Contact us My Superloans

Breakdown of Interest & Fees

When taking out a loan, it's essential to grasp 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.

An Establishment Fee: $145 is applied to prepare your loan, ensuring it's perfectly tailored to meet your needs immediately.

Administrative Fee: $3 is applied to each payment, covering the ongoing management of your loan.

Arrears Fee: $30 is applied every 28 days for managing loans in arrears

Manual Payment Fee: $5 per transaction, emphasising the benefits of sticking to your repayment schedule.

Contract Variation Fee: Allows us to 

$10 per variation in My Superloans
$15 per variation when staff-assisted

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 49.9%. 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.

Sample Contract: Here is a sample contract for you to view before committing. Click for an Express Loan Contract