OUR FEES AND CHARGES
Secured personal loans
A secured loan is one where the borrower provides collateral such as a motor vehicle as security for the loan. Granting us security over your goods can help you borrow a larger amount and reduce the interest rate we offer. Generally our secured loans are for amounts above $2,000.
Interest Rates
Our Secured Personal Loan Rates range from 75% to 85% per annum.
The majority of our loans are approved over a shorter term than 12 months so the annual amount of interest in most cases is not paid in its entirety. We also don’t charge an early termination fee or any fees for making additional payments.
Unsecured personal loans
An unsecured loan is when the borrower isn’t required to provide any collateral or security for the loan. In most cases our unsecured loans are for amounts below $2,000
Interest Rates
Our Unsecured Personal Loan Rates range from 95% to 130% per annum.
The majority of our loans are approved over a shorter term than 12 months so the annual amount of interest in most cases is not paid in its entirety. We also don’t charge an early termination fee or any fees for making additional payments.
Personal Loan Credit Fees and Charges
The following credit fees and charges (which are not included in the Amount Financed) are, or may become, payable under, or in connection with, the loan Agreement.
Our Establishment fee ranges as a percentage of the loan amount borrowed and depends on the risk grade of the application.
The Establishment fee charged on our loans is $85.
$1.30 Third party direct debiting service.
$3.15 Personal Property Securities Register (PPSR), fee for secured loans.
Default Interest Charges and Default Fees
In the event of a default in payment and while the default continues you will be required to pay the same rate as the Annual Interest Rate shown above. In the event of a breach of the Agreement or on the enforcement of the Agreement, the default fees specified below are also payable.
$25 dishonour payment fee
$25 missed payment fee
$35 default payment fee
Sample of Secured/Unsecured Loan Agreement & Disclosure Statement
Each time you take a Secured/Unsecured loan with us, you will receive an Agreement that discloses all your loan details.
Please download our example and familiarise yourself with the content to understand your rights and obligations.