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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.”