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Umi Loans FAQs

FAQs

All the handy hints, tips and answers to everything you wanted to know about Umi Loans

Rates & fees

  • What is the interest rate?

    Umi has a fixed interest rate of 11.99% p.a (our comparison rate is 15.76% p.a.^)

    ^Based on an unsecured loan of $10,000 over 3 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

  • What's the benefit of a fixed rate?

    A fixed rate means repayment amounts are always the same for the life of your loan, which makes budgeting simpler and more manageable.

  • How is interest calculated?

    Interest is calculated daily and charged monthly.

  • How do I know Umi is giving me a good deal?

    Just compare our rate with other comparison rates and you'll see.

  • What's a comparison rate?

    It's the interest rate plus two fees (the establishment fee and the monthly service fee) over the life of your loan. Different providers may use different calculations for their comparison rates; Umi uses the rate and fees included in a loan of $10,000 over three years, so it's easy to compare against other institutions that are using the same calculation. We are pretty sure you'll be pleased with Umi.

  • Are all fees and charges included in the comparison rate?

    No, we only include the compulsory ones like service or establishment fees. We don't include other fees, like late payment fees, because we don't know if and/or when you'll incur them. We also don't include government fees and charges.

  • What is an unsecured loan?

    It's a loan that's not backed by your car or other asset.

Managing your loan

  • How can I make repayments?

    We offer two fee-free repayment options for your convenience – Direct Debit and BPAY® – whatever suits you best.

  • How do I know my due date for repayments?

    You can access your due date via the Online Service Centre. Your due date also appears on your loan contract, and on the confirmation email received when you accepted your loan contract.

  • Can I change my repayment frequency?

    No, payments will always be monthly but you can make further fee-free repayments via BPAY® at any time. Just remember, if you pay off your loan before the last six months of its term an early payout fee fee of $150 applies. There's no fee if you pay it off in the last six months of the loan term.

  • Can I make additional payments?

    If you can afford a little extra, or a lot extra, then no problems – you can make fee-free additional repayments via BPAY® any time. And there's no early payout fee if you pay your loan out in the last six months. But if you pay off your loan early i.e. before the last six months of its term an early payout fee of $150 applies.

  • What if I can't make a payment?

    Please let us know as soon as you can if you can't make a payment. Just call us on 138 864 and one of our friendly staff will assist you.

  • What will happen if I pay late?

    You will incur a late payment fee of $35. That's why we recommend using Direct Debit for your payments – then you’ll never have to worry.

  • How can I set up a direct debit?

    Download and complete the direct debit request form or just call us on 138 864 and one of our friendly staff will assist you.

  • How can I update my direct debit details?

    Easy, just call us on 138 864 and one of our friendly staff will assist you.

  • How can I change my personal details?

    Login to the Online Service Centre to update your personal details. Or call us on 138 864 and we’ll be happy to assist you.

  • Will my rate change?

    No, your rate is fixed for the life of your loan.

  • Can I redraw on my loan?

    No, redraw is not possible on an Umi loan.

  • Will I receive statements?

    Your latest statement can be viewed by logging in to the Online Service Centre. Statements are uploaded quarterly, but if you need a statement in between cycles, just call 138 864.

  • How can I confirm my payment has been received?

    You can register via the Online Service Centre for payment notifications via email. Or call us on 138 864 and one of our friendly staff can check this for you.

  • What if I want to know the balance of my account?

    Login to the Online Service Centre to check your balance. Or call us on 138 864 and one of our friendly staff can check this for you.

  • Can I have more than one loan?

    Yes.

  • What if I have an issue with my loan?

    Easy, just call us on 138 864 and one of our friendly staff will assist you.