We won’t charge you a fee to open your loan or if you miss a loan repayment.
We’ll charge an early settlement fee of up to 58 days additional interest if you choose to close your loan early. How we calculate this is determined by the Consumer Credit (Early Settlement) Regulations 2004 and is summarised below.
- If your original loan term is 12 months or less, we’ll charge up to 28 days’ interest and include this in your early settlement quote
- If your original loan term is over 12 months, we’ll charge up to 58 days’ interest and include this in your early settlement quote
So, depending on the length of your loan term, you’ll be given a quote which is your latest balance, any daily interest due to be applied, plus the equivalent of one or two month’s interest. Your quote will be valid for 30 days.
Closing your loan early will reduce the total amount of interest you pay.
If you want to settle your loan early, it’s important that you get a quote first so that we can calculate the total settlement amount required to fully close your loan. You can get your early settlement quote on the Manage page once you click Calculate my settlement.
Our loans are 16.1% APR Representative.