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) | |
| Terms | 12 Months | |
| Costs | 20% upfront establishment fee + 4% monthly fee | |
| 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 | |
| Medium Secured Personal Loans Costs | ||
|---|---|---|
| Loan Amount | $2100 (minimum) - $4600 (maximum) | |
| Terms | 13 months (minimum) - 24 months (maximum) | |
| APR (Annual Percentage Rate) | 48% | |
| Comparison Rate | 67.41% 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 | |
| Terms | 13 months (minimum) - 24 months (maximum) | |
| Costs | The Interest Rate for Secured Large Amount Loans is 21.24%. Maximum Comparison Rate is 48% p.a. | |
| 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 | |
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) | |
| Terms | 12 Months | |
| Costs | 20% upfront establishment fee + 4% monthly fee | |
| Example | Say 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 | |
| Medium Secured Personal Loans Costs | ||
|---|---|---|
| Loan Amount | $2,100 (minimum) - $4600 (maximum) | |
| Terms | 13 months (minimum) - 24 months (maximum) | |
| APR (Annual Percentage Rate) | 48% | |
| Comparison Rate | 67.41% P.A. | |
| Example | Say 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 | |
| Terms | 13 months (minimum) - 24 months (maximum) | |
| Costs | The Interest Rate for Secured Large Amount Loans is 21.24%. Maximum Comparison Rate is 48% p.a. | |
| 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. | |
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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