Our Charges Explained
Ferratum offers short term cash loans from $100 to $1000* to be repaid over terms of 16, 22 or 32 days. We are direct about what your short term loan will cost and will not charge any hidden fees, all fees and charges excluding direct debit costs are 20% establishment fee and a 4% per month account keeping fee.
What are the charges?
The repayment fees are set in accordance with Australian Government regulations 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.Fast loans 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.
Comparison Rate for a $250 loan over 2 weeks = 428.85%
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. Credit fees and charges apply.
|Loan Amount||Establishment Fee||Monthly Fee||16 Days||22 Days||32 Days|
Fees & Charges
These are the ordinary fees and charges associated with the application and repayment process:
|Ezi Debit Transaction Fee||$1.25 per Instance|
In the event that you default or reschedule your repayments, some or all of the following fees are applicable:
|Dishonoured Payment Fee||$38.50 per Instance|
|Missed Payment Fee||$38.50 Once-Off Fee|
|Collection Transfer||$47.00 Once-Off Fee|
|Default Notice/Letter||$10.00 Each (applied at 7, 14, 21 & 30 days)|
|Debt Management Fee||$50.00 Once-Off Fee|
*Loan Amount may vary depending on previous loan history with Ferratum