Finty
FOTON Financial Services

FOTON Financial Services Consumer Loan

Fixed rate

A consumer loan designed to help customers purchase a new or used asset for personal use. The loan features a fixed interest rate and no deposit requirement.

Written byDavid Boyd
Interest rate a year, from
10.24%
Comparison rate, from
12.32%
Establishment fee
$595
Monthly fee
$13
Borrow
$5,000 to $200,000

Monthly repayment

$20,000 over 3 years

What it would cost

At the lowest published rate of 10.24%, including the monthly fee. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$661
Total repayments
$23,780
Interest and monthly fees
$3,780

Loan details

Rates

Interest rate (a year)
10.24%–16.24%
Comparison rate (a year)
12.32%–13.09%
Rate type
Fixed
Security
Not published

Limits and fees

Loan amount
$5,000 to $200,000
Loan term
2 years to 7 years
Establishment fee
$595
Monthly fee
$13

How it compares

Against the other personal loans we compare. Typical means the middle half of them.

Comparison rate

12.32%

From 12.32%. A typical loan starts at 10.14%.

Cost of $20,000 over 5 years

$7,010

Interest and fees at its starting rate. Typical is $5,513.

Setup fee

$595

A typical setup fee is $150.

Monthly fee

$13

A typical monthly fee is $8.

Most you can borrow

$200,000

Typically you can borrow up to $60,000.

Longest term

7 years

7 years is the usual longest term.

Pros and cons

Pros

  • Room to borrow more. Up to $200,000, more than the typical $60,000, which can cover bigger costs in one loan.
  • A fixed rate. Your repayments stay the same for the whole loan, which makes it easier to budget.
  • No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.

Cons

  • Your rate isn't known until you apply. It's set by your credit history and finances, anywhere from 10.24% to 16.24%, and only some people get the starting rate.
  • A higher setup fee. $595, above the typical $150. It's usually added to the loan, so you pay interest on it too.
  • A $13 monthly fee. That adds $777 over 5 years, as well as the interest.

Similar loans

Personal loans from other lenders that start at a similar comparison rate.