Checkmate Research, page-59

Joe - good logic and conclusion - I couldn't agree more. However, reading this post of your's, I realised I needed to correct an earlier reply post of mine https://hotcopper.com.au/posts/33934179/single

I need to apologise for this speckle.com.au vs Wallet Wizard comparison. I was sloppy and double counted some fees .... even tho my conclusion that WW is cheaper was/is correct. Better comparison below:

Speckle.com.au (the non-profit)
- $2000 loan; 10% fee + 24% flat interest
- Payments $233/month over maximum term of 12 months
- Total fees + interest = $680

Wallet Wizard
- $2000 loan; 0% fee + 48% reducing interest
- Payments $213/month over same 12 month period
- Total fees + interest = $557

Therefore WW would be ~$100 (~15%) cheaper than Speckle over Speckle's maximum period with greater savings over shorter periods (45% over 4 months). Speckle doesn't offer loans greater than 12 months so WW is cheaper over all periods offered by Speckle. If chocse weekly or fortnightly payments, WW will be cheaper still.

Considering that WW is cheaper than a not-for-profit like Speckle - I think we could argue that it's not just legal and ethical, but also a better community service than a charity can provide!

Apologies all for the earlier calcs that exaggerated the difference.... can't believe no one pulled me up on them!

	Column 1	Column 2	Column 3	Column 4	Column 5
0	Month	Balance(month start)	Interest	Payment	Balance(month end)
1		$ 2,000	48%	-$ 213
2
3	1	$ 2,000	$ 80	-$ 213	$ 1,867
4	2	$ 1,867	$ 75	-$ 213	$ 1,728
5	3	$ 1,728	$ 69	-$ 213	$ 1,585
6	4	$ 1,585	$ 63	-$ 213	$ 1,435
7	5	$ 1,435	$ 57	-$ 213	$ 1,279
8	6	$ 1,279	$ 51	-$ 213	$ 1,117
9	7	$ 1,117	$ 45	-$ 213	$ 949
10	8	$ 949	$ 38	-$ 213	$ 774
11	9	$ 774	$ 31	-$ 213	$ 591
12	10	$ 591	$ 24	-$ 213	$ 402
13	11	$ 402	$ 16	-$ 213	$ 205
14	12	$ 205	$ 8	-$ 213	$ 0
15
16		Total cost	$ 557
17		Speckle.com.au	$680
18		(refer website, or simply 34% of $2000)