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$2,100
13
MONTHS
$60.10
$120.30
$259.25

The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The maximum comparison rate on loans between $300 and $2000 is 199.43%. 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 with the lender that finances your loan. Click here to see a worked example. Click here to see a worked example.

The Interest Rate for Secured Medium Loans is 48%. The Typical Comparison Rate is 67.41% p.a. 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 with the lender that finances your loan. Click here to see a worked example.

The Interest Rate for Secured Large Amount Loans is 48%. Maximum Comparison Rate is 48% p.a. 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 with the lender that finances your loan. Click here to see a worked example.

This is what people are most concerned with - understandably so!

How can personal loans cost?

Example of how small personal loans work

Loan amount

$300 minimum
$2,000 maximum

Costs

UP TO 20% ESTABLISHMENT FEE CHARGED UPFRONT + MONTHLY FEE UP TO 4%

Under the current legislation, most small personal loan providers don’t charge an annual interest rate (you’ll know this as an APR) %.

In APR terms, the maximum annual percentage rate on loans between $300 and $2000 is typically 199.43%.

Terms

12
months

Example:

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 installments of $57.60.

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

Example of how medium secured personal loans work

Loan amount

$2,100 minimum
$4,600 maximum

Costs

Annual Percentage Rate (APR) is 48% Comparison rate is 67.41% p.a.

Terms

13
months minumum
24
months maximum

Example:

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 installments of $61.27.

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

Example of how large secured personal loans work

Loan amount

$5,000

Costs

Annual Percentage Rate (APR) is 21.24% Comparison rate is 48% p.a.

Terms

13
months minumum
24
months maximum

Example:

Loan Amount of $10,000 over 24 months repayable weekly (104 weekly repayments). $10,000 (Principle Amount) + $5,577.12 (Interest) = $15,577.12 total repayable over 24 months with weekly installments of $149.78.

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

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Warning

LoansAU are not for everyone. The information provided does not constitute financial advice, and should not be deemed as a suggestion that you choose the loans offered to you after you've applied. The application will provide you with a no-obligations offer of finance, but we cannot establish if what you're offered is suitable for your needs.

Make sure your credit provider does a proper assessment to make sure that you can afford the finance you're offered and that you can afford to comfortable make your repayments.

Remember, loan providers will charge a penalty or dishonour fee if you miss a payment or don't have enough cash in your account for your direct debit. This would result in you paying back more than necessary.