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Loan costs explained:
For small loans between $200 and $2000, our loan costs are:
- Establishment Fee - Once off fee of 20% of the amount borrowed
- Monthly Fee - A fee of 4% of the amount borrowed, each month where a balance is outstanding
For example, a loan of $1,000 repaid over 3 months equates to a total amount payable of $1,320 comprised of
$1,000 principal (amount borrowed), $200 establishment fee and $120 in monthly fees.
There are no other costs if repayments are made on time, however a default fee of $20 may be charged each time a
direct debit or other payment is not made in full or on time. See
fees and charges.
The minimum loan term is 63 days and the maximum term is 98 days. In line with Australian laws, as our small loans
are fee based only, they do not have an APR (Annual Percentage Rate).
For medium loans between $2001 and $5000, our loan costs are:
- Establishment Fee - Once off fee of $400
- Interest rate - 48% per annum
For example, a loan of $2500 over 30 weeks (repayable over 30 weekly repayments). $2500 (principal amount)
+ $400 (establishment fee) + $431.80 (reducing interest) = $3331.80 total repayable over weekly installments of $111.06.
There are no other costs if repayments are made on time, however a default fee of $20 may be charged each time a direct
debit or other payment is not made in full or on time. See
fees and charges. The minimum
loan term is 63 days and the maximum is 24 months. For medium loans the annual percentage rate (APR) is 48% per annum.
(Comparison rate 65.6597% p.a.*)
Disclaimer: The information on this website is of a general nature and does not take into consideration your objectives,
personal financial situation or needs. All loans are subject to credit criteria including an affordability and
suitability assessment.
* The comparison rate is based on a $2,500 loan over a term of 2 years with a $400 establishment fee and weekly repayments.
PayExpress does not offer loans for $2,500 over a term of 2 years. Warning: the 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.
