Life can be unpredictable. Whether it’s an unexpected bill or emergency car repairs, sometimes you need extra cash. At those times, you need the loan fast, and you need it from a trustworthy lender.
In this article, we’re going to answer some common questions about the reliability and trustworthiness of our service. So you can make an informed decision when considering a Club Money cash loan.
IS CLUB MONEY A RESPONSIBLE LENDER?
Yes. At Club Money, we take our legal obligations, as well as our duty to our customers seriously.
We provide transparent fees and adjustable repayment plans. So, there are no nasty surprises or unexpected charges.
DOES CLUB MONEY HIDE FEES?
Absolutely not. We list all of our fees in full, on our website. You can view our fee statement here. We’ve also included them, for your reference, below.
Initial & Monthly Fees
|Loan Establishment Fee||Monthly Loan Fee|
|20% of principal||4% of principal per month|
Fees that may apply
|Payment Dishonour Fee||Arrears Letter Fee||Default Notice|
|$15.00 is applicable each time a direct debit or other payment is not made in full or at a time a repayment is rescheduled forward at your request.||$15.00 is applicable if your loan is in arrears and we find it necessary to write to you about the situation.||$25.00 is applicable if your loan is in arrears and we find it necessary to issue a Default Notice.|
For more information on any of our fees, contact our service team, for an obligation-free chat.
I’VE READ ABOUT cash LOANS CHARGING MORE THAN 500% INTEREST. IS THAT TRUE?
At Club Money, we do not charge interest on our cash loans. Instead, we charge fees: an establishment fee of 20% of the principal and a monthly fee of 4% of the principal. See above for our fee statement in full.
Our fees are added to your loan amount and are included in your overall payment schedule. Whereas credit card and bank lenders charge interest on accumulated interest, known as ‘compounding interest,’ a cash loan’s monthly fee remains the same – excluding late payment or penalty fees.
HOW DOES A cash LOAN COMPARE TO OTHER FORMS OF CREDIT?
Club Money cash loans are different from other types of credit, such as personal loans and credit cards. They do not charge interest at an annual rate. Instead, they charge an establishment fee and a monthly fee.
Credit cards charge compound interest – that is, interest calculated on how much is owed at the end of each month. So the larger the outstanding amount, the more interest you pay. In contrast, the fee for a Club Money cash loan will remain the same at 4% of the principal over the course of the normal repayment period.
Club Money cash loans are designed to be quick and easy, for when you need cash in a hurry. They’re simple, with all the fees listed upfront, so you get a complete and straightforward repayment schedule.
WHAT HAPPENS IF I HAVE TROUBLE PAYING THE MONEY BACK?
We understand that circumstances change. Should you be unable to make a payment, or should you need to rearrange your repayment schedule, get in contact.
We’re flexible. In most cases we can negotiate a new payment plan that suits your situation. And, as long as you stay in contact, we will not charge a Daily Default Fee.
WHAT DO OUR CUSTOMERS SAY ABOUT US?
At Club Money, we’re only happy if our customers are. Our commitment is to delivering service that is friendly fast and flexible – every time.
Here’s what some of our customers say:
“I would easily recommend Club Money to all friends and family and will now only borrow from Club Money moving forward” – Susan
“I really do appreciate all of your help over the time of the loan. You have really made my life so less stressful” – Theresa