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    Here’s what a loan might look like

    Here’s what a small loan might look like…

    You’re after a loan for $1,000 for medical or dental bills. Your are looking to repay the loan back after 6 months and are happy to make fortnightly payments.

    Small Loan Example

    $1,000
    Loan Amount
    13  X  $110.77  =  $1,440.00
    Repayments Per Fortnight Total Payments
    Loan length: 26 weeks

    In the above example You’ll pay:

    • Loan Amount Financed: $1,000
    • Establishment Fee: $200 (set by NCCP at 20% of the loan amount)
    • Monthly Permitted Fee: $40 per month charged on the anniversary of the loan
    • Amount of Credit of the Loan: $1,240
    • Total Amount of Interest Payable: NIL
    • Total amount of repayments: $1,440.00
    • Nominal Percentage Rate (Interest) per annum: 0% as defined by NCCP

    Comparison Rate: 160.0571% as defined by NCCP

    Here’s what a medium loan might look like…

    You’re after a loan for car repairs for $2,500 and are looking to make payments back on a weekly basis over 2 years.

    Medium Loan Example

    $2,500
    Loan Amount
    104 X $43.19 = $4,490.88
    Repayments Per Week Total Payments
    Loan length: 104 weeks

    In the above example You’ll pay:

    • Loan Amount Financed: $2,500
    • Establishment fee: $400 (Set by NCCP)
    • Amount of Credit of the Loan: $2,900
    • Total Amount of Interest Payable: $1,590.86
    • Repayments: 103 x $43.19 + $42.31 (a final payment)
    • Total amount of repayments: $4,490.88
    • Nominal Percentage Rate (Interest) per annum: 48% as defined by NCCP

    Comparison Rate: 65.5138% as defined by NCCP

    WARNING: This comparison rate is accurate and applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

    See our full Fee Statement for fee details.

    “These examples are provided for illustrative purposes only. They do not represent an offer from Rate Detective Pty Ltd. A Spotter Loan is subject to the completion of an application, which is subject to responsible lending checks that take your personal needs and financial circumstances into account.”

    Warning about Borrowing!

    For loans under $2000 the minimum repayment term 90 days, maximum repayment term 12 months.