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Costs

We like to keep you informed, so before we get to work finding you a lender, get to know the possible costs of a small loan.

Loan amount

$300 Minimum
$2,000 Maximum

Costs

1. Most small personal loan providers charge up to 20% as an establishment fee upfront. You’ll then pay a 4% monthly fee.

2. Under the current legislation, most small personal loan providers don’t charge an annual interest rate (you’ll know this as an APR) %.

3. In APR terms, the maximum annual percentage rate on these SACC loans between $300 and $2000 is 199.43%.

Terms

91 Days - 12 Months

Example:

Loan Amount of $1,000 over 6 months repayable weekly (25 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $240 (fees based on 4% per month over 25 weeks) = $1,440 total repayable in 25 weekly installments of $57.60.

Loan amount

$2,001 Minimum
$5,000 Maximum

Costs

1. A one-off $400 as an ufront establishment fee.

2. Under the current legislation, security is required for these loans.

3. In APR terms, the maximum annual percentage rate on these MACC loans is 48%.

Terms

12 Months - 24 Months

Example:

Loan Amount of $2,500 over 18 months repayable (73 weekly repayments). $2,500 Principal Amount + $400 (One-off Establishment Fee) + Approx. $45 Weekly Repayment at a maximum of 48% Annual Percentage Rate. These are secured loans, so lender might ask for security as well.

WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan.

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