Have loan offers changed or stopped ?

[GFTG1]

I'm on my 4th loan , I'm 78% paid back ( 7 months in)

I'm green in  all categories .

By now  I normally have a new loan offer .

Card sales are up, everything is up.

Has something changed I'm not aware of ? 

[dimo10]

I'm not seeing any issues with loans, I have been receiving new offers every 2 weeks of around $150k each time all year. My current loan has ranged from 50% payback to now near 90%.

[dimo10]

What I don't understand is that when you take out a new loan. You have to pay out the previous loan.

So if you have for example $10k left on your current loan, and want to get a new loan for $50k you have to pay back the original loan of $10k back and then you get $40k deposited in your account. But the new few for the new loan is based off the $50k new loan amount. That means for the original $10k you pay the borrowing fees again. That's not cool if you ask me. You have already paid that fee. 

So u less you are really desperate for the money, I wouldn't take a new loan when you have an existing one.

[Laurie_]

Hey there, @dimo10, just jumping in for @Arie here! 👋

Once you're approved for a mid-plan offer, we'll use a portion of the new loan to pay off the remaining balance of your current plan. The total amount deposited into your bank account will reflect the new loan amount minus the remaining balance of your current plan.
 

Let's illustrate with the below example:
 

New loan: $10,000
Total owed: $11,300 ($10,000 new loan + $1,300 fixed fee)
Remaining balance on the current plan: $1,250
 

In this case, the total amount deposited in your bank account will be $8,750 ($10,000 new loan - $1,250 remaining balance). The total amount owed will be $11,300 ($10,000 new loan + $1,300 fixed fee).
 

For more detailed information about your repayments, we recommend reaching out to our Support Team who are better equipped to field these types of questions. 

[dimo10]

Hi Laurie,

I'm just commenting on the loan offer I have active in my account which shows that same loan fee if I apply for $50,000 loan today with $8,500 still owing. The loan fee of $5625 is the same as the original fee that i paid for the first loan. but I will only be borrowing $41,500.

Original Loan

New Loan Offer

[Tjl87]

I got an offer today, paid 75% of last loan back. Everything is up however the loan offer only increased by $40 from the last one. Even though we paid it back in 4 months - when they estimated 12 months 

[Laurie_]

Hey there, @Tjl87 👋,

Each set of loan offers is unique and evaluated separately so they may differ as your business changes, and the rate at which you repay your loan won't always guarantee a higher loan offer.

If you do have any specific questions about your loan offers, please reach out to our Support Team on 1800 760 137 (Mon - Fri, 9 am - 5 pm Melbourne time) so they can take a closer look with you.