So you’re looking to take out a loan with Swift Loans in Australia? That might be the dumbest idea you’ve ever had my friend.
See – it looks all good in theory. You know – get some instant cash today. Unfortunately, you could be falling into their spider web that’s hard to escape from.
Welcome to the payday lending industry where unsuspecting people are being taken for a ride each and every day. We’re totally against this industry and it’s the opposite end of the debt-free lifestyle that we preach.
Let’s look at why it’s the start of your nightmares.
Swift Loans Review
Did you just jump on their website before reading this review of Swift Loans? It looks very good doesn’t it, with catchy words like ‘cheap’ and ‘easy’. Just the words they want you to read.
Unfortunately, on the other end, it won’t be cheap or easy for you to escape from. You’re being lured with bait for high-interest loans that make them a small fortune.
Meanwhile, predatory payday lenders are profiting from vulnerable Australians to the tune of an estimated $550 million in net profit over the past three years alone.
Gerard Brady, Consumer Action CEO
Yep – they’re making a fortune from people in dire straits. You’re a hard Aussie battler just trying to get by and they can see your unfortunate situation. What they do is target you and hope you’ll simply join their very expensive loans and financial products.
It sounds like daylight robbery and it’s totally legal in Australia.
So it’s clear that we’re not a fan at all of Swift Loans. It looks good on the surface, but don’t be surprised if they hit you with 30% interest rates. Ouch!
The experience where it all went wrong
Let’s meet Joel. He’s someone who’s doing it a bit tough right now then jumps on a website like Swift Loans. Or maybe he watched this video:
Joel gets hooked like a deer in the headlights. The name sounds catchy and they make it quick and easy for him with online forms and a place to upload documents.
Perfect! Well, at least for them. ? They got yet another victim in their trap who isn’t going to really take the time to read the Product Disclosure Statement.
What does that contain? Crucial information like:
- The sky-high interest rates that Joel will face, often 25% to 30%. It’s really unfair to him!
- Excessive penalties if he misses repayments even once during the term of the loan
- A black mark on his credit history that can affect his chances of getting a car loan in the future
- The embarrassment when Joel later discovers exactly how much that loan actually cost him
It’s truly a short term gain with lots of pain on the backend. You could wind up paying that loan back for years.
See most of these lenders realize that you’re going to struggle to repay their short-term loan, so they purposely stack on penalties where they can continue to make profits. A total recipe for disaster and yet totally legal in Australia.
Healthy alternatives
It’s not all doom and gloom! I mean, we clearly don’t like the practices of companies like Swift Loans who are out to make a big profit off poor souls across Australia.
There is some light at the end of the tunnel here.
What you can do instead includes:
- Talking to your existing debt collectors and sorting out a payment plan. They are often open and willing to do this.
- Sell some of your unused stuff online. Do you really need that laptop that you haven’t used for a while? Probably not.
- Speak to friends and family. They might be able to lend you just a few hundred dollars.
- Get another job on the weekend or evenings. This will help you with your weekly budget.
None of those alternatives requires you to get trapped into excessive debt commitments. Most people who take out these payday and personal loans are just using them to repay other debts, and that is literally fighting fire with fire! Just don’t do it.
Trust us, because it’s not worth it based on previous experiences.
Swift Loans: In summary
Taking out a payday loan with Swift Loans is going to send you down a negative pathway. It’s not something that we can recommend at all.
Are you going through challenging times right now? We all have. Australia is at an all-time high debt load. Millions of people are suffering just like you.
There is always help available. The National Debt Helpline can help you on 1800 007 007. They provide free and unbias advice during these challenging times, though they can’t talk to debt collectors for you.
It’s a scary thought to talk to debt collectors. The great news is that we can talk to them for you! Just get in touch with us today. 😀
