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. 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:
Loan establishment fee. A one-off set up fee for your loan of between $100 & $220 depending on amount of new money borrowed.
ID Verification Processing Fee. A per verification charge through a 3rd party of $7.70 per person.
Security Registration fees. For secured loans where we register an interest in personal property items provided as security of $8.05.
Administration Fee. A fee payable on each instalment due date of your loan of $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.
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.
