Tag: lenders

6-Feb

Pros of Payday Loans

Pros of Payday Loans

Payday loans have gained popularity over the years despite facing backlash and criticism from lawmakers and financial advisers over their strict terms. Some of the factors that make these loans popular are fast processing times that offer a quick solution to financial emergencies. Payday lenders do not give much thought to the borrower’s credit history and are highly sought after…

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11-Jan

Managing Your Money When Times Get Tough

Managing Your Money When Times Get Tough

When you take a look at any decade on a personal scale, or even globally, you will find many economic ups and downs. Take the 2007-2008 economic downturn for example. That catastrophe particularly caused billions in losses to companies and individuals. Many companies went bust, and many lost a good portion of their retirement fund as well as their jobs.…

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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.

© 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.