Basic Terms
- Loans are between 6 months and 72 months (6 years) preferred.
- Ezi Finance Interest rates range from 12.95% to 29.75% per annum
(Interest rates will depend on value and the term of the loan)
- Our default interest rate is 5% over and above the annual interest rate
(Default Interest is charged on the arrears amount only not the full balance owing)
Method Of Charging Interest
Interest charges are calculated by multiplying the unpaid balance at the end of the day by a daily interest rate. The daily interest rate is calculated by dividing the annual interest rate by 365. Interest is charged to your account weekly.
Insurance Cover (PPI)
Payment Protection Insurance cover is an optional extra. The cost of this may be included in the loan and varies based on loan amount and income source. Payment protection Insurance (PPI) protects you for the repayment of your loan obligations to the Financer, if you suffer an insured event.
(PPI) offers various cover options. The extent of your cover only applies to the insured events and benefits, which are shown in your policy schedule.
(PPI) is calculated on a percentage of the loan basis.
Account Maintenance / Administration Fee
This is a fee that is charged per installment towards the on-going maintenance and processing of a loan. It is a contribution towards an actual cost or transaction value, this is not income based.
Default Fees
These are the fees that are charged should the loan contract be breached at any stage. These fees compensate Ezi Finance for the costs incurred by us in order that we enforce or remedy a breach under the agreement. This fee will be added to the unpaid balance.
