Most small personal loan providers charge up to 20% as an establishment fee upfront. You’ll then pay a 4% monthly fee.
Under the current legislation, most small personal loan providers don’t charge an annual interest rate (you’ll know this as an APR) %.
In APR terms, the maximum annual percentage rate on loans between $300 and $2000 is typically 199.43%.
Loan Amount of $1,000 over 6 months repayable weekly (25 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $240 (fees based on 4% per month over 25 weeks) = $1,440 total repayable in 25 weekly installments of $57.60.WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate