Top Tips
Tips on the best features to look for on your bank account
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Small loan cost table (3 column) v1
Small loans | Medium loans | |
---|---|---|
Minimum loan amount | $100 | $2,001 |
Maximum loan amount | 2,000 | $5,000 |
Minimum loan term | 16 days | 16 days |
Maximum loan term | 12 months | 24 months |
Repayment schedule | Weekly, fortnightly or monthly | Weekly, fortnightly or monthly |
Establishment fee | Up to 20% of your loan amount | Up to $400 |
Interest | N/A | Up to 48.00% p.a. |
Monthly fee | Up to 4% of your loan amount | Included in the 48.00% p.a. maximum |
Example loan | $1,500 loan over six months repaid fortnightly
Costs: $1,500 (loan amount) + $300 (establishment fee) + $360 (4% fees over six months) Total cost: $2,160, repayable in instalments of $167 per fortnight | $3,000 loan over 12 months repaid fortnightly
Costs: $3,000 (loan amount) + $400 (establishment fee) + $912 (total interest over 12 months) Total costs: $4,312, repayable in instalments of $166 per fortnight |