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
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
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
Costs
1. A one-off $400 as an upfront 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
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.
