There are some fees associated with our lending
Whilst we can’t take away fees completely, we can promise that our lending fees are fair, considered and competitive. There’s nothing vague or hidden with Squirrel Money and we won’t sting you down the line. You can even repay your loan early, at no additional cost. For more detail, check out our Borrower and Investor FAQs. This table gives you a rundown of what the fees are for, how they’re calculated and who’s responsible for paying them.
$250 for loans under $30,000
$500 for loans $30,000 and over
|Charged upfront and deducted from the loan advance.|
$25 per month
Charged to the loan account if the loan is in arrears (5-day grace period).
|Dishonour fee||Borrower||$15 per transaction||
Charged to the loan account if a Direct Debit payment dishonours.
|Security Release fee||Borrower||$150||
Charged to the loan account upon discharging our security interest where property has been used as security for a loan.
|Penalty interest||Borrower||5% on top of the existing borrower interest rate on the loan||
Charged to the loan account while a loan is in arrears (after the 5-day grace period).
|Service margin||Investor||Up to 3% p.a. of the loan balance deducted from gross loan repayment||Charged to the Investor by deducting from the Borrower’s repayments. The applicable service margin is dependent on the risk grade of the Borrower. Please see below.|
|Secondary Market transfer fee||Investor||1% of the loan balance transferred up to a maximum of $50 per investment||Charged to the Investor and deducted from the net proceeds from transfer of the loan to another Investor.|
Potential additional fees
Squirrel has the ability to divert up to 100% of Investor interest payments into the Reserve Fund if the Reserve Fund is depleted. For more information on how the Reserve Fund works, please click here.
The service margins displayed below are based on the risk grade applied to a loan and are deducted from the gross loan repayments of the Borrower.
|Service Margin||0.95% p.a.||1.95% p.a.||1.95% p.a.||2.95% p.a.||2.95% p.a.|