Before you decide to borrow from us, please read the information on this page to understand how our fees and charges are determined.
Loan Calculator: Please use the loan calculator on our Home Page to see what the loan that you are considering will cost.
What could happen if you fail to meet your commitments?
The only way the cost of your loan will change is if you don’t keep to terms of your loan agreement. This will happen if you fail to make all the payments in the amounts and on the dates specified in your loan agreement.
If any of your payments dishonour, we will endeavour to contact you and make an arrangement to reschedule the payment. We will also generally send you a letter advising you of this fact. A payment dishonour fee and default notice fee may be charged each time you miss a payment and/or we send you a letter.
If you do not respond to our telephone calls or letters, then we may visit your home or place of work in an effort to come to some repayment arrangement with you. If this happens, you may then be charged a visit fee.
Implications of late payment
Interest and administration fees continue to be added to your account daily until your loan is fully repaid. However, to avoid your debt spiralling out of control, and with the exception of visit fees, the total amount of fees and interest added to your loan will be limited to 100% of the amount of your loan proceeds. For example, if you borrow $100, the most you will have to repay is $200.
Please remember, if your situation changes and/or you are having difficulties making your repayments, then contact us immediately and explain what has happened. We are reasonable people and understand that your situation can change due to no fault of your own. We are generally happy to negotiate a reduction in repayment amounts & see a loan slowly repaid than have to chase you & send letters etc.
Implications of non-payment
Failing to make any payments on your loan is a serious situation. We will continue to attempt to contact you via telephone, mail, email, visiting your home or place of work, etc, in an attempt to understand how your circumstances have changed, why you are unable to make any repayments, and hopefully to agree a mutually acceptable repayment plan that will ultimately see your loan repaid. However, if you refuse to communicate with us or make any payments, then you don’t leave us with many options. While this process continues, interest and administration charges will continue to be added to your loan daily. Each dishonoured payment, dishonour notice sent and visit we make will also result in additional fees being added to your loan account (as discussed above). Ultimately, we may be left with no option other than to refer your debt to a collection agency. This will further increase your debt, as the collection agency will charge a fee for their service, and your credit rating will become impaired, possibly preventing you from obtaining credit elsewhere in the future. In an extreme case, we may also consider taking legal action against you and referring the matter to the courts for resolution. All of this can be avoided by simply talking to us and agreeing a regular repayment plan. As our loans are small in dollar terms, payments as low as $5 per week will see most loans paid off in a reasonable amount of time.