Speckle Loans Review: Is This The WORST Idea Ever?

The Debt Free Community continues to look for rogue short-term finance lenders across Australia, of which Speckle is one of the good players.

It seems so attractive to see the slick advertising, with claims like “Cash today available in just one hour” and “No credit checks, instant finance with low rates”.

What you’re not seeing is the fine print. This is the huge interest found on these loans and penalties if you default on your repayments.

We’ve been researching Speckle Loans and this review reveals why payday lending is RISKY because of the dodgy reasons that borrowers choose to use.

Let’s begin!

Speckle Loans Review

You’re probably having a tough time right now and considering payday finance. If you’re suffering from financial hardship, then this probably isn’t the best idea.

Taking on additional debt to pay off a credit card is a bad idea, as is to service your car or home loan repayments. If debt collectors are calling, then get in touch with us instead.

We’ve seen lots of payday lenders taking advantage of payday lenders in the market over recent years. Luckily, Speckle Loans is one of the good guys.

Speckle Loans Review

But is it worth it? For most people, no. Payday loans are just a terrible idea.

You might be doing it tough, in which case a call to the National Debt Helpline is a good idea. You can call them on 1800 007 007.

Likewise, we can talk to your debt collectors for you. This way you can get on with life.

But back to the issue here. It’s just not a good idea in most cases to get involved with any payday lending service provider.

Customers with this company have left mixed reviews on Speckle Loans. Some say “They are fantastic and I got approved immediately, with the funds in my account the next day” while others were flat out refused “Bad experience, never again!”.

Compared to most others in the industry, they are actually pretty good.

It’s always a good idea to check their Product Disclosure Statement prior to joining.

This is because you’ll be hit with excessive penalties if you miss a single repayment. Plus – you’re already up for 30% interest rates which are crazy high for a $2,000 payday loan!

We’re pretty much against the short-term lending market here at The Debt Free Community. It’s loan shark style behaviour and luckily ASIC is closely monitoring this industry.

The nightmare of payday

These loan providers claim to help people in emergency situations. While that’s true, they are also massive profit houses where the rich just get richer.

They look for the vulnerable who have been rejected from banks or who are on their last legs financially, with overdue debts or who have been struggling to get work.

In most cases, it only sends people into a greater downward spiral where they will struggle to get out from. You simply can’t take out more debts to pay your existing debts. It’s just a dodgy excuse that so many borrowers give.

The good news is that Speckle Loans will warn you of this, but some people just don’t heed the message. They think they will be alright and be able to payback the small payday loan, but it often sends them into greater financial hardship.

Genuine emergencies with Speckle Loans

Their loans are designed for legitimate emergencies. Let’s say you need to get some repairs done on the car to get yourself to and from work. That might be a good idea to take out finance for, if your car loan company can’t increase the current loan.

Another one is emergency healthcare. If you need to get your teeth fixed because you pain where you can’t work, then alright that’s another good one.

Those are genuine emergencies. An example of a non-emergency is taking out a loan to pay back your credit card that’s due today. You can instead ask them for a flexible payment play or even claim financial hardship.

A lot of these credit card and electricity suppliers are happy to work with you. They will find a solution that meets your needs. While debt collection often eventuates, it’s expensive for them so they want to find a way to help you out, without charging you 30% as a payday loan would.

Speckle Loans debt collection

Are you being chased by the debt collector representing Speckle Loans? You’ve probably received contact by way of an SMS message, letter or email that says “You must contact us immediately to have this matter resolved!” – They might expect full payment today.

Speckle Loans debt collection text message

You’re probably going to struggle to come up with that sort of money right away, aren’t you? We understand that it isn’t easy. Being up to your eyeballs in debt is a terrible feeling where things have just gotten out of hand.

How The Debt Free Community can help

If you’re being hassled by debt collectors anywhere in Australia, then please get in touch. Instead of you having to ignore the phone calls, we can talk to them and hopefully make the phone calls stop.

We know it isn’t a good time that you’re having right now. You just wish it could be easier, and there’s a chance that it could be. We’d love the chance to help you.

Simply drop in your details into the form and we’ll be in touch very soon.

In summary

We’ve found Speckle Loans to have a friendly team who cares about their borrowers, but not everyone is successful. They will check your credit history.

It’s common for people to use payday loans for the wrong reasons. One example is taking out a loan to pay back other creditors, which is a bad idea for sure.

Instead, you should get in touch with us and see if we can assist you today. To stop those endless phone calls, text messages and letters in the mailbox.

There is a way through this mess and we do look forward to helping you.

Because it’s the worst idea ever to get a payday loan to pay existing debt.

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