ChangeFund Fees, Charges & Interest Rates
Funding the Change
Peer to Peer Funding – The Ethical Lending Specialists
The world is changing. It’s time to evolve. This is the part of our business we want to get right! We are a Social Enterprise business. Our goal is to help people. One, by providing a genuine peer-to-peer lending platform and two, assisting charities. We certainly didn’t build our business around what fees we can charge.
We know borrowers may from time to time experience financial difficulties and miss a scheduled monthly repayment. Our primary focus is to get them back up-to-date. They certainly don’t need the added burden of excessive fees and charges every month, compounding the issue. All we need to do is cover our costs, so our fees are reflective of that.
|Provision Fund Fee||0.083%||Monthly||Deducted from the borrower’s principal & interest payments (1% annually)|
|Service Fee||0.167%||Monthly||Deducted from the borrower’s principal & interest payments (2% annually)|
|Application Fee||$300||Once-off||Charged upfront and deducted from the loan advance|
|Collections Fees||Charged to the borrower|
|Dishonour Fee||$5||On every occasion||Charged to the loan if the direct debit fails|
|$15||Applied to the missed month||
ChangeFund assigns each loan listed on the platform with a loan grade and interest rate based on an assessment of borrower creditworthiness and ChangeFund’s credit scorecard.
The interest rate on a loan is both the interest rate paid by Borrowers and the gross interest rate due to Investors.
A Grade Borrowers (First-class, low risk)
Borrowers given an A Grade risk rating show a good attitude towards their repayment obligations.
- High capacity to repay loans
- Excellent credit scores and credit history
- Often homeowners and/or have other assets
B Grade Borrowers (Very Good, lower-medium risk)
B Grade borrowers demonstrate capacity and capability to meet their repayment obligations.
- Good credit scores and credit history
- Moderate risk of default
- Vulnerable to changing economic conditions and could face challenges if economic conditions decline
C Grade Borrowers (Fair, medium risk)
- Vulnerable to default
- Limited credit history
- Too much debt and more than a few late payments
- Timely payments can be met if favourable circumstances continue
|A Grade||Interest rate (p.a.)||B Grade||Interest rate (p.a.)||C Grade||Interest rate (p.a.)|
Please click here to download our Fees & Charges Schedule
Please feel free to contact us on [email protected] for further information.