Example of how Small Personal Loans Work

Loan Amount

MIN

$300

MAX

$2,000

Cost

$400 establishment fee
+ monthly fee up to 4%

Max comparison rate between $300 & $2000 is 199.43%

Term

MIN-MAX

16 days to 12 Months

Example

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 valid
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.


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.


Further Information

For more information about the allowable fees and charges for SACCs & MACCs visit the Moneysmart website.

Example of how Medium Personal Loans Work

Loan Amount

MIN

$2,100

MAX

$4,600

Cost

Annual Percentage Rate (APR) is 48%.
Comparison Rate is 67.41% P.A.

Fees and charges are payable

Term

MIN

13 Months

MAX

24 Months

Example

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
valid 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. Credit criteria and
terms and conditions apply.


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.


Further Information

For more information about the allowable fees and charges for SACCs & MACCs visit the Moneysmart website.

Example of how Large Personal Loans Work

Loan Amount

MIN

$5,000

MAX

$30,000

Cost

APR is 17.00%
Comparison Rate is 36% P.A.

Fees and charges are payable

Term

MIN

13 Months

MAX

24 Months

Example

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
valid 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. Credit criteria and
terms and conditions apply.


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.


Further Information

For more information about the allowable fees and charges for SACCs & MACCs visit the Moneysmart website.