Frequently Asked Questions

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How long does the Spondooli application process take?
It takes about 2-3 minutes to complete the online application for a cash advance. Just Apply Online! You will then receive an email containing your application documents and further information on how to proceed.
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How much can I borrow?
You can borrow between $200 – $5000. We will calculate your maximum advance amount based on your net income so repayments are easily manageable, and do not place any undue financial pressure on you.
Note: New applicants, on their first loan, may only borrow a maximum of $500
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What will the repayments be?
Our fee structure is very clear and straight forward. We charge an establishment fee of 20% of the amount borrowed, and an additional flat fee of 4% of the borrowed sum for every month the advance is outstanding.
Your repayments will be clearly outlined to you when you go through the Online Application process as they do vary for different amounts and paycycles. For a full list of fees and charges, please see our Fees and Charges
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Once I have applied online, how long does approval take?
We process applications every weekday until 3pm – upon approval of your advance, we deposit funds into your account within a matter of hours – giving you a same day service.
Note: Clearance rates are dependent upon your bank
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What documentation is required to approve my application?
You will need to email or upload some documentation to us so that we can process and approve your application.
We require the following:
3 signature pages of the documents that we emailed to you – application, contract and DDR (attached to your application email), 2 x Forms of I.D. Your current bank statement covering the most recent 90 days up to and including the date of application and your most recent payslip issued by your employer.
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How do I know when my application is approved?
We will send you an email and an SMS as soon as your application is approved.
What if I have bad credit history?  No problem! All you need is a steady income and your bank account in good standing.
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How long does it take for me to receive funds?
Loan applications must be received no later than 3pm (business day excluding public holidays and weekends) for funds to be deposited into your bank account within hours.
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How do I receive funds?
Funds are electronically deposited into your bank account as soon as your application is approved. Remember that we need you to send us the required documents before we can process your application.
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What are my repayment options?
All repayments are direct debited from your bank account where your salary is paid into. The actual amount of your repayments will vary depending on your pay cycle, and advance amount.
We are happy to adjust repayments to suit whatever preference you may have, so please feel free to get in touch should you wish to have any repayments altered.
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What if I am unable to make my repayment on time?
If you are unable to make your repayment on time, simply get in contact with us and explain your circumstances to us.
We will then try our very best to work out a payment plan with you to accommodate your situation, and extend your payment to a future date, whilst keeping any additional costs to a minimum.
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Can I “rollover”, “refinance” or “renew” my loan?
As of 1st March, 2013, it is illegal to “refinance” or “rollover” advances.
What happens if there are insufficient funds in my account to cover the repayment amount?
If you do not have sufficient funds to cover your repayment, get in contact with us ASAP to stop the debit – we do need a full 48 hours notice prior to the debit date to stop or delay a debit. In the event that a repayment is dishonored, a $20 dishonour fee will be charged.
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What fees are involved?
For every $100 borrower, we charge an ‘establishment fee’ of $20, and an additional 4% of the sum advanced per month that your advance is owing, provided your advance is repaid as per the terms of your contract there will be no additional charges.
The only other possible charges are in the event of either a dishonored payment, a rescheduled payment and/or the commencement of legal action to recover the outstanding monies.
Please see Fees and Charges for a full list of all fees and charges
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What are the implications of non-payment?
If we are unable to recover the outstanding money from you, we will pass your file on to our Legal department to commence debt recovery action. They will then pursue you for the outstanding amount, plus additional fees and legal costs and register a payment default on your credit rating which will remain on your credit report for 12 years.
Please note: All lending done by Spondooli is in full adherence with the National Consumer Credit Protection Act 2009 and also the Consumer Credit Legislation Amendment (Enhancements) Act 2012

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