Interest & fees
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At MyGenie we keep things simple and upfront. Below is an easy to follow breakdown of the interest and fees that we charge.
Fee structure
Interest rate
Annual interest rate (AIR)
49.95%
myGenie’s annual interest rate (AIR) is 49.95%,
which equates to a daily interest rate of 0.1368%.
As AIR is a measure to calculate the cost of a loan on an annual basis,
due to the short term nature of our loans,
if your loan term is less than 52 weeks,
it doesn’t reflect our loan’s true costs. Our loan terms range from 6 to 52 weeks.
Account fees
Establishment fee
$125.00
Payable by deduction from the loan for our reasonable
costs of considering, processing your application
and documenting and advancing the loan.
Admin fee
$1.50
Payable each week while there is a balance on your account.
Early repayment fee
$0
We do not charge an early repayment fee.
Credit fees
Centrix
$4.95
Payable by deduction from the loan for the cost
of obtaining a credit report from a credit reporting agency.
Equifax
$8.16
Payable by deduction from the loan for the cost
of obtaining a credit report from a credit reporting agency.
Credit Sense
$2
Payable by deduction from the loan for the
cost of obtaining a bank statement report from
a third party reporting agency.
Credit control fees
Dishonor fee
$15.00
Correspondence fee
$10.00
Field visit
$65.00