Fees & Interest Rates
Why East Bay Finance
Schedule of Standard Fees and Charges applied to Consumer Contracts
Establishment / Approval / Account Maintenance
Please click on each fee to view more information pertaining to it.
This is a fee for receiving and processing the loan application together with acceptance and establishment of the loan and is added to the loan contract when the loan is drawn.
This fee is part of the loan instalment and is for the maintenance service provided per month.
The fee is charged at:
Loan instalment plus $15.00 per month
This fee is charged to the loan contract when drawn for the cost of lodging security and releasing security when the contract has been completed.
Where a loan is secured by a caveat / agreement to mortgage, we will register a caveat over the property, caveat registration and release costs will be charged to the loan to a maximum of $350.00 for each property.
For any loan where we register a mortgage over a property, mortgage registration costs will be charged to the loan on invoice from the solicitor. NB: Upon settlement, costs may be incurred for the release of the mortgage.
Administration fee charged to the loan account when the account is settled early.
Modifications
Fee is charged when the goods/security on the loan contract are to be changed or varied.
Collections
Default Letter fee $25
Fee is charged to the loan account in the event of a payment tendered to the account is dishonoured by the Debtor’s bank.
Fee is charged to the loan account in the event that the insurance company has notified East Bay Finance Ltd that the premium is pending.
Fee is charged to the loan account where we are attempting to contact the client by SMS message service after a breach of agreement has occurred (e.g. overdue instalments).
Fee is charged to the loan account where a Credit Controller is attempting to contact the Debtor regarding overdue amounts on the loan account where the loan account is in arrears.
Fee is charged to a loan account when a Pre-repossession Notice or Enforcement Notice is issued. This is generally 9 days after a breach of terms (e.g. overdue instalments).
Fee is charged to the loan account when it is necessary to issue a Repossession Warrant as a result of a serious default (e.g. overdue instalments). This amount along with the arrears and any agent costs are due and payable immediately to avoid repossessions.
Costs incurred by a third party (e.g. repossession agent, legal provider, repairer) will be charged to a loan account for the invoiced amount, copies of which are available upon request.
Fee is charged to a loan account for a Demand issued when the loan account has a serious breach of agreement. Formal demand is issued prior to a Property Law Notice.
Fee is charged to the loan account when a serious breach of agreement has occurred (e.g. overdue instalments).
Insurance
The cost of insurance/waiver cover for Loan Repayment Insurance, Motor Vehicle Insurance, Mechanical Breakdown Insurance and Accidental Death Insurance may be included in the loan. The premium financed will be paid to the relevant insurance company and provide insurance cover for the period stated in each insurance proposal.
Why East Bay Finance
Interest Rates
Do you want to borrow some cash for your personal or business needs? Are you worried about the interest rates of your borrowing? At East Bay Finance, we offer personal & business loans at highly competitive interest rates. Our interest rates range from 9.95% – 35.50% per annum. We use a range of simple criteria to decide the rates that we charge on your loan. These criteria include:
Before deciding the interest rate to charge you, we evaluate the amount that you want to borrow. Often, higher borrowing amount will accrue a higher interest rate than a lower borrowing amount. However, the rates charged will also depend on other factors.
With East Bay Finance, enjoy flexible terms on your loan. Ranging from 6 months to 84 months, the term depends on the age, and nature of the security you can provide us for the loan.
In some cases, we use your income to determine the interest rates to charge on your loan. In such cases, the higher your income, the lower your interest rate. However, this will also depend on other factors such as the amount that you want to borrow and the term of your loan.
We often use the ratio of your debt to that of your income to determine the appropriate loan interest rate. Having too much outstanding debt compared to your income will result in a higher interest rate while a lower outstanding debt will earn you a lower interest rate. Too much of the outstanding debt compared to your income may lead to your loan application being denied.
Most often, we use your credit history by examining your credit score to determine the interest rate to charge on your loan. A higher credit score enables you to be offered different interest rates. You may be offered a lower interest rate on your loan while a lower credit score will earn you a much higher interest rate.
At East Bay Finance, a security of a much higher value on your loan will earn you a lower interest rate.
Overall, we evaluate all of the above factors simultaneously to determine the appropriate interest rate that we will charge you on your loan. For more information or to speak to someone about your lending needs, contact us on 0800 432 742 or submit your loan application online today!
To understand the rate that will apply to you, please call 0800 255 155.
