Cost of Borrowing

Cost of Borrowing

The fees, interest & costs applying to your loan and the rules applicable to them will be set out in detail in your loan agreement. They are also summarised on this page.

Interest and Fees payable with your loan

Establishment Fee

By taking a loan with us you may incur the following fees at the start of the loan:

New Customer Returning Customer *
Establishment Fee $30 $15 – $20

This fee will be added to the initial unpaid balance at the start of your loan.
This is the only fee you need to incur (unless you default or request an optional service – see below).

*Returning Customer establishment fees are adjusted on a case-by-case basis and are calculated by previous repayment performance.

Interest

Our loans normally incur per annum interest in the following ranges (check your Loan Agreement for actual rate)

New Customer Returning Customer *
Annual Interest Rates are charged 511% 511% – 693.5%
Approx daily interest rates 1.40% 1.40% – 1.90%

We may periodically offer reduced or 0% interest rates for limited loan terms to certain customers on certain terms.

*Returning Customer interest rates are adjusted on a case-by-case basis and are calculated by previous repayment performance.

Other costs

The Establishment Fee and the Annual Interest Rate are the only costs of borrowing you need to incur unless you choose an optional service or default. Refer below for further details on optional services and interest, fees & costs on default.

Free Services

We do not charge you for:

  • Processing your direct debit repayments
  • Talking with you about your loan
  • Providing a copy of any loan documents (if you download them from our website via your personal logon)
  • Providing a statement of your loan (if you download it from our website via your personal logon)
  • Processing a complaint
  • Processing a hardship application

 

Interest, Fees and costs payable if you default or request an optional service

Additional Fees (note: these can be avoided)

The following optional fees and default fees and costs may be charged to you:

All Customers When the Fee applies
*Fast Payment Fee $17.50 Only applies if you request fast payment of your loan
*Change Fee $10.00 Only applies if you request a loan change and we agree
*Statement/Document Fee $7.00 Only applies if you request a statement or document copy
Dishonour Fee $25.00 For each missed or dishonoured payment
Letter Fee $7.00 For each reminder letter we send
Debt Management Fee $0.00 For each week you remain in default
Wage Assignment Fee $30.00 If we lodge a wage assignment request
Credit Agency Fee $20.00 If we lodge your default with a credit agency
Collection Agency Fee up to $75.00 If we engage an external collection agency
External Collection Costs As incurred Costs incurred by an external collector or lawyer

* The Fast Payment Fee, Change Fee and Statement/Document Fee are optional services and the fees only apply if you request one and (in the case of the Statement/Document Fee) do not download it yourself from our website via your online logon – Note: not all statements and documents may be available via your online logon.

All other fees and costs above occur at various stages of default and will not be charged if you do not default.

Default Interest

Default interest is:

  • charged in addition to the base Annual Interest Rate specified in your Loan Agreement (see also above)
  • only payable on any amount that is overdue and stops when the overdue amount is paid
  • is charged at 104% per annum