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Here’s what a loan might look like

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
Minimum loan period: 61 days
Maximum loan period: 2 years

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.”