APR explained

What is APR?

APR stands for Annual Percentage Rate. Simply put this means the total amount a loan will cost across a one year period. Expressed as a single percentage, the APR calculation considers the interest rate and all other fees to reflect the overall cost of a loan over the whole year. Lenders must communicate the APR before an agreement to take out a loan.


It is a legal requirement for this rate to be shown on all credit and loan products. Expressing the APR on loans, credit cards and mortgages means that borrowers can make an easier and fairer comparison when looking at the different financial products available to them. The APR on a loan can be fixed or variable and the rate charged will vary depending on the lender and the duration of the loan. Because the whole rate of borrowing is calculated in this way, the APR is considered to be a clear and fair way to compare the cost of a loan or credit offer.  However, while using the APR to compare the cost of long term loans like a mortgage might be useful, it is not necessarily suitable when looking at short term loans or other credit products that last for less than a year.

More Information on APR: http://www.aprexplained.com/

 Warning About Borrowing

This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.

It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.

Check your options before you borrow: For information about other options for managing bills and debts,ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor

  • Talk to your electricity,gas,phone or water providers to see if you can work out a payment plan
  • If you are on government benefits,ask if you can receive an advance from Centrelink:phone 13 17 94

The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you

How much does it cost?

Representative Example: $200 borrowed for 30 days. Amount payable is $248. Interest and fees are $48.

Payday Loans have the following simple cost structure:

20% of principal amount (establishment fee)

+ 4% of principal amount per month.

See our charges page for more information on loan repayments.

What Happens If I Can't Repay On Time?

If you can't repay on time please let the lender know immediately so they can reschedule the repayment. The fee for missing repayments can vary with each lending but could be in the region of $35.

Your lender will endeavor to contact you to try and sort out an affordable arrangement. If your account continues to be unresolved, daily fees will accrue.

Contact Details

EasyPayday.com.au are a referrer of Pingtree PTY Ltd,

Unit 4, 134 Constance Street, Fortitude Valley, Queensland 4006

Loans available to over-18s only, subject to status.

ACL Number (434380)

Registration Number: 159 893 491 I @ 2014

Pingtree PTY Ltd are an Australian based credit licensed finance broker. They attempt to match you with a reliable licensed lender willing to give you a short term loan.