Rates & Fees

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, our 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. The Default rate that we charge is 10% per annum above the Interest Rate that normally applies to your loan.

Loan terms

Loan terms are normally over a maximum term of five years.

Loan fees

We have various fees attributed to your loan which are added to your loan repayments.

Fee	Description	Cost
Loan establishment fee	A one-off set up fee for your loan.	From $100 to $220 depending on amount of new money borrowed
Administration fee	A fee per instalment paid.	$3 (per instalment)
Variation fee	A one-off fee charged if your loan terms are changed.	$50
Full repayment fee	A one-off fee if you pay off your loan in full before the final payment is due.	$25 + any calculated loss.
ID Verification Processing Fee	A per verification charge through a 3rd party.	$7.70

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.