Fess and Charges
Costs for small loans (from $200 to $2000)
Our small loans have a very simple cost structure based on the amount of the amount of money borrowed.
The actual cost of your loan will depend on the amount and term of your loan costs and is calculated as follows:
- 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
The total amount to be repaid is clearly outlined before you confirm your loan and all loan terms are 63 to 98 days.
Straight forward and upfront - there are no hidden fees or charges and no early repayment costs if you want to repay your loan early.
Costs for medium loans (from $2001 to $5000)
Our medium loans have a cost structure based on the amount of the amount of money borrowed.
The actual cost of your loan will depend on the amount and term of your loan costs and is calculated as follows:
- Establishment Fee - Once off fee of $400
- Interest rate - 48% per annum (Comparison rate 65.6597% p.a.*)
* 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.
Other Possible Costs
When you make your repayments on time, the only costs payable are the the fees as shown above.
Other fees may apply if you do not make your payments on time. The only possible costs that may be payable are:
| Fee Type |
Amount |
Explanation |
|
Default Fee
|
$20.00
|
Charged each time a direct debit or other payment is not made in full or on time
The default fee includes our internal administrative costs and external third-party costs incurred.
|
|
Debt Collection
|
Not Ascertainable
|
Charged if we have to appoint an external debt collector to recover any monies.
|
Fee Cap: For small loans ($200 to $2000) we will never charge you more than 100% in fees. So if you borrow $100.00,
then the total fees including Establishment and Monthly fees plus any other costs we charge will not exceed $100.00
(for a total repayment of $200.00)
