Cost of Borrowing

Where the amount borrowed is $3,000 with our Repayment Waiver: interest rate is 29.95%. If the repayment time is 78 weeks then the instalment would be due weekly at $58.87 with a final payment of $58.72.

Our setup fee reflects the length of time it takes to set up your loan. The base fee is $160. The table below shows how increasing the amount borrowed and/or lengthening the term of the loan changes the fee.

• $200 – $499 $65.00
• $500 – $800 $160.00
• $800 to $5,000 for three years or less $300.00
• $5,000 to $15,000 for three years or less $310.00
• Over $15,000 for three years or less $455.00

There are other costs incurred during setup from third parties, such as credit checks, a Personal Property Securities Register search, and registration of a security interest, which we pass on at cost.

There is a daily charge of 55c to cover the administration of your account for the time it is open. Generally you will receive a statement from us every six months. If you need one at other times it is free if we can email it to you, otherwise there is a $5 production and handling charge.

Early prepayment of an account could incur an administration fee of $50 (averaged) plus third party costs in relation to deregistration of security interests.

These fees can be incurred depending upon circumstances:

• Each extra borrower $10.00
• Each guarantor $10.00
• Travel fee for an out-of-branch setup $22.50
• Security — first vehicle $40.00
• Security — each additional vehicle $25.00
• Security — caveat $103.00
• Security — mortgage $140.00

At present we do not charge default interest, but an account in arrears will incur a daily fee of $1.00 until the arrears are paid off or a satisfactory arrangement is made and kept to. In addition they can incur a defaulted payment fee of $5 when any scheduled payment from a bank account is reversed. Also anytime we have to write regarding a missed payment a letter fee of up to $50 will be incurred, or, if we phone, a telecommunication fee of $5, or if we have to make a home visit, a home visit fee of $80 + GST. All third party costs which we incur in the collection of a defaulting debt, for example in the repossession process or the legal process, will be charged as invoiced.

The interest rates are 29.95% for loans with security or refinanced from existing loans; new unsecured loans are also 29.95%. The rate is fixed for the whole of the contract. Interest charges are calculated by multiplying the unpaid balance at the end of the day by a daily interest rate. The daily interest rate is calculated by dividing the annual interest rate by 365. Interest is charged when instalments fall due.

Credit fees The setup fee is $65. Third-party setup costs (credit checks or a PPSR search) are passed on at cost. There is a daily charge of 55c while the account is open. Extra statements are free by email, otherwise $5. Early prepayment could incur an administration fee of $50 plus third-party deregistration costs.

Default fees At present we do not charge default interest, but an account in arrears will incur a daily fee of 90c until the arrears are paid off or a satisfactory arrangement is made and kept to. Defaulted payment $5, letter fee of up to $50, telecommunication fee $5, home visit $80 + GST. Third-party collection costs are charged as invoiced.

There is NO interest charged on our Quick Fix Loans.