What is the cost of payday loans?

What Does A Payday Loan Cost?

Your repayments when applying at Australia Cash Loan are smaller than most payday loans, which usually require payment in full on your next payday or within 3 or 4 weeks. Our loans are spread from 10 weeks to 3 months

You BorrowYour CostYou Repay
500160660
10003201320
15004801980
20006402640

Example if paid weekly:

Amount Borrowed 
$200 A loan of $200 for 10 weeks has fees and charges totalling $64, Maximum APR of 110.38% and a total repayment of $264. The Minimum loan term is 10 weeks and the Maximum term 3 months. The term will be 10 weeks if you repay weekly or fortnightly or 3 months if you repay monthly. The Maximum APR is 110.38%. The Comparison Rate, based on a loan of $1,000 over 6 months, is 152.04%
$400A loan of $400 for 10 weeks has fees and charges totalling $128, Maximum APR of 110.38% and a total repayment of $528. The Minimum loan term is 10 weeks and the Maximum term 3 months. The term will be 10 weeks if you repay weekly or fortnightly or 3 months if you repay monthly. The Maximum APR is 110.38%. The Comparison Rate, based on a loan of $1,000 over 6 months, is 152.04%
$1000A loan of $1,000 for 10 weeks has fees and charges totalling $320, Maximum APR of 110.38% and a total repayment of $1,320. The Minimum loan term is 10 weeks and the Maximum term 3 months. The term will be 10 weeks if you repay weekly or fortnightly or 3 months if you repay monthly. The Maximum APR is 110.38%. The Comparison Rate, based on a loan of $1,000 over 6 months, is 152.04%
$2000A loan of $2,000 for 10 weeks has fees and charges totalling $640, Maximum APR of 110.38% and a total repayment of $2,640. The Minimum loan term is 10 weeks and the Maximum term 3 months. The term will be 10 weeks if you repay weekly or fortnightly or 3 months if you repay monthly. The Maximum APR is 110.38%. The Comparison Rate, based on a loan of $1,000 over 6 months, is 152.04%

We know you have concerns about hidden charges and fee’s. Rest assured, there are none! All fee’s and charges are fully explained and upfront before you ever sign for your loan. See our payday loan repayment table above for a quick sample of our loan terms..

The repayment fees are set in accordance with Australian Government regulations for cash loans and are calculated depending on your loan amount.

Due to their short term nature, cash loans (microloans) have a much higher effective interest rate than you may have seen in other types of loans. Don’t panic about this!

The effective interest rate is a measure of the total loan cost if you were to take the loan out over one year and expressed as a percentage (Annual Percentage Rate, or APR). As our loans are for short-term assistance the actual interest rate is not this high.

Payday lenders are required by ASIC to use the APR as a standard by which you can compare the different rates available. We adhere strictly to government regulations and guidelines and make sure the APR is stated clearly on the Confirmation Page – before you submit your application.

The repayment fees are set in accordance with Australian Government regulations and are calculated depending on your loan amount.

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

How Much Do You Need To Borrow?

$500

There is a 20% loan establishment fee, plus a 4% monthly fee over 3 months.

Your loan repayment period is set to 10 weeks when paid weekly, 5 fortnights when paid fortnightly and 3 months when paid monthly – giving you 3 months to get back on track with your finances.

Your repayments are smaller than payday loans, which usually require payment in full on your next payday or within 3 or 4 weeks.

As responsible lenders, we will continue to assess your circumstances for future loans or renewal. Please note that renewals will not be automatically approved.