Monthly Archives: April 2022

29-Apr

All about fintech and Payday loans

All about fintech and Payday loans

How has the internet and tech changed the way we think about loans? It’s difficult to remember, but not all that long ago anyone looking to take out a loan or open an account rarely looked beyond their own high street bank. There was little choice in the market and even products offered by competitor banks or building societies often…

Find out more

22-Apr

5 helpful tips if you miss a credit card payment

5 helpful tips if you miss a credit card payment

It’s very easy to miss a payment for a number of reasons. Whether it’s an honest mistake like cancelling the direct debit by accident, or not having the funds in your account on the day of collection, it’s never a good feeling regardless of the cause. Left unresolved, it could be a costly mistake. You might be able to minimise…

Find out more

12-Apr

5 Benefits of Getting Personal Loans

5 Benefits of Getting Personal Loans

Personal loans are one of the strongest credit alternatives accessible, and smart people use debt to their advantage. You can take out personal loans to swiftly patch in a financial gap rather than maxing out your credit cards or endangering your house or possessions. Personal loans, while not that widespread, are fast gaining popularity due to their numerous advantages over…

Find out more

5-Apr

How to Improve Your Credit Score in 7 Steps

How to Improve Your Credit Score in 7 Steps

Looking for tips and best practices on how to improve credit score? A credit score is one of the most important indicators of your financial health. It informs lenders how responsible you are in managing your loan. The higher your score, the better chance you have to be approved for new loans or lines of credit. With a good credit…

Find out more



*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.

© 2022 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.