Not sure why a fee or charge appeared on your statement? Knowing how loan fees and interest work can help you manage your repayments and avoid unnecessary costs.
The fees and charges may vary, depending on the loan type. Check out our Loans product page for a full breakdown of fees, interest rates, how to apply, and answers to common questions.
What is interest and where can I find my interest rate?
Interest is a charge that accrues over time on the unpaid balance of your loan. It’s calculated daily based on your outstanding balance and applied to your account.
You can check your interest rate:
- On your statement
- In the LatitudeMoney Servicing Portal
Not registered yet? Find out more here.
Will my interest rate change?
Depending on the product, your interest rate may change. Refer to your loan contract for your agreed interest rate.
How can I reduce the interest amount charged?
Paying more than your monthly repayment will help you pay off your loan faster and reduce the total interest charged.
Are there fees for making extra payments?
You’re free to make extra payments on your Latitude loan anytime. However, if you pay off your loan early, an early termination fee may apply depending on your loan terms.
What happens if I miss a payment?
If you miss a payment, the following charges may apply:
- Deferred interest from the previous month
- Accrued interest on your current balance
- A late payment fee may apply if you don't pay the amount due (e.g. your monthly repayment) by the due date.
These charges will appear on your statement for the period in which the missed payment occurred. When you make a full repayment, interest will continue to accrue up until the payment date.
How can I avoid paying late fees?
We know that nobody likes a late fee, paying your monthly repayment on time will avoid a late fee. Setting up a direct debit is the easiest way to stay on top of your repayments and avoid the hassle of manual payments. To prevent missed or late payments, ensure you have enough funds in your account before your direct debit or scheduled payment is due.
Struggling to pay your loan?
If you’re having trouble making your loan repayments, reach out to our Hardship Care team - we’re here to help!