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LOAN COSTS

How much do personal loans cost?

Let’s talk costs. Personal loan costs. This is what you can expect to pay. However, the official cost of your loan will be determined by the lender that we refer you to.

Small Personal Loan Costs

Loan amount:$500 (minimum) - $2000 (maximum)
Terms:12 Months
Costs:20% upfront establishment fee + 4% monthly fee
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.

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

Medium Personal Loan Costs

Loan amount:$2100 (minimum) - $4600 (maximum)
APR (Annual Percentage Rate):48%
Comparison Rate67.41% P.A.
Example:

Amount of $3,000 over 18 months repayable weekly (78 weekly repayments). $3,000 (Principle Amount) + $400 (Establishment Fee) + $1,379.06 (reducing interest) = $4,779.06 total repayable over 18 months with weekly installments of $61.27.

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

Large Personal Loan Costs

Loan amount:$5000
Terms:13 months (minimum) - 24 months (maximum)
Costs:The Interest Rate for Secured Large Amount Loans is 21.24%. Maximum Comparison Rate is 48% p.a.
Example:

Loan Amount of $10,000 over 24 months repayable weekly (104 weekly repayments). $10,000 (Principle Amount) + $5,577.12 (Interest) = $15,577.12 total repayable over 24 months with weekly installments of $149.78.

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

Disclaimer: Under the current legislation, most small personal loan providers don’t charge an annual interest rate% (you’ll know this as an APR). The maximum you will be charged is a flat 20% establishment fee and a flat 4% monthly Fee. The maximum comparison rate on loans between $300 and $2000 is 199.43%

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