MeLoans Costs
We gaurantee you no hidden costs are involved.
See a worked example of how our costs are calculated.
We gaurantee you no hidden costs are involved.
See a worked example of how our costs are calculated.
Learn how we calculate small personal loans for quick cash
|
Loan Amount |
$300
Minimum |
$2,000
Maximum |
|
Terms |
12 months
Minimum |
12 months
Maximum |
|
Costs |
$400 establishment fee + 4% per month
|
Max comparison rate between $300 & $2000 is 199.43%
|
Loan Amount of $1,000 over 6 months repayable weekly (25 weekly repayments)
$1,000 (Principle Amount)
+ $200 (Establishment Fee)
+ $240 (reducing interest)
= $1,440 total repayable over 6 months with weekly instalments of $57.60.
Disclaimer: Under the current legislation, all Small Amount Credit Contract loan providers don’t charge an annual interest rate. The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The comparison rate on loans between $300 and $2000 could be up to 199.43%. The minimum loan term is 16 days and maximum loan term is 12 months. Representative example based on a loan of $1000 over 6 months a borrower
can expect to pay a total of $1440.
** WARNING: 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.
For more information about the allowable fees and charges for SACCs & MACCs visit the Moneysmart Website.
Learn how we calculate medium personal loans for quick cash
|
|
Loan Amount |
$2,100
Minimum |
$4,600
Maximum |
|
|
Terms |
13 months
Minimum |
24 months
Maximum |
|
|
Costs |
Annual Percentage Rate (APR) is 48% Comparison Rate is 67.41% P.A
|
Fees and charges are payable
|
Loan Amount of $3,000 over 18 months repayable weekly (78 weekly repayments)
$3,000 (Principle Amount)
+ $400 (Establishment Fee)
+ $1,379.06 (reducing interest)
= $4,779.06 total repayable over 18 months
with weekly instalments of $61.27
The maximum interest rate for a Medium Amount Credit Contract is 48%. Comparison Rate 65.85% p.a. The maximum loan term is 24 months. Representative example based on a loan of $2500 over 24 months a borrower can expect to pay a total of $4,556.88
** WARNING: 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.
For more information about the allowable fees and charges for SACCs & MACCs visit the Moneysmart Website.
Learn how we calculate small personal loans for quick cash
|
|
Loan Amount |
$5,000
Minimum |
$15,000
Maximum |
|
|
Terms |
13 months
Minimum |
18 months
Maximum |
|
|
Costs |
APR is 17.00% Maximum Comparison Rate is 36.00% P.A
|
Fees and charges are payable
|
Loan Amount of $30,000 over 24 months repayable weekly (104 weekly repayments)
$30,000 (Principle Amount)
+ $5,577.12 (reducing interest)
= $15,577.12 total repayable over 24 months with weekly instalments of $149.78
The maximum interest rate for a Medium Amount Credit Contract is 48%. Comparison Rate 65.85% p.a. The maximum loan term is 24 months. Representative example based on a loan of $2500 over 24 months a borrower can expect to pay a total of $4,556.88
** WARNING: 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.
For more information about the allowable fees and charges for SACCs & MACCs visit the Moneysmart Website.
Warning
Further Information
