loans to apply for?

Payday loans, automobile title loans, pawnshop loans, and personal installment loans are probably the simplest and easiest loans to apply for.

These are all short-term cash alternatives for needy individuals with weak credit. Many of these solutions are intended to assist debtors in need of quick cash.

Yes, a friendly loan is a financial arrangement made between friends. This is a friendly loan since the transaction is generally done between friends, relatives, or acquaintances.

These loan arrangements are rarely legally written, and restrictions are typically agreed upon informally.

Can friendly loan be recovered?

To recover a friendly loan, the lender might issue legal notice to the borrower.

This legal notification comes before any official legal action is taken. Contrary to common assumptions, legal action can be taken based on a promissory note.

Is online loan illegal?

It is illegal to borrow loans from an unauthorized online loan vendor. The conduct of unregistered internet lending operators is unlawful.

Also, it is illegal for an unauthorized online loan vendor to promote and deliver loans to the public, charging exorbitant interest rates and subjecting its debtors to unfair treatment in recovering the loan money.

Conclusion

Our final thought is this: Having gone through the various spheres of friendly finance, you can now decide if this is the right place to kick-start your loan application process.

However, if you’ve got an update as regards friendly finance, do well to drop it in the comment section below. Let’s have a discussion.

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