It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.
Check your options before you borrow:
The Government’s MoneySmart Website shows you how small amount loans work and suggests other options that may help you.
| For an unsecured SACC of $1,000 lent over 6 months: |
For an unsecured MACC of $2,500 lent over 2 years: |
| • Credit Amount: $1,000 |
• Credit Amount: $2,500 |
| • PermittedEstablishment Fee: 20%, $200 (Set by NCCP) |
• Establishment Fee: $400 |
| • Monthly Fees: 4% per month, $40.00 per month, total $240.00 |
• Other Fees: None |
| • Repayment Frequency: Weekly |
• Repayment Frequency: Weekly |
| • Amount of Credit of the Loan: $1,240.00 |
• Amount of Credit of the Loan: $2,900.00 |
| • Nominal Percentage Rate (Interest) per annum: 0% as defined by NCCP |
• Nominal Percentage Rate (Interest) per annum: 48% as defined by NCCP |
| • Total Amount of Interest Payable: $0.00 |
• Total Amount of Interest Payable: $1,590.13 |
| • Total Number of Repayments: 25 payments of $56.92 and 1 final payment of $57.00 |
• Total Number of Repayments: 103 payments of $43.19 and 1 final payment of $41.56 |
| • Total amount of repayments: $1,480.00 |
• Total amount of repayments: $4,490.13 |
| • Comparison Rate: 164.4773% as defined by NCCP |
• Comparison Rate: 65.5034% as defined by NCCP |
WARNING: 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
