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 up to 20% of the loan amount and an ongoing monthly account fee of 4% of the original loan amount. 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, you can choose anywhere between 3 months and 6 months to repay your loan.
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 $15,000.
Can I repay a loan early without penalty?
Yes. You can repay your loan at any time without penalty!
Can I get more than one loan a year?
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. We will not charge an establishment fee on the second loan if you are taking out an additional loan within 12 months.
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 will 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 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.
Who is Credit Sense? And how does it work?
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
How do I contact Spotter Loans?
Level 1, 240 Chapel St, Prahran VIC 3181
Phones: 1800 776 863, 03 8548 9000
Fax: 03 8672 6591
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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.
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.
Small Loan Example
- $110.77=Per Fortnight
- $1,440.00Total Payments
Medium Loan Example
- $43.19=Per Week
- $4,490.88Total 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:$40per 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
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
WARNING: This comparison rate is accurate and applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
See our fullFee Statement for fee details.
"These examples are provided for illustrative purposes only. They do not represent an offer from Rate Detective Pty Ltd. A Spotter Loan is subject to the completion of an application, which is subject to responsible lending checks that take your personal needs and financial circumstances into account."
For loans under $2000 the minimum repayment term 90 days, maximum repayment term 12 months.