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  • Writer's pictureDonnelle Brooks

Everything you need to know about Snaffle: a review

Snaffle promises to be an all in one, from purchase to finance. But, can they deliver what they promise? Let's dive in.


Overview:


What is Snaffle?

Snaffle is an e-commerce platform equipped with integrated financing, allowing you the flexibility to spread the cost of your purchases over 1, 2, or 3 years. Our extensive product catalog encompasses a wide range of items, including electronics, furniture, home and garden essentials, and much more. You have the convenience of making affordable weekly payments to acquire the products you desire.


How does Snaffle work?

To use Snaffle, browse their online marketplace. Once you've found the items you desire, proceed to the product page and make sure to choose "BUY WITH SNAFFLE WALLET" to make your purchase. Next, complete the application form to receive an immediate response regarding the size of your Wallet. If you happen to have additional Wallet credit, you can indulge in more shopping experiences by simply logging into your account and selecting the products that pique your interest. The Snaffle website is integrated from shopping to payment in one place.


Who owns Snaffle?

Snaffle is owned by Aspire 42, who also own WalletPay and mymates finance, to name a few. They are based in the Gold Coast - what I like to think of as the silicon valley of Australia. There are many startups, particularly finance companies, based on the Gold Coast.



Is Snaffle legit?

Yes, Snaffle is a legitimate company. However, Snaffle only has a 2.2 out of 5 stars from 223 genuine reviews on Australia's largest opinion site ProductReview.com.au. Whilst they are a legitimate company, the marketing appears better than the service provided. The key trouble is people have had to wait long times to receive the goods they purchased. While they appear to be an integrated shopping platform, in reality they are a finance provider selling goods third party, so you are subject to the limitations of the resellers for shipping of your products


Is Snaffle safe?

Snaffle is safe in the fact that they have a credit license and will not scam you for money. However, many customers have expressed concerns about the safety and reliability of Snaffle based on their experiences. One frustrated customer placed an order in July, only to find themselves still waiting for their item in October. Snaffle's excuse of a shortage on a commonly available item raised doubts about their efficiency. The customer found the situation frustrating, with what they perceived as a lack of proactive action and a barrage of excuses. Ultimately, they decided to cancel their contract due to the perceived lack of service and prolonged delays. This experience serves as a cautionary tale for potential customers, highlighting the importance of considering alternatives if timeliness and reliability are paramount, as it appears that Snaffle may not meet these expectations.


Does Snaffle do credit checks?

Snaffle does incorporate credit checks into their credit assessment process, although it's important to note that these checks represent just one facet of their comprehensive evaluation. The decision-making process at Snaffle is not solely reliant on the results of a credit check; rather, it involves a more holistic approach. This approach takes into account various factors to make a well-informed decision, ensuring that creditworthiness is assessed from multiple angles. So, while credit checks are part of the equation, they do not hold the exclusive power in determining eligibility, reflecting Snaffle's commitment to a well-rounded and balanced assessment process.



Can I use Snaffle with bad credit?

Yes, Snaffle may approve you with bad credit, but you may be approved for a lower amount. Snaffle's credit evaluation process does involve running credit checks, although it's important to note that this is just one component of their comprehensive credit assessment procedure. While they do consider your credit history, it's not the sole determining factor when it comes to your eligibility for their services. Snaffle takes a holistic approach to evaluate your creditworthiness, taking various other aspects into account as well. So, if you have concerns about your credit score, rest assured that Snaffle assesses applicants based on a broader spectrum of factors, making it possible for individuals with less-than-perfect credit to still be considered for their services.


Will Snaffle approve loan if you are on Centrelink?

Yes, Snaffle does approve loans for individuals receiving Centrelink benefits; however, there is an important stipulation. To be eligible for approval, you must also have a source of income from a job. In most cases, your Centrelink income should constitute less than 50% of your total income to meet the criteria for loan approval. This approach allows Snaffle to consider applicants who may rely on Centrelink support but also have an additional income source, ensuring responsible lending practices while providing financial assistance to a broader range of individuals.



How do I apply for Snaffle?

In order to complete your Snaffle application, we require verification of your identity and affordability. To do so, you will need to furnish the following documents:


1. One form of Australian identification (such as a passport, Medicare card, or driver's license; please note that proof of age cards are not accepted).

2. Bank and/or Centrelink statements*.

3. Income and expense details (please provide a rough estimate, as more precise information can be obtained from your statements).


*For the submission of statements, applicants are required to have access to Online Banking and/or MyGov Details (if they are receiving Centrelink benefits).


Please be aware that all applicants must be at least 18 years of age.



Does Snaffle charge fees?

Yes, Snaffle does charge fees. They charge interest and fees as part of their instalments, plus they have some hidden fees. They are not upfront about this on their site. Here are some of the fees associated with Snaffle:


1. Missed Payment Fee: $14.40 - This fee is charged if you miss a payment.


2. Additional Fees for Unsuccessful Direct Debit Attempts: Fees ranging from $3.50 to $15 may apply if a second direct debit attempt is unsuccessful.


3. Other Fees: Snaffle mentions that other fees, such as an Establishment Fee or Delivery Fee, may apply. These fees can vary, and it's essential to review your contract or the terms and conditions provided by Snaffle to understand the specific fees that might apply to your situation.


It's crucial to be aware of these fees and understand the terms and conditions of your agreement with Snaffle to avoid any unexpected costs.


Can you pay Snaffle off early?

No, you cannot pay off the Snaffle Wallet sale of goods by instalments early. According to the provided information, the Snaffle Wallet operates as a fixed-term fixed-cost credit contract. The credit and interest charges are calculated for the specified term, and the total repayments are divided into agreed-upon installments. Unless you have a specific agreement with the issuer of the Snaffle Wallet, you are required to pay the total outstanding balance in accordance with the term of the contract. In other words, early repayment is not an option unless the terms of the contract explicitly state otherwise.



Where is Snaffle located?

Snaffle is an online business that was founded on the Gold Coast. They do not make their address public as they do not have a customer facing office.


How long does Snaffle take to approve?

The time it takes for Snaffle to approve your application can vary. According to the information provided, the assessment can take as little as a few hours or up to 3-4 business days from the time you submit your application. The exact time may depend on various factors, including the information you provide and the internal processing procedures of Snaffle. You will receive an SMS notification to inform you whether your application has been successful.


Is Snaffle rent to own?

Snaffle has a history as a rent to own company, although now it is closer to a payment plan provider. Snaffle still offers a rental option for its customers. You can choose to rent a product, and at the end of the rental contract, you'll have the option to purchase the product if you wish. You can apply for as many products as you like, but you'll need to submit a new application each time. To take advantage of the rental option, you can select the rental option on the product page and fill out the application form. This provides flexibility for customers who prefer to rent items before potentially purchasing them.



Snaffle Review: The Bottom Line

In conclusion, while Snaffle may have garnered attention with its innovative marketing approach and appealing product offerings, it's essential to recognize that the shine of their marketing efforts may outshine the overall service quality. Customer experiences suggest that the excitement generated by Snaffle's promises often gives way to frustration due to prolonged waiting times and inadequate customer service resolutions. While the concept of Snaffle is enticing, it's crucial for potential customers to carefully consider their expectations and assess the practicality of their service, keeping in mind that the reality might not always align with the enticing marketing facade.


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