A Spotter Loan can be an unsecured loan
At Spotter we specialise in unsecured loans. We can provide you with an unsecured loan up to $2000. We can often provide unsecured loans even if your credit rating is bad. The approval process takes less than an hour once you get then necessary documentation back to us. Once approved you will generally receive the money in your bank account within 24 hours.
At Spotter there is generally no need to fill in paperwork or scan or fax us back signed documents, everything can be done electronically.
Rather than securing your loan, we will get some other information off you which is a legal requirement in order to process your loan on an unsecured basis. Such information includes:
- Your income
- Your expenditure
- The last 90 days of bank statements.
Repayment terms are flexible, you can choose a repayment schedule between 3 and 12 months.
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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.
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
- Direct Debit Fees: $25.74 ($0.99 per transaction)
- 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.
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
For loans under $2000 the minimum repayment term 90 days, maximum repayment term 12 months.