Disclosure – Costs of borrowing
At QuickCash our interest rates are set according to customer credit profile/Applicant Score and the Loan to Value Ratio (LVR), using the amount borrowed and the security available. We never charge a fee for early repayment and our interest rates are fixed to provide certainty throughout the life of your loan. Below is a table showing the Annual Interest Rates (AIR) for each security type and LVR.
Applicant Score
QuickCash’s software scores each individual applicant using data from credit checks, land and vehicle ownership records, on-line public records and your repayment history with other lenders.
Our system also records how many times you’ve changed mobile numbers, moved to a new address, changed employment or failed to keep your vehicle’s WOF and registration current at all times.
You can retain or improve your Applicant Score by keeping QuickCash informed of all of the above during your relationship with us.
| Security / LVR | 0-20% LVR | 21-40% LVR | 41-60% LVR | 61-80% LVR | 81% + LVR |
Residential first mortgage
| 12.5% interest | 16% interest | 18% interest | 20% interest | N/A |
| Residential first mortgage | 14% interest | 16% interest | 20% interest | 30% interest | N/A |
| Caveat | 26% interest | 26% interest | 30% interest | N/A | N/A |
| Vehicle, boat, caravan, processing plant, other | 16% interest | 18% interest | 30% interest | N/A | N/A |
| Unsecured 26% interest – 29.99% interest |
All of our loans have an establishment fee, whether it is a new loan or a refinance. This is the fee for receiving, processing and advancing your loan. For loans of $200-$500, the establishment fee is $175. For loans of $501-$1000 the establishment fee is $250. For loans of $1001 – $5000 the establishment fee is $350. There is also an administration fee with all of our loans, to cover the costs of administering each loan. We have designed this to incorporate all administrative costs, so we don’t charge you for your 6-monthly statements, balance requests, processing of payments or anything else involved with your loan, to give you the certainty of a fixed cost throughout the life of your loan. Our administration fee is $5.34 per week, but only charged while the loan is active.
If a loan goes into default, default fees and default interest will apply. The default fee and default interest have been designed to cover the increased cost to the company for the frequent monitoring, additional contact with the borrower and third parties (eg: budget advisors or guarantors) and the increased reporting requirements. The default fee is $1.55 per day, payable daily but charged weekly. And the annual default interest rate is 8%, which is only charged on the portion of the loan that is in default.
Hardship
When you apply for your loan we make every effort to ensure you’re capable of repaying it. However we understand circumstances change. If you suffer an unforeseen event and can no longer maintain your repayments, give us a call on 0800 784 252. We can work with you to get through the tough times, and if you are struggling you can make an application for hardship. When we receive this we will work with you to come up with a plan to get ahead.
To make a hardship application you need to submit it to us in writing, alongside 90 days worth of bank statements. We will then work with you and a budget advisor to determine the best course of action. Please call us on 0800 784 252 for a hardship application form.
Changing contact details
If you change address or phone number, please advise us by calling 0800 784 252. We need to have your current address and contact phone number at all times. This allows us to keep you informed of your loans progress and contact you immediately if the loan is in default.