Whilst we make every effort to ensure you can afford to repay your loan and it won’t put you in a position of financial difficulty, it’s very important that you consider all options before borrowing money.
There are a number of factors to take into consideration, including the total cost of the loan, the term of the loan, any additional fees, annual interest rates, establishment and administration fees, early repayment fees and whether there are better alternatives.
At Pronto we’re not financial advisors, but we would recommend you speak to an independent third party before entering any financial agreement. Seeking legal advice is also a good option when entering any contract.
If you do wish to use Pronto, then we’ve listed all of the costs of borrowing from us below. Please note that if you default on your loan we do have a credit control process that uses SMS, phone calls, emails and letters to contact you, and these activities will incur further charges. However each loan is different and your loan contract will clearly outline any potential costs involved with being in default.
Annual interest rate (AIR): This is set between 11.97% and 29.97% depending on your client rating. We use our own unique system that assesses hundreds of pieces of data, allowing us to offer safer borrowers a lower annual interest rate. The annual interest rate is always fixed for the life of the loan so you know exactly how much you have to repay before you sign the loan contract.
No early repayment fee: We promise we will NEVER charge a fee for early repayment. When select your loan amount we also let you select your repayment figure. Unlike most lenders we want you to pay as much as you can reasonably afford, because you will save on interest and get the loan paid off sooner, and we will have the money back to lend out again.
Establishment fee: This is the fee we charge for receiving, processing and advancing your loan. It’s a one off fee that applies to all personal loans (both new loans and refinances) and is included in your repayments.
Loans of $200-$499: $160.
Loans of $500-$999 : $260.
Loans of $1,000-$20,000: $360.
Administration fee: This fee covers the costs of administering your loan. It is $4.09 per week and covers the cost of processing of payments, all enquiries and regular updates, balance requests and regular statements. It is only charged while your loan is active.
Default fee: This fee is only payable if your loan is in default. It’s payable daily, but charged weekly. The default fee covers the costs for higher risk loans, when they are in arrears and is $0.97 per day while the loan is in default.
Default interest: This is the default interest rate for the portion of your loan that is in default. The Annual Interest Rate for the default interest is 17.5%, however this is not charged on the total balance of the loan, only the balance in arrears.