Loan terms
Our minimum loan term is 3 months, and our maximum loan period is typically 5 years.
Interest rates
Instant Finance provides loans at an annual interest rate from 12.95% to 29.95% per annum.
The rate that applies to your loan will be based on a range of factors including your circumstances, credit history with us or others, the security you can provide and the loan amount.
Once set, the interest rate is fixed for the term of your loan.
Default interest rate
If you get behind in your loan repayments, then we may charge a default interest rate on any overdue loan payments, while they are unpaid.
For our Personal Loan Product, the Default rate that we charge is 10% per annum above the Interest Rate that normally applies to your loan.
For our Consumer Loan Product, the Default rate that we charge is 10% per annum.
On this basis the maximum annual interest rate charged would be 39.95%
Loan fees
Some or all of the following fees are payable at loan commencement, these may be added to the amount you borrow:
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Fee
|
Description
|
Cost
|
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Loan establishment fee.
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A one-off set up fee for your loan.
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From $100 to $220 depending on amount of new money borrowed
|
|
ID Verification Processing Fee
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A per verification charge through a 3rd party.
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$7.70 per person
|
| Security Registration fees |
For secured loans where we register an interest in personal property items provided as security |
$8.05 |
| Other Fees |
|
|
| Administration Fee |
A fee payable on each instalment due date of your loan |
$3 (per instalment) |
| Credit and Default fees |
Default or other fees that can arise during the course of a loan are shown in our full fee schedule. |
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Loan Example:
The amount repayable of your loan is made up of your interest rate, plus fees. For example, if borrowing $10,000 repayable over 3 years at an interest rate of 29.95% you would be required to make 156 weekly instalments of $102.54. This repayment is made up of interest, an establishment fee of $220, an ID verification fee of $7.70 and an administration fee of $3.00 per instalment.
Total interest would be $5,300.54 with total fees of $695.7 making the total payable over the full term $15,996.24.
