All our partnering lenders are upfront about all their costs and fees. Here is an example of what a personal loan could cost you*:
Small Amount Credit Contract (loans from $300 to $2,000), costs:
Medium Amount Credit Contract (loans from $2,001 to $5,600), costs:
*Please note that these costs are just examples. The actual cost of your loan will depend on the lender we refer you to. This will be clearly outlined in your loan contract if you are approved.
To avoid further costs, it’s essential to make your repayments on time. Defaults and late repayments can incur a poor credit report.
Once your personal loan is approved, your lender will likely set up a direct debit schedule that transfers the funds automatically from your bank account. You can generally select to make your repayments either weekly, fortnightly or monthly.
Unfortunately, if you fail to make your repayments a fee may be added to the outstanding balance of your personal loan by your lender. Before signing your personal loans contract, make sure to double check all the fees and charges outlined in the terms. If you believe you may be late or miss your next repayment, contact your personal loan lender at your earliest convenience.
If you fail to make repayments, you may have a default listed on your credit file.
A default on your credit file can severely affect your credit history and will remain on your report for up to 5 years. Your account may be passed on to an external debt collection agency – a final step for lenders.
If your circumstances suddenly change, contact your lender to find out if you could apply for Financial Hardship.
.If you are finding it hard to keep up with bills or loan repayments, the first step is to contact your lender directly. Many companies have hardship officers who can assess your situation and work out what help is available.
Hardship options can include setting up a payment plan or temporarily altering your loan repayments.
Loan Amount
3 months min – 12 months max
20% upfront establishment fee + 4% monthly fee
(Comparison rate 199.43%) based on $1000 repaid over 6 months.
Loan amount of $1,000 over 6 months repayable weekly (25 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $240 (fees based on 4% per month over 25 weeks) = $1,440 total repayable in 25 weekly instalments of $57.60. Maximum charges: 20% Establishment Fee & 4% Monthly Fee. In comparison rate terms, the maximum comparison rate may be as high as 199.43%.
This 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 with the lender that finances your loan. The information on this web page is general information. The information does not take into account your objectives, financial situation or needs. Credit criteria, fees, charges, terms and conditions apply. Products and rates displayed are subject to the individual borrower's credit assessment. Examples only provide an estimate and are used for illustrative purposes only, not an offer for credit. The amount you can borrow, the interest rate and fees you receive along the product you qualify for may vary.
Loan Amount
13 months min – 24 months max
Maximum charges: 48% interest rate and a $400 establishment fee (Comparison rate 66.07%) based on $2,500 repaid over 24 months.
Loan amount of $1,000 over 6 months repayable weekly (25 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $240 (fees based on 4% per month over 25 weeks) = $1,440 total repayable in 25 weekly instalments of $57.60. Maximum charges: 20% Establishment Fee & 4% Monthly Fee. In comparison rate terms, the maximum comparison rate may be as high as 199.43%.
This 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 with the lender that finances your loan. The information on this web page is general information. The information does not take into account your objectives, financial situation or needs. Credit criteria, fees, charges, terms and conditions apply. Products and rates displayed are subject to the individual borrower's credit assessment. Examples only provide an estimate and are used for illustrative purposes only, not an offer for credit. The amount you can borrow, the interest rate and fees you receive along the product you qualify for may vary.
Loan Amount
13 months min – 72 months max
Maximum charges: 48% interest rate and a $400 establishment fee (Comparison rate 66.07%) based on $2,500 repaid over 24 months.
Loan amount of $2500 over 24 months repayable monthly (24 monthly repayments). $2,500 (Principle Amount) + $400 (Establishment Fee) + $1,664.80 (reducing interest) = $4,564.80 total repayable over 24 months with monthly instalments of $190.20.
This 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 with the lender that finances your loan. The information on this web page is general information. The information does not take into account your objectives, financial situation or needs. Credit criteria, fees, charges, terms and conditions apply. Products and rates displayed are subject to the individual borrower's credit assessment. Examples only provide an estimate and are used for illustrative purposes only, not an offer for credit. The amount you can borrow, the interest rate and fees you receive along the product you qualify for may vary.