Our Personal Loans incur an Establishment Fee equalling 20% of the amount borrowed and a monthly fee of 4% of the amount borrowed. For example, a loan of $1000 over 12 months has fees and charges totalling $680 (1x $200 + 12 x $40) therefore a total repayment of $1680. Our loans are not interest rate based however the maximum Annual Percentage Rate for our Personal Loan is 156.1%. Our maximum and minimum loan term is 12 months.
The Short term lending industry is highly regulated and Responsible Lending is a legal obligation for all the providers. Responsible Lending also makes good business sense as every Lender wishes to have loans repaid on time and without any hardship to the customer.