Fess and Charges
What are the costs of the loan and are there any additional fees?
Our 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: 20% of the amount borrowed
Monthly Loan Fee: 4% of the amount borrowed per calendar month until your loan is repaid
The total amount to be repaid is clearly outlined before you confirm your loan and we have provided some examples here for you to make things as clear as possible. All loan terms are 63 to 90 days:
| Loan Amount | Establishment Fee | Monthly Fee | Total Repayment | Repayment amount |
|---|---|---|---|---|
| $100.00 | $20.00 | $12.00 | $132.00 | 6 repayments of $22.00 |
| $200.00 | $40.00 | $24.00 | $264.00 | 6 repayments of $44.00 |
| $500.00 | $100.00 | $60.00 | $660.00 | 6 repayments of $110.00 |
Straight forward and upfront - there are no hidden fees or charges and no early repayment costs if you want to repay your loan early.
Other Possible Costs
When you make your repayments on time, the only costs payable are the Establishment Fee and Monthly Fee 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 |
|---|---|---|
| Payment Default | $20.00 | Payable only if a repayment is dishonoured |
| Payment Reschedule | $20.00 | Payable when a payment is scheduled forward at your request |
| Arrears Management Fee | $50.00 | Charged you have cancelled your direct debit request and we being internal arrears management. |
| Debt Collection | Not Ascertainable | Charged if we have to appoint an external debt collector to recover any monies. |
Fee Cap: 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)
