Cash Cow (Teleloans Pty Ltd, Australian Credit Licence 391045)
Annual Percentage Rate: All loans processed directly through our affiliated finance company, Finance and Loans Direct Pty Ltd (Australian Credit Licence Number 390166) have a nominal annual percentage rate of 5%, which is comprised of a one-off non-interest charge by the lender equal to 5% of the loan amount. Teleloans Pty Ltd offers a financial supply service. If you chose to use any of the Teleloans Pty Ltd services extra fees may be charged. For a comprehensive list of our fees click here.
WARNING: Annual percentage rate is not a useful way to measure the cost of a Pay Day Advance. Annual percentage rate reflects the interest and fees paid over a year. It helps us compare the costs of normal loans that have a term of over a year. However APRs can be misleading when used to compare loans that have a term of less than a year, such as Pay day Advances. A normal Pay Day advance is an amount between 100 and 500 dollars for a term usually no longer than 62 days. If a normal commercial banking rate (for example 12%) was charged on a payday advance, the money made from this would not be enough to cover the expenses of the business. In fact, the business would not be able to cover its rent, let alone other costs like wages and utility bills.
It would be like the cost of staying in a hotel. You pay to be able to have a place to live in while you are away from home but the daily cost of a hotel, far exceeds the cost of you staying at home and just paying your normal home expenses and bills.
Non-Payment: As with all loans there are financial implications for a non-payment. If payment is defaulted on, a dishonour fee of $49 will be charged, 1st dishonour letter fee of $30, 2nd dishonour letter fee of $30 and a 3rd dishonour letter fee of $50. Additional fees are applicable once the debt is handed over to an external debt collect, these are a collections tracking fee of $50 and a Investigator/Hand over Fee of $175 (plus legal fees). All of these fees and charges are outlined in our Disclosures and Authorisations.
Collection Practices: Our internal collections department will attempt to contact you directly by way of phone calls, text messages, emails and letters after each dishonoured payment. If we are unable to recover the funds and after 3 dishonoured payments in a row, the debt will be handed over to an external debt collector, Australian Receivables Limited.
Credit Scores Impact: We do not register a default on your credit rating. See above for our collection practices.
Renewal: We do not offer refinancing or renewal options. However you can reapply if in the future one of our products will help you. If you do wish to borrow again, simply click the existing client link at the top of this page. From there you can reapply for another loan.