Costs
How Much Does it Cost?
Example of a Small Amount Loan
Our small loans are $2000 or less with a minimum duration of 63 days and a maximum of 90 Days. Fees include an establishment fee of 20% of the loan amount and a monthly fee of 4% each month. We match your repayments to your pay cycle.
By way of example, a loan of $500 over a 3 month period would have an establishment fee of $100 and a monthly fee of $20 each month ie: total monthly fees of $60. The total repayable is therefore: $500+$100+$60=$660. Your monthly repayment amount is therefore $220 per month.
Note: The Nominal Percentage Rate for small loans is 0% as the loans are fee based.
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- Late Fees that may apply:
- ● Dishonoured Payment Fee: $20
- Late Fees that may apply:
Example of a Medium Amount Loan
A medium amount loan is a loan over $2000 and a minimum duration of 63 days. Fees include a $400 establishment fee, an Annual Interest Rate of 48%, and a Comparison Rate* of 65.4962%.
By way of example, a loan of $3000 over a 3-month period would have an establishment fee of $400 and interest charges of $275.60. The total repayable is therefore: $3000+$400+$275.60=$3675.60. Your monthly repayment amount is therefore $1,225.20.
* The comparison rate is based on a $2,500 loan over a term of 2 years with a $400 establishment fee and weekly repayments. LazerMoney does not offer loans for $2,500 over a term of 2 years.
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- Late Fees that may apply:
- ● Dishonoured Payment Fee: $20
- Late Fees that may apply:
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What happens if I can’t repay on time?
Importantly, contact us as soon as you realise you may have difficulty repaying us on time. There are additional charges that may be payable on outstanding balances.
What time of day is the direct debit?
Direct debits usually occur overnight or pursuant to your banks processes. We’ll usually try to schedule your repayment the day your salary or benefit is credited to your bank account.
