IMPORTANT INFORMATION
Fees and Charges
Credit provider: Needy Loans Pty Ltd · Australian Credit Licence 558796
Small Amount Credit Contracts
For loans from $500 to $2,000, the lender publishes an establishment fee of 20% of the amount borrowed and a monthly fee of 4% of that amount. Its published illustration is $1,000 over 20 weeks: $200 establishment, five $40 monthly fees, $1,400 total repayable and $70 weekly repayments. This is an illustration; your offer controls.
Medium Amount Credit Contracts
For loans from $2,001 to $5,000, the lender publishes a $400 establishment fee and interest up to 48% per annum. Its published example is $2,500 over 24 months at 47.8% per annum, with $1,553 interest, $4,453 total repayable and $85.63 fortnightly repayments. The lender’s displayed comparison rate is 66.58% per annum for its stated example. Actual pricing and the required comparison rate disclosure depend on the particular offer.
Other published charges
The lender lists a $25 dishonour or missed payment fee per event, a $35 default notice fee, enforcement costs at cost, and a $0.65 direct debit transaction fee for MACC loans. Whether a charge can apply and any limits depend on the law and your contract. Do not assume a fee applies automatically to every missed payment.
Early repayment
The lender says there is no early repayment penalty. Paying early can reduce some future charges or interest, depending on the agreement. Request a payout figure before making an early final payment.
Check before accepting
Loan terms, total repayments and due dates must be shown in the individual offer and repayment schedule. Ask for clarification before signing. If repayments become difficult, contact the lender promptly about hardship assistance.
These pages explain the published information in the Visa Money context. The credit provider’s application disclosures and your individual loan contract set out the terms applicable to an offer. For questions, contact hello@needyloans.com.au.
View all documents ↗