No interest. Capped fees. You know the cost before you start.
Float Bridge is for bridging a gap, not bankrolling a spending spree. Borrow between $500 and $2,000 and repay over 6 to 12 months in equal instalments. There's no interest. You pay an establishment fee and a monthly fee, both worked out as a share of what you borrow.
- Establishment fee: 15% of the amount you borrow, charged once
- Monthly fee: 3% of the amount you borrow, each month
- Total fees are capped at 40% of the amount you borrow, no matter how long your term runs
- No interest is charged at any point
Borrow $1,000 over 9 months. Establishment fee $150. Monthly fees $250 after the cap applies. Total fees $400. Total repayable $1,400. That works out to $155.56 a month.
Some lenders charge a monthly fee for every month you hold the loan, so a longer term you can afford ends up costing you more. We cap total fees at 40% of what you borrow. From around 9 months, a longer term doesn't add a cent. On a $1,000 loan over 12 months, the law would allow fees up to $680. We charge $400.
By law, repayments on a loan this size cannot be more than 10% of your take-home pay (your pay after tax). For a $1,000 loan over 9 months, repayments are $155.56 a month, so you would need to take home at least $1,556 a month. Our calculator shows you this before you apply.
- ✓Be 18 or over, living in Australia, and an Australian citizen, permanent resident, or long-term visa holder with the right to work
- ✓A regular source of income from a job, a business you run, or rent or investments. Government payments such as Centrelink do not count
- ✓Identity documents that add up to 100 points, with at least one main document such as a passport or birth certificate
- ✓Bank statements for the last 90 days, for every account your income goes into or your regular spending comes out of
- ✓Your 2 most recent payslips, if you work for an employer
- ✓The latest statement for each debt you have, such as credit cards, loans and buy now pay later
- ✓If you work for yourself, your tax returns, business activity statements and business bank statements
- ✓You upload everything when you apply
Equal amounts at equal intervals across the whole term. Weekly, fortnightly or monthly, whichever matches how you get paid. Repay early and in full? We won't charge monthly fees for the months you no longer hold the loan.
Warning: do you really need a loan today? It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.
Check your options before you borrow. For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor. The Australian Government's MoneySmart website (moneysmart.gov.au) shows how small amount loans work and other options that may help you.