What you pay
| Cost | Amount | When it applies |
|---|---|---|
| Interest rate | 46.50% p.a., fixed | Charged each day on what you still owe, from the day we pay your loan. |
| Comparison rate | 64.63% p.a.* | The interest rate and the establishment fee together, for the example the law sets. |
| Establishment fee | $400 | Once, added to the loan. You do not pay it upfront. |
| Monthly or account fees | None | There is no monthly, account or service fee. |
| Early repayment | No fee | Pay it off early at any time. You only pay interest up to the day you pay it off. |
| Missed or dishonoured repayment | $35 each time | When a repayment is missed or fails. Interest keeps adding up on what you owe. |
| Debt collection costs | Reasonable costs incurred | Only if an overdue loan is sent to an external collection agency, as your contract and the law allow. |
Evercrest Finance will never ask you to pay a release or closure fee, buy gift cards or send cryptocurrency before your loan is paid. Anyone who does is not us.
Examples
Fortnightly repayments, made on time. Our loans run for 3 or 6 months.
| Cash | Length | Repayments | Interest | Total you repay |
|---|---|---|---|---|
| $2,500 | 3 months | 6 × $444.36 + final $444.39 | $210.55 | $3,110.55 |
| $2,500 | 6 months | 12 × $251.91 + final $251.93 | $374.85 | $3,274.85 |
| $3,500 | 6 months | 12 × $338.78 + final $338.75 | $504.11 | $4,404.11 |
| $4,600 | 6 months | 12 × $434.33 + final $434.34 | $646.30 | $5,646.30 |
The legal cost limit
The law limits what a medium amount loan can cost: no more than 48% a year, plus an establishment fee of up to $400. Our interest rate is below that limit, and our fee is the most allowed. The limit protects you whoever you borrow from, so check that any lender's costs make sense to you.
Questions about rates and fees
Is the interest rate fixed?
Yes. The rate is 46.50% p.a. for the whole loan and will not change.
Why is the comparison rate higher than the interest rate?
Because it adds the establishment fee to the interest, spread over the example loan. It helps you compare the total cost of loans. It is not a different rate you pay.
Will my repayments change?
No. They stay the same for the whole loan, unless you pay extra, pay it off early or we agree a hardship arrangement with you.