Rates and Fees


When considering a wedding loan you may be worried about how much it will cost you in the long-run and what all the different jargon means. No couple wants to begin their new life together with a debt they don’t understand.

This page outlines all you need to know about the interest on online personal loans – and as it turns out, it’s not so complicated after all.

Even better, you will know exactly what your rate is before committing to the loan, and it will be fixed for the full duration!

Let’s dive in …

APR Just Means the Rate for 12 Months

Ok, so most of us realize that the interest rate is a percentage of the amount borrowed. What many don’t realize is that APR stands for annual percentage rate and is the amount you would pay in 12 months – not each installment or the full duration of the loan.

To simplify things, a loan of $1,000 with an APR of 10% doesn’t mean you pay $100 a month in interest or for the entire duration. It means you pay $100 over 12 months.

Divided in to monthly installments, that’s $8.33. If the loan was for two years the total amount of interest paid would be $200, because APR is an annual (yearly) rate.

Once you know the APR of a loan, you can then work out the amount of interest due for any duration. This is why it was chosen as the standard way to present interest rates.

BUT you don’t have to worry, because …

Your Rate and Repayment Schedule Are Clearly Shown

Before accepting a formal offer from a lender they will let you know the APR, as well as the repayment schedule. Interest is also fixed for the full duration of the loan, so you will know precisely how much you will be paying for each installment – no need to do any sums.

Usually the only time you’ll be required to pay added interest or fees is if you default on the loan. Your copy of the terms will also include a breakdown of all possible costs.

But How Is Interest Calculated?

Each individual lender in our network will have different lending policies and different ways of assessing your application, so the interest rate you are offered will also vary.

When calculating your rate the lender will take in to account the information you provide in your application, such as your credit score and income level. Typically the higher your income and stronger your credit rating, the better the terms you will be offered.

The amount you wish to borrow and the duration of the loan will also affect the APR, with longer durations resulting in lower rates (though you still might pay more interest in the long run).


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Hassle-Free Repayment

Because you provided your bank account details when applying, repayments will be taken automatically as per the agreed schedule.

This means you won’t have to waste time making payments manually, but it does mean you need to ensure the funds are there before the agreed dates.


Failing to repay your loan will adversely affect your credit score and could result in added fees and interest. The lender also reserves the right to carry out collection proceedings, which may involve emails, letters, phone calls, and doorstep visits.

If Offered, Early Repayment Could Save On Interest

Not all lenders will allow you to pay off your loan early but if they do, you will be able to save on interest because this is only charged while the loan is outstanding.

This does however mean you will have to pay the loan off in full. You will usually also be charged a smaller fee for the privilege.