Cash Advance

28-Nov

Is collateral necessary in every loan?

Is collateral necessary in every loan?

Collateral May Not Be Obligatory As Unsecured Loans Rely On Creditworthiness. Understanding Collateral Collateral plays a pivotal role in the lending process, serving as a security measure for lenders while offering borrowers access to fund themselves. This section delves into the nuances of collateral, exploring its various forms and its critical function in mitigating risk. Definition and Types of Collateral…

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23-Nov

Choosing Between Payday Loans and Personal Loans for Your Financial Needs

Choosing Between Payday Loans and Personal Loans for Your Financial Needs

Introduction: In the dynamic landscape of financial solutions, the decision between payday loans and personal loans holds significant weight. This guide aims to dissect the nuances of each option, empowering you to make an informed choice that aligns with your unique financial situation. Understanding Payday Loans: Payday loans are designed for quick access to funds, addressing immediate financial needs. Typically…

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1-Jul

Will my credit score impact my loan application

Will my credit score impact my loan application

Will my credit score impact my loan application? As we’ve said before, individuals don’t have one universal credit rating. However, your loan provider will use their own scoring system to predict how likely you are to be a good customer. As every lender has their own scoring system, there’s no real way to know why you may be deemed a…

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1-Jul

What is credit score

What is credit score

A credit score is a three-digit number used by lenders to help them decide how likely it is an applicant will pay back the money they borrow. Before we get started, it’s worth clarifying that you do not have one universal ‘credit score’. It’s true that most organisations will use similar factors to determine a customer’s credit score. However, every lender and…

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1-Jul

The Pros and cons of a Debt Management Plan

The Pros and cons of a Debt Management Plan

Making the final decision For many people, a Debt Management Plan is an effective and smart solution if they can afford to pay at least $5 per month and can pay back existing debt within 10 years. It’s worth quickly reviewing the pros and cons. Pros Your monthly outgoings will be reduced. You only need to make one payment to…

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1-Jul

What is a Debt Management Plan?

What is a Debt Management Plan?

A Debt Management Plan or DMP is a payment strategy agreed between you and your creditors. It enables you to pay back non-priority debts such as credit cards in a manageable way. Normally, the Debt Management Plan is managed by an agency or DMP provider, so you don’t have to deal directly with companies you owe money to. You pay…

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1-Jul

Loan Type-SACC vs MACC

Loan Type-SACC vs MACC

There are many loan types for consumers such as secured, unsecured, lines of credit, home loans, etc. However, the majority of consumers opt for one of two options: known as short-term or personal loans. These are SACCs (Small Amount Credit Contract) and MACCs (Medium Amount Credit Contract). What is a SACC loan? A SACC loan is a regulated product under the National…

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1-Jul

How to Improve Loans

How to Improve Loans

Home improvement loans Whether you’re looking for more space, or to spruce things up a little, a personal loan for home improvements could help turn your house into your forever home. Personal loans for home improvements With a Nationwide loan, you’ll: Get a no-obligation quote A personalised quote that won’t affect your credit rating. Have fixed monthly payments They won’t…

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1-Jul

How to Avoid Problems With Credit

How to Avoid Problems With Credit

Looking after our credit is something we all need to keep on top of. If we don’t, we stand the chance of putting ourselves at risk of not being able to take out a loan when we really need it. Even something like buying a mobile phone or a sofa that is interest free could be hampered of you don’t…

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28-Jun

How do personal loans work?

How do personal loans work?

A personal loan allows you to borrow money and pay it back in instalments over a fixed term. You’ll be charged a fixed rate of interest, which will be added to your repayments. Paying back the exact same amount each month helps to manage your outgoings and ensures you’re borrowing within your budget. Personal loans give you access to money…

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*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.