At Spotter we have a range of loan structures. Here’s some info and tips to help you work out which type of loan might be right for you, so you know which one to apply for. Of course, if you want to fast track things you can always just ring one of our friendly team right now on 1800776863 and they can give you info over the phone.

Anyway, here goes. With us you can get what’s called a SMCC (Small Amount Credit Contract) also known as Pay Day Loans, these are loans up to $2000. From there we have MACC (Medium Amount Credit Contracts), these are loans from $2001 to $5000 and then we do loans above $5000 which come under the category of Personal Loans.

Now the interesting thing is that you would think the less you are trying to borrow the easier it would be? But this is not always the case. Loans under $2000 are generally unsecured loans, that means you don’t have to put up anything against the loan as security, like a car, or a motorcycle, or a boat etc. And sure, if everything is plain sailing with your application—i.e., you have a regular income, your general living expenses are not so high that you won’t be able to pay the loan back and you don’t have too many credit indiscretions I your past—you should get approved.

Loans from $2000-$5000

Can be either secured or unsecured. Same deal on the unsecured variety. Our team will be asking you for information and what we have to do is make a call on what we gauge your ability to pay back the loan will be. Of course, there is some risk associated with that from our side, and the interest rates on this type of loan reflect that.

The there’s also what’s termed secured loans, and these can suit a great many people. If you’re able to nominate some item of security, that we can establish a market value for, the level of risk drops from our side. In the unlikely event that a loan is not paid back, there is collateral, i.e., something that can be sold to finalise the loan. The obvious and popular example of this is someone getting a loan for a new car, the new car can then be put up as collateral. In you providing this security to us the lender, we can often offer you a lesser interest rate on the loan that takes this into consideration.

Of course, you might need more than a $5000 loan and in this case we offer secured and unsecured loans. Car purchases are one of the most popular forms of secured loans offered, as a cars current market value and ownership can be established with a minimum of fuss. We then, as always, will also need to establish you will be able to service the loan repayments and that your credit file is acceptable. For amounts over $5000 if you are applying for an unsecured loan and you have a poor credit history approval may be more difficult to obtain.

In applying for a personal loan from Spotter we will generally require you to provide:

  • Bank statements
  • Pay slips
  • And copies of bills or credit contracts

Of course, the purpose you need funds for can vary greatly, yes you might want to purchase a car, motorcycle, or boat? But you might also want to go on a world cruise? Renovate your property? Or use the personal loan to consolidate a number of outstanding debts under one umbrella?

A couple of key points about a personal loan. Some personal loans allow you the freedom to spend funds on whatever you see fit. But other personal loans come with conditions that state the funds must be used for a particular nominated purpose. For example, you can’t apply for a car loan, get approved and then decide to spend the funds on a round the world trip instead. Additionally, some personal loans cannot be used for business purposes. But any and all conditions of a loan will always be spelt out explicitly in the loan contract to avoid any confusion.

We hope this guide to some of our Spotter loan structures and conditions around them has been helpful to you. Remember for more info in your decision making process we are only a phone call away 1800 776 863, or fill out the Contact Us form on our website and one of our team will reach out to you promptly.