Our interest rates range from 15.99% to 35.99% APR. We quote our pricing in APR so that you can clearly understand and compare our rates to other lenders. We also comply with AFIA’s Small Business Code of Lending Practice and provide a SMART Box™ loan comparison tool so you can understand pricing before you take out a loan. Learn more about this here.
Interest is charged on the opening balance at the start of each fortnight.
As an example, if you were to borrow $20,000 over 12 months, at a rate of 20%, you’d incur roughly $11 per day in interest in the first fortnight, reducing each fortnight thereafter as the loan balance reduces.
Put another way, if you borrow $20,000 and stick to the repayment schedule, the interest you’d pay on the loan over the 12-month period is just under $2,180.
Transparency is important to us, which is why we have a business loan calculator which you can use to see a sample schedule of repayments, even before you apply.
For more information, see our Fee Statement.