Understanding Aligned Finance’s Fee Structure
At Aligned Finance, we believe in transparency and putting our customers first. Our fee structure is designed to provide you with a clear understanding of the costs associated with securing a personal loan. We strive to empower you with the knowledge you need to make informed financial decisions.
Application Brokerage Fee
When applying for a personal loan through Aligned Finance, a one-time Brokerage fee is applicable that varies between $0.00 - $995.00. This fee is payable to Aligned Finance and forms part of the loan. This fee covers the cost of processing your loan application and ensuring a smooth journey toward finding the right loan for you. Rest assured, this fee is disclosed upfront, so you have complete visibility from the start. At your request, a breakdown of the cost’s disclosure can be provided.
Lender's Establishment Fee
Just like many financial institutions, lenders charge an establishment fee. This fee is determined by the lender and is a one-time cost that covers the administrative expenses of setting up your loan. At Aligned Finance, we work diligently to connect you with lenders that offer favourable terms, helping you minimize this cost whenever possible.
Interest Rates
Interest rates play a crucial role in your loan journey. Aligned Finance offers loans to customers at a range of interest rates between 8.95% to 29.95%. Each distinct interest rate is calculated by each individual lender. The client is assessed by considering credit history, stability in employment and residence, asset backing, affordability and security value offered. The rate determines the cost of borrowing and affects your monthly payments. At Aligned Finance, we collaborate with a vast network of lenders, each offering competitive interest rates. Our goal is to match you with a lender who offers rates that align with your financial needs.
Late Payment Charges
Aligned Finance advocates responsible borrowing. It's essential to make timely loan repayments to avoid late payment charges. Late fees are set by the lender and disclosed in your loan agreement. We encourage you to review the terms carefully and reach out to your lender in case of financial difficulties. Transparent communication is the key to finding suitable solutions.
Prepayment Penalties
Planning to pay off your loan early? While that's a prudent financial move, some lenders may impose prepayment penalties. These penalties are designed to compensate for the interest the lender would have earned if you had continued making regular payments. At Aligned Finance, we work diligently to connect you with lenders that offer flexible prepayment options, ensuring you have the freedom to achieve financial goals on your terms.
Third-Party Fees
In certain cases, third-party fees, such as appraisal charges or credit check fees, may be necessary for processing your loan application. These costs are typically determined by the external service providers and may vary depending on the complexity of your loan requirements. At Aligned Finance, we provide you with a comprehensive breakdown of all potential third-party fees, allowing you to plan your finances accordingly.
A Glimpse of Loan Affordability
To help you grasp the real-world impact of our loan offerings, let's consider a representative example. Imagine borrowing $10,000 over 5 years, with a fixed annual interest rate of 19.95% and no deposit. With this scenario, your weekly installment would amount to $64.10. The total cost of credit over the loan term would be $6,662.58, culminating in a total amount payable of $16,662.58. This example illustrates how we present a clear and comprehensive breakdown, allowing you to assess affordability with confidence.
Informed Decisions for a Stronger Financial Future
Aligned Finance is committed to empowering you to make well-informed decisions. Understanding the fees and costs associated with securing a personal loan is crucial to achieving financial stability. We're here to support you throughout the process, ensuring you have the knowledge and guidance needed to choose the right loan option that aligns with your goals.
(Note: The above copy is a general guideline for the breakdown of fees and costs associated with personal loans. Each loan will vary based on specific loan offerings, regulatory requirements, and company policies.)