Simply how much does an online payday loan price?
Payday loan providers set their very own costs, nonetheless they’re restricted on how much they are able to charge. ASIC guidelines mean payday lenders cannot charge a fee a lot more than the immediate following:
- Loans under $2,000. Lenders cannot charge significantly more than a 20% establishment cost and a 4% month-to-month cost. Plus, default charges and enforcement costs.
- Loans $2,001 to $5,000. Lenders cannot charge significantly more than an establishment that is one-off of $400 and a maximum annual interest of 48% which include all the other charges and charges.