Instalment loans
"Instalment loan" describes how a loan is repaid: in scheduled parts across the term, rather than in one payment at the end. Both of our contracts work this way.
What instalments change
A single lump repayment has to be found all at once, usually out of one pay. Instalments break the same total into pieces that each land against a separate pay cycle. It is a more forgiving structure, and it is now the normal shape for regulated small and medium amount lending in Australia.
Matched to when you are paid
We schedule repayments for the days your income actually arrives, read from your bank statements rather than assumed. A repayment that lands the day before you are paid is the one most likely to fail, and a failed repayment costs you a fee and helps nobody. Matching the schedule to your pay cycle is the simplest thing that prevents it.
If an instalment is going to be a problem
Tell us before it fails rather than after. A repayment can often be rescheduled if we hear in time, and if the difficulty is not a one-off you can lodge a hardship notice and we will look at your circumstances properly. Both routes are on the contact page, and neither costs you anything.
This is a name for how a loan is delivered rather than a separate kind of contract. The amounts, terms and fees that actually apply, with a worked example of each, are set out on our loan types page.
See amounts, terms and feesAlso known as