A SACC is a Small Amount Credit Contract which is defined in the National Consumer Credit Protection Act (NCCP Act) as being a loan amount of no more than $2000, set up to be repaid over a term of not less than 16 days and not more than one year.
A MACC is a Medium Amount Credit Contract which is defined in the National Consumer Credit Protection Act (NCCP Act) as a loan, which may vary in length from 16 days to 2 years and can be from $2,001 to $5,000.
Our clients can borrow anywhere up to $15,000 from us. In some cases, through our other entities we may be able to assist you in borrowing more. How much you can borrow individually will depend on your own personal circumstances.
Generally speaking, there is an establishment fee and an ongoing monthly account fee. This will vary depending on the type of loan. Please refer to our fee statement.
Once you have signed and returned you loan contract, we will fund the loan within the hour on most occasions. You will generally receive the cash within 24 hours of being approved but this may vary according to your bank.
We are flexible on loan repayment terms, if you loan is a SACC, you can choose anywhere between 3 months and 9 months to repay your loan. If you loan is a MACC, you can choose anywhere between 3 months and 2 years.
Yes. You can repay your loan at any time without penalty!
Yes, if you repay your first loan in full and require another loan then we can lend to you again provided that you still satisfy the criteria. If you loan is a SACC, we will not charge an establishment fee on the second loan if you are taking out an additional loan within 12 months.
Yes – you may still get a loan if you have a bad credit rating. We understand that a lot of our clients have impaired credit.
In the majority of cases our process can be completed electronically without the need to print/scan any documents.
We may do a credit check on your file. If we choose to do so, it will count as a credit inquiry on your file.
We will need the last 90 days of your bank statements as well as a detailed list of your income and expenditure. This can all be done electronically or over the phone with us. We may need a copy of your driver’s licence (front & back) or photo ID and a utility bill in your name stating your residential address.
At Spotter Loans we customise your payments and your payment schedule to suit your personal situation.
Some times you might want to pay out your full loan early. When that is the case we won’t charge you any cancellation fees.
In fact, we’d be happy about that.
However, if your repayments are not on time, please contact us immediately so we can discuss the matter. We require 1 business days notice to consider the rescheduling or adjustment of a payment.
Please note: There are fees associated with rescheduling or adjusting a payment and a weekly arrears management fee charged for each week the loan goes past its original scheduled finish date. If your account remains in arrears after 60 days, we may mark your credit file with a default.
We are required by law to make reasonable inquiries about your requirements and objectives in relation to any credit contract suggested or recommended by us; and about your financial situation. We are also required to take reasonable steps to verify your financial situation, to make an assessment as to whether any credit contract suggested or recommended by us is unsuitable for you, and to not provide you with credit which is unsuitable.
We have partnered with the Australian owned & operated company Credit Sense to utilize their secure banking technology and save you the time and hassle of retrieving your bank statements. We know your information is private and confidential and we intend to keep it that way.
We protect your data using 128-bit secure socket layer technology, combined with end-to-end encryption (the level of security banks use!). We are given ‘Read Only” access by Credit Sense; no one can make any changes to your bank account or move money using our system. Further, we will never see your internet banking password. We always have and always will continue to keep your information safe within our organisation.
Further information regarding Credit Sense can be located here. https://creditsense.com.au/consumers
Here’s what a loan might look like
Here’s what a small loan might look like…
You’re after a loan for $1,000 for medical or dental bills. Your are looking to repay the loan back after 6 months and are happy to make fortnightly payments.
In the above example You’ll pay:
- Loan Amount Financed: $1,000
- Establishment Fee: $200 (set by NCCP at 20% of the loan amount)
- Monthly Permitted Fee: $40 per month charged on the anniversary of the loan
- Amount of Credit of the Loan: $1,240
- Total Amount of Interest Payable: NIL
- Direct Debit Fees: $25.74 ($0.99 per transaction)
- Total amount of repayments: $1,440.00
- Nominal Percentage Rate (Interest) per annum: 0% as defined by NCCP
Comparison Rate: 160.0571% as defined by NCCP
Here’s what a medium loan might look like…
You’re after a loan for car repairs for $2,500 and are looking to make payments back on a weekly basis over 2 years.
In the above example You’ll pay:
- Loan Amount Financed: $2,500
- Establishment fee: $400 (Set by NCCP)
- Amount of Credit of the Loan: $2,900
- Total Amount of Interest Payable: $1,590.86
- Repayments: 103 x $43.19 + $42.31 (a final payment)
- Total amount of repayments: $4,490.88
- Nominal Percentage Rate (Interest) per annum: 48% as defined by NCCP
Comparison Rate: 65.5138% as defined by NCCP
For loans under $2000 the minimum repayment term 90 days, maximum repayment term 12 months.