LOAN COSTS

How much do personal loans cost?

Let’s talk costs. Personal loan costs. This is what you can expect to pay. However, the official cost of your loan will be determined by the lender that we refer you to.

Small Personal Loan Costs
Loan Amount$500 (minimum) - $2000 (maximum)
Terms12 Months
Costs 20% upfront establishment fee + 4% monthly fee
ExampleLoan 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
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 our loans between $300 and $2000 is 199.43%.
Medium Secured Personal Loans Costs
Loan Amount$2100 (minimum) - $4600 (maximum)
Terms13 months (minimum) - 24 months (maximum)
APR (Annual Percentage Rate) 48%
Comparison Rate67.41% P.A.
Example 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
Large Personal Loan Costs
Loan Amount$5000
Terms13 months (minimum) - 24 months (maximum)
Costs The Interest Rate for Secured Large Amount Loans is 21.24%. Maximum Comparison Rate is 48% p.a.
ExampleLoan 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
LOAN COSTS

How much do personal loans cost?

Let’s talk costs. Personal loan costs. Probably the most important stage of your personal loan journey.

Small Personal Loan Costs
Loan Amount$500 (minimum) - $2000 (maximum)
Terms12 Months
Costs 20% upfront establishment fee + 4% monthly fee
ExampleSay you need $1,000. If you choose to repay the amount over 50 weeks.

Your repayments would include your principle amount (the amount you need –$1,000), your establishment fee (20% is $200 in this case) and your monthly fees (4%) and divide it by 50.

So, it’ll look something like this
$1,000 + $200 + $480 = $1,680 / 50 = $33.60 per month
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 our loans between $300 and $2000 is 199.43%.
Medium Secured Personal Loans Costs
Loan Amount$2,100 (minimum) - $4600 (maximum)
Terms13 months (minimum) - 24 months (maximum)
APR (Annual Percentage Rate) 48%
Comparison Rate67.41% P.A.
ExampleSay you need $3,000. If you choose to repay the amount over 18 month.

Your repayments would include your principle amount (the amount you need – $3,000), your establishment fee (20% is $400 in this case) and your monthly fees (4%) and divide it by 18.

So, it’ll look something like this
$3,000 + $400 + $1,373 = $4,840.14 / 18 = $61.27 per month
Large Personal Loan Costs
Loan Amount$5000
Terms13 months (minimum) - 24 months (maximum)
CostsThe Interest Rate for Secured Large Amount Loans is 21.24%. Maximum Comparison Rate is 48% p.a.
ExampleLoan 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.

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TESTIMONIALS

Not convinced just yet?

Hear it from the people who we helped make their life magical

Very fast, very simple

"I wanted to work with a service that was genuine and trustworthy. I got want I wanted."


Noah Jones

100% recommend this

"I finished my application in just a few minutes and was referred to a lender without any dramas! Well and truly magic!"


Samantha Bradley

The Wizards are magic

"I needed money fast and the wizards helped me find a lender that had the best loan for me."


Mikaela Smith

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Put your trusts in our lender finding wizards to find the lender you’re looking for!