Hammock App Review | Up to $200 Short Term Loans

Understanding what you’re getting into when you get a loan is never easy. There are establishment fees, there are monthly fees. There are interest rates, and fee caps. There is compounding interest and the dreaded late fee. Short term loans and payday loans have been overrun with these hidden fees are confusing interest rate calculations for as long as they’ve existed.

Hammock is a brand new way of offering short term loans to Australians. The concept is simple: get up to $200 of your paycheck early. No interest. Pay only a $10 flat rate per month, like a Netflix or Spotify subscription. Pay back the $200 on your next payday. 

That’s right, Hammock has done away with interest, establishment fees, late fees, etc. For just the flat rate price that you’re used to paying for Netflix or Spotify, you can access your own pay (that you earned!) early.

How does it work? Well, the Hammock app asks you to connect your bank account. We connect to all the major Australian Banks (Australia and New Zealand Banking Group, National Australia Bank, Commonwealth Bank, Westpac) as well as local and regional banks like Heritage Bank and CUA.

Once you connect your bank, Hammock predicts your employer and pay cycle. For example, we predict in this case that someone works at Woolworths and is paid once a month, on the 15th of the month. We do this so that we can accurate predict when you’ll get paid next in order to get back the up to $200 loan.

As with any loan, always borrow wisely. It is best to only borrow what you need and be sure to have a payment program that you stick to. While short term loans can be beneficial, make sure you do know exactly what you are getting into with regards to how much you have to pay back.