Breakdown of Interest & Fees
When taking out a loan, it's essential to know the associated costs, from interest rates to fees. This guide simplifies the complex world of loan charges, empowering you to make informed choices and manage your loan smartly.
Express Loan Costs
Our Express Loans come with fixed interest rates and fees for the duration of the loan term. The rates vary based on the loan amount and your Superscore.
Interest Rates: 29.95% - 49.95%
The interest rate varies based on the loan amount and Superscore.
Establishment Fee: $150
Applied to prepare your loan.
Administrative Fee: $10 every 28 days
Covers the ongoing management of your loan.
Direct Debit Fee: $1.10 per scheduled payment
Applied to each direct debit transaction.
Manual Payment Fee: $3.00 per non-scheduled payment
Applied for each manual or non-scheduled payment.
Contract Variation Fee: $20 per variation
Charged for changes to your loan schedule or terms
Payment Variation Fee: $10 per adjustment
Charged for postponing or adjusting a payment
Defaulted Payment Fee: $10 per defaulted payment
Applied if a payment defaults.
Overdue Payment Fee: $20 every 28 days
Applied while the loan remains in arrears.
Prepayment Fee: $20
Applied when you repay the loan balance in full before the final date.
Pawn Loan Costs
Pawn Loans feature tiered, fixed fees based on your Superscore and loan amount. Fees are applied every 28 days and remain fixed throughout the loan term.
Loan Amount: $20 - $2499
Fee: 28% - 32%
Loan Amount: $2,500 - $4,999
Fee: 20% - 26%
Loan Amount: $5,000 - $9,999
Fee: 14% - 18%
Loan Amount: $10,000 - $15,000
Fee: 10% - 12%
Loan Amount: $15000 +
By Negoiation
Interest Rates, Fees, and APR
At Superloans, our interest rates are designed with your financial health in mind, ranging from 0% to a maximum of 49.95%. These rates are determined by several factors, including the amount of your loan and your Superscore—our way of assessing your creditworthiness.
Interest Rate vs. APR: While the interest rate reflects the cost of borrowing money expressed as a percentage of the principal, the APR encompasses the interest rate along with any other charges associated with the loan, offering a more comprehensive view of the loan's cost over time.
Annual Percentage Rate (APR): The APR is a critical metric that helps you understand the total cost of borrowing annually, including interest rates and fees, making it easier to compare different loan products.
Understanding APR: Understanding APR is crucial when borrowing money. A good credit score can secure lower APRs, reducing the cost of borrowing.
Managing Your Finances: Whether considering a loan for a short-term financial goal or managing a loan balance, being aware of the APR and how it works can help you manage your finances more effectively and avoid unnecessary costs.