Cost of Borrowing

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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:

‘On The Go’ Loans ‘Jump Start’ Loans ‘Loan Plus’ Loans
New Customer Returning Customer* New & Returning Returning Only**
Establishment Fee $30 $15 – $20 $50 $95
Administration Fee N/A N/A $5 $10

This fee will be added to the initial unpaid balance at the start of your loan.
These are the only fees 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.
**Available solely to our Returning clients, on an invitation-only basis and are still subject to standard eligibility, lending and affordability criteria.

Interest

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

‘Need A Lift’ Loans ‘Going Places’ Loans ‘Moving Forward’ Loans
New Customer Returning Customer* New Customer Returning Customer Returning Only**
Annual Interest Rates are charged 693.5% 511% – 693.5% 328.50% 251.50% 49.95%
Approx daily interest rates 1.90% 1.40% – 1.90% 0.90% 0.68% 0.13%

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.
**Available solely to our Returning clients, on an invitation-only basis and are still subject to standard eligibility, lending and affordability criteria.

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:

‘On The Go’ Loans ‘Jump Start’ Loans ‘Loan Plus’ Loans*** When the Fee applies
Fast Payment Fee * $17.50 N/A N/A Only applies if you request fast payment of your loan
Change Fee * $10.00 $25.00 $40.00 Only applies if you request a loan change and we agree
Statement/Document Fee * $7.00 $7.00 $7.00 Only applies if you request a statement or document copy
Dishonour Fee $25.00 $25.00 $25.00 For each missed or dishonoured payment
Letter Fee $7.00 $7.00 $7.00 For each reminder letter we send
Debt Management Fee $0.00 $0.00 $0.00 For each week you remain in default
Wage Assignment Fee $30.00 $30.00 $30.00 If we lodge a wage assignment request
Credit Agency Fee $20.00 $20.00 $20.00 If we lodge your default with a credit agency
Collection Agency Fee up to $75.00 up to $75.00 up to $75.00 If we engage an external collection agency
Repayment Waiver Fee ** N/A $145.00 $300.00 Only applies if you request OUR Repayment Waiver Cover
External Collection Costs As incurred As incurred 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.

** The Repayment Waiver Fee is is an optional fee if you are able to supply a copy of your own third party Insurance details (This must contain an Income Protection Policy). For our ‘Jump Start; or ‘Loan Plus’ unsecured loans, we must have a valid type of repayment waiver or income protection policy. 

*** Available solely to our Returning clients, on an invitation-only basis and are still subject to standard eligibility, lending and affordability criteria.

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

Default Interest

Default interest is:

‘On The Go’ Loans ‘Jump Start’ Loans ‘Loan Plus’ Loans
New Customer Returning Customer New & Returning Returning Only**
Default interest 104% 104% 25% 10%
  • 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
  • **Available solely to our Returning clients, on an invitation-only basis and are still subject to standard eligibility, lending and affordability criteria.