Things after Loan Application

1. What happens after you have submitted your application?

When you apply for a payday loan, you will need to fill in some personal details, including:

  • Home address
  • Contact details
  • Work employment
  • Regular personal outgoings

Please note that we may offer you a loan for an approximate amount, which could be higher or lower than the exact amount you applied for.

If your short-term loan application is accepted, you will be sent directly to your loan agreement.

You can then take time to read the terms and conditions of your loan properly to ensure that you are happy and comfortable with their offer.

2. What are payday loan charges?

When you take out a payday loan, you will usually be expected to repay around $24 for every $100 that you borrow for 30 days. This is because of FCA price caps.

Most importantly, you will never repay more than 100% of the money borrowed.

Short-term loans can vary depending on how long you take the loans out.

Please see the charges table below.

Repayment Schedule ($100) 1 Month 3 Months 6 Months
Average Monthly Repayment 124 44 24
Interest Paid 24 32 44
Total Cost 124 132 144

With a short-term loan, you may be offered the opportunity to revise your loan duration during your application, allowing you to pinpoint exactly how long you need the loan.

The loan requirements will come from your application and may depend on the loan amount and duration. MyCashOnline will see your loan application will depend on your needs and circumstances.

*Disclaimer & Example: For our Small Loans of $2,000 or less, an APR (Annual Percentage Rate) doesn't apply. These loans are fee-based only with a term between 62 and 180 days, and so the APR is 0%. The establishment fee is 20% of the amount borrowed and the monthly fee is 4% of the amount borrowed. Representative example: a loan of $1,000 repaid over 3 months equates to a total amount payable of $1,320 comprised of $1,000 principal (amount borrowed), $200 establishment fee and $120 in monthly fees. The maximum comparison rate on loans between $300 and $2000 is 199.43%.
For our Medium Loans between $2,100 and $5,000, with a term between 2 months and 12 months, the maximum Annual Percentage Rate (APR) is 48% (Comparison rate 65.6597% p.a.) and there is a $400 Establishment Fee. A Medium Loan of $3,000 borrowed over 1 year would equate to a total amount payable of $4,289 (including a $400 establishment fee).

Under the current legislation, most small personal loan providers don’t charge an annual interest rate (you’ll know this as an APR %). The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The maximum comparison rate on loans between $300 and $2000 is 199.43%. This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

© 2023 Owned by Australian Synergy Finance Pty Ltd, ABN 54 613 655 646. Australian Credit Licence 490422. The information on this webpage is general information only and does not take into account your objectives, financial situation or needs.