Our Rates and Fees

Our loans are carefully customized to suit your financial needs, whether you need a small amount for household needs or a larger amount to get you moving forward in your life.

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Our Rates and Fees

For whatever you need, there are different credit tiers which you can choose from : small and medium loans, now with fixed costs and fees! So you will know what we are offering to you upfront

Below you can find out which loan is right for you, and what their costs and fees entail.

Small Loans

If the principal amount borrow is between $1,000 - $2,000:

Below are fees and charges you will incur for each SpotMeNow loan, if all scheduled repayments are made on time:

Loan Fees & Charges
Establishment Fee 20% of the loan principle, one-off fee payable per loan.
Monthly Fee3.75% of the loan principle, payable each month

If you fail to make a scheduled repayment for any loan, you can be subject to the following fees:

Default & Dishonour Fees
Payment Dishonour Fee $10
(this fee is charged each time a direct debit payment is not made in full or is rescheduled at your request)
Overdue Fee $5
(this fee is charged for each day your Loan Account remains in arrears - to cover costs in administering your Loan Account while it remains in arrears)
Payment Stop Fee $20
(this fee is charged each time you put a direct debit “Payment Stop” or cancellation of authority on your bank with no prior communication)

Medium Loans

If the principal amount borrow is between $2,100 - $5,000:

Below are fees and charges you will incur for each SpotMeNow loan, if all scheduled repayments are made on time:

Loan Fees & Charges
Establishment Fee $400
Interest Rate2.99%

Interest charges based on APR = 35.88% **Comparison interest rate 48% per annum**

If you fail to make a scheduled repayment for any loan, you can be subject to the following fees:

Default & Dishonour Fees
Payment Dishonour Fee $10
(this fee is charged each time a direct debit payment is not made in full or is rescheduled at your request)
Overdue Fee -
Payment Stop Fee $20
(this fee is charged each time you put a direct debit “Payment Stop” or cancellation of authority on your bank with no prior communication)

Online 24/7 applications

We have an online system that allows you to apply for a SpotMeNow loan 24/7. Our aim is to help you when you need it most.

Early payout to reduce interest repayments

At SpotMeNow, we appreciate the hard work that goes into repaying a loan. As a result, SpotMeNow will forego any monthly fee’s if you chose to pay your loan early.

Do I really need a loan?

If you already have debts that are difficult to manage and are having trouble making repayments, then a loan from SpotMeNow may not be right for you. Our loans are not designed to be used as a refinancing tool or added to any existing obligations you may have. If in doubt, we suggest you seek financial advice first before proceeding any further. Call the National Debt Helpline on 1800 007 007 and speak with an independent Financial Counsellor.