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Disclosure - Costs of Borrowing
At QuickCash our interest rates are set according to the Loan to Value Ratio (LVR), using the amount borrowed and the security available. We never change 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.
| Security/LVR | 0-20% LVR | 21-40% LVR | 41-60% LVR | 61-80% LVR | 81% + LVR |
|---|---|---|---|---|---|
| Residential first mortgage (with registered valuation addressed to QCFL) | 12.5% interest | 16% interest | 18% interest | 20% interest | N/A |
| Residential first mortgage | 14% interest | 16% interest | 18% interest | 20% interest | N/A |
| Caveat | 21% interest | 23% interest | 25% interest | N/A | N/A |
| Motor vehicle, boat, caravan, processing plant or other | 16% interest | 18% interest | 26% interest | 26% interest | 26% interest |
At QuickCash our interest rates are set according to 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.
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-$499, the establishment fee is $175. For loans of $500-$20,000 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 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 per day, payable daily but charged weekly. And the annual default interest rate is 22.5%, which is only charged on the portion of the loan that is in default.
Google AdWords Financial Services Policy
Beside our Costs of Borrowing above, we have provided a representative example of the total cost of a typical loan as well as an Annual Percentage Rate (APR) showing different costs of our loans.
Your loan contract will clearly show all costs involved with your loan, as required under New Zealand’s Credit Contracts and Consumer Finance Act. Under that Act, your disclosure statement shows an annual interest rate (AIR) as a percentage and that rate is made up only of the interest. It does not include credit fees.
However we give you the APR example to comply with Google AdWords Financial Services Policy.
In our sample loan, if you borrowed $5,000 and repaid it over 52 weeks, the total amount you would repay would be $6,348.68. This is made up of $738.68 of interest, $260.00 of administration fees and $350.00 for the establishment fee (as above).
Under the Credit Contracts and Consumer Finance Act the maximum Annual Interest Rate (AIR) is 26%.
However, when we include credit fees in the calculation for the percentage it gives us the APR. The maximum Annual Percentage Rate (APR) is 26.97%.
Quick Cash Finance has a minimum loan term of 365 days and a maximum loan term of 5 years (1825 days). QuickCash allows you to repay your loan early with no penalty fees for early repayment.
You can view an example of our standard credit contract and disclosure statement here. Or if you would like an individual loan quote, please phone us on 0800 784 252.