Personal Loan Repayment Calculator

A Beforepay Personal Loan runs from $2,001 to $5,000 over a term of 3 to 12 months. Two things shape what you repay: a fixed setup fee of 5% of the amount you borrow, and interest of up to 24% p.a. Change the amount or the term and both move. Nothing else gets added later. There are no late fees and no early repayment fees. Put in the amount you have in mind and the term you think you could manage, and you will see an estimated repayment. Then read the section below it, which explains how that figure is built and, just as importantly, what it cannot tell you.

The amount you borrow. Between $2,001 and $5,000. This is the principal, and you repay all of it. The setup fee. A fixed 5% of the amount you borrow, charged once. On a $2,500 loan that is 5% of $2,500, which is $125. On a $4,000 loan it is $200. It does not change with the term, so a longer loan does not mean a bigger fee. Interest. Up to 24% p.a. Unlike the setup fee, interest is affected by time: the longer you take to repay, the more of it you pay in total. That is the trade-off in choosing a term. A shorter term means larger individual repayments but less interest overall. A longer term means smaller repayments but more interest by the end. Your repayments are then scheduled across the term you are approved for, from 3 months up to 12 months, and debited automatically. You can see the full mechanics on how Beforepay works. [CONFIRM: is interest calculated on the reducing balance or on the original principal, and is the 5% setup fee deducted from the advance or added to the amount repaid? Both materially change the total, and the calculator and this copy must match whatever the loan contract actually does.]

It cannot tell you whether you will be approved. Every application goes through a credit assessment against Beforepay's eligibility criteria. You need to be 18 or over, an Australian resident, employed with a regular wage, earning less than 51% of your total income from Centrelink, and holding valid Australian ID. You can also only have one active Beforepay loan at a time. It cannot tell you the amount or term you will be offered. Those come out of the assessment, based on your income and spending, not out of the number you type in here. It cannot tell you your exact interest rate. The 24% p.a. figure is a maximum. Your own rate is set in your loan contract, and the contract is the number that counts. It cannot tell you whether borrowing is the right move. That one is worth sitting with. If the repayment looks tight against your pay, it probably is. If the pressure behind the expense is ongoing rather than one-off, a hardship arrangement with the biller, a payment plan, or free financial counselling through the National Debt Helpline on 1800 007 007 may do more for you than a loan will. The Budgeting and Insights tools can help you see the pattern before you decide. If the amount you need is under $2,001, a Personal Loan is not the product. A Pay Advance covers $50 to $2,000 over a shorter term, and Pay Advance vs Personal Loan sets the two side by side.

The important caveat: it is calculated on a standardised example, a $2,500 loan over a 2 year term, and it is true only for that example. Different amounts, terms or fees produce a different comparison rate. Use it to compare lenders. Do not use it to work out what you personally will repay, because that is what your loan contract is for.