Do you need a:
Small Personal Loan or a Medium Secured Personal Loan?
With a Small Personal Loan, you can borrow an amount from $300 to $2,000 over 16 to 50 weeks.
You’ll pay a 20% establishment fee, which is charged upfront, and up to 4% as a monthly fee.
What does that mean?
Say you need $1,000 and you want to pay it off over the maximum repayment period of 50 weeks. Your establishment fee would be $200, your fees on that amount would be $480 making the total repayment amount $1,680. Your weekly instalments would be $33.60.
With a Medium Secured Personal Loan, you can borrow between $2,001 and $4,600 and repay it over 13-24 months.
The annual percentage rate (APR) would be 48% and the Comparison Rate would be 63.0347% per annum. This is an estimate and could change depending on the individual credit provider you go with and your individual position.
What does that mean?
Say you need a loan of $3,000 and want to repay it in weekly instalments over 18 months. Your establishment fee would be $400 and your other fees would be $1,178.87. This makes your total repayment amount $4,840.17, and your weekly instalments $61.27
Want to learn more about how the different types of personal loans work? Take a look at the Australian Securities and Investments Commission (ASIC)’s Money Smart website here https://www.moneysmart.gov.au/borrowing-and-credit/payday-loans.
*A secured personal loan uses an asset to secure the finance you need. For small to medium personal loans, the assets used as security are usually things like cars, motorbikes, boats or caravans.
We Find Loans is not a credit provider and we don’t provide financial advice. Following your application, we will link you up with a loan provider that we think will be able to offer you suitable loan terms. The decision to accept an offer is yours and yours alone, and any communication from We Find Loans should not be taken as a suggestion to elect to choose any type of loan. Until an application has been completed, we cannot establish if a loan is suitable for your individual needs. It is up to you to ensure that you can meet the repayment terms.