What is a SACC?

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.

What is a MACC?

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.

How much can I borrow?

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.

What are the costs?

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.

How fast will I get my cash?

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.

How long can I have to repay the loan?

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.

Can I repay a loan early without penalty?

Yes. You can repay your loan at any time without penalty!

Can I get a loan if I have a bad credit rating?

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.

Will I need to print out any paper work?

In the majority of cases our process can be completed electronically without the need to print/scan any documents.

Will you do a credit check?

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.

What documents will you need from me?

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.

What happens if I pay early or if I can’t pay on time?

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.

What is Responsible Lending?

We are required by law to make reasonable inquiries about your requirements and objectives in relation to any credit contract suggested or recomm