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.
A personal loan is defined as a loan from $5,000 upwards with terms longer than 12 months.
Our clients can borrow anywhere from $2,100 to $50,000 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, ongoing interest 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 your loan is a MACC the term will be anywhere from 6 months to 2 years. If you loan is a personal loan the term will be anywhere from 1-7 years.
Yes. You can repay your loan at any time without penalty!
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
Address: PO BOX 11, Heidelberg 3084 VIC
Phones: 1800 776 863, 03 8548 9000
Fax: 03 8672 6591
Email: loans@spotterloans.com.au
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Here’s what a loan might look like
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
- Minimum loan period: 61 days
- Maximum loan period: 2 years