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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.

Breakdown of Fees and Charges

Interest Rates Explained

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.

Setting Up Your Loan:

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

Ongoing Charges:

  • Administrative Fee: $3 is applied to each payment, covering the ongoing management of your loan.
  • Arrears Fee: $30 is charged every 28 days for loans that fall behind schedule.
  • Manual Payment Fee$5 per transaction, emphasising the benefits of sticking to your repayment schedule.
  • Contract Variation Fee$15 is charged for each contract variation, allowing us to accommodate changes to suit your evolving needs.

Empowering Your Financial Decisions

Equipping you with all the information: This is necessary to make informed decisions about borrowing money. From understanding the annual percentage rate (APR) to managing your loan balance effectively, our guide clarifies the financial aspects of loans.

Utilise our Online Calculator: Understand your potential loan costs, including repayments and schedules.

We encourage responsible borrowing: We urge all potential borrowers to thoroughly read the terms and conditions and reach out with any questions.

Interest Rates, Fees, and APR Explained

The Cornerstones of Borrowing Cost

  • 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 a period of 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.

  • Types of APR: Variable APRs adjust based on the prime rate, affecting the cost of borrowing as market conditions change, while balance transfers and cash advances might carry different APRs, potentially including a penalty APR for late payments.

  • Understanding APR is crucial when borrowing money. A good credit score can secure you lower APRs, reducing the cost of borrowing. Whether you're 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.

Understanding your loan agreement

We offer a sample contract for you to view before committing. This ensures you're fully informed about our loan process's terms, conditions, and commitments.

Click for an Express Loan Contract

Empowering Your Financial Decisions

Equipping you with all the information: This is necessary to make informed decisions about borrowing money. From understanding the annual percentage rate (APR) to managing your loan balance effectively, our guide clarifies the financial aspects of loans.

Utilise our Online Calculator: Understand your potential loan costs, including repayments and schedules.

We encourage responsible borrowing: We urge all potential borrowers to thoroughly read the terms and conditions and reach out with any questions.