‘Personal information’ includes any information or an opinion about an identified individual, or an individual who is reasonably identifiable. ‘Credit information’ includes information such as the type and amount of credit provided to you, repayment history information, default information (including overdue payments) and court information. ‘Credit eligibility information’ is credit reporting information supplied to us by a credit reporting body (CRB), and any information that we derive from it. Collectively, we refer to this as ‘credit-related information’.
We may collect, use, hold and disclose personal information and credit-related information about you for the purposes of providing you with credit and managing that credit, direct marketing of products, enhancing services offered by us or any of our associates and other related purposes. Your information will be held by us and some of our third party service providers so that we can provide the services to you. You can gain access to the information held about you by contacting us. You have the right to request not to receive direct marketing material by advising us at any time. We are required to collect your information by law (including the Anti-Money Laundering and Counter-Terrorism Financing Act 2006) and if you do not provide your personal information and credit-related information, we may be unable to provide you with a loan or other services.
You agree that we, and any of our associates and/or service providers (including any of our overseas associates and/or service providers) on our behalf can do any of the following at any time.
Credit-related information: Collect, hold, use and disclose credit-related information about you to assess an application for consumer credit and manage that consumer credit. As required by law, we will obtain the last three months bank transactions on the date you apply for a loan, and if relevant, further bank transactions for a reasonable period after that date, for the purpose of assessing any future loan application.
Personal information: Collect, hold, use and disclose personal and credit-related information about you. This includes disclosure to third parties such as our service providers, associates, credit reporting bodies, debt collectors, contractors (including any of our overseas associates who may assist us in providing our products and services to you) and people considering acquiring or taking an interest in our business or assets.
If we are unable to assist you with this loan application or consider you might need credit assistance on other finance options available to you, we may refer your details to other lenders or credit assistants who may be able to assist you.
Employment information: Collect, hold, use and disclose employment information and income confirmation from your current or previous employers.
Customer identification: Disclose personal information about you to an organisation, including credit reporting bodies, for the purpose of verifying your identity against the information held on your credit file (including online verification). If we use these these methods and are unable to verify your identity in this way we will let you know. We may also use information about your Australian Passport, state or territory driver licence, Medicare card, citizenship certificate, birth certificate and any other identification documents to match those details with the relevant registries using third party systems and record the results of that matching. Should you not agree to have your identity verified by these means, please contact us so that we can discuss other options with you.
Overseas disclosure: Disclose your personal information and credit-related information to overseas entities including service providers located overseas including in the USA, Ukraine, Canada, India, Ireland, the United Kingdom or the Philippines. Overseas entities may be required to disclose information to relevant foreign authorities under a foreign law. More information on overseas disclosure may be found in the entities’ privacy policies. If you agree to these consents: (1) we will not be required to take reasonable steps to ensure that an overseas recipient of your personal information does not breach the Australian Privacy Principles, (2) we will not be accountable to you under the Privacy Act for your information disclosed overseas and (3) you will not be able to seek redress under the Privacy Act. Accordingly, we are not liable for any breach or misuse of information sent offshore, and you acknowledge that any information disclosed to an overseas recipient may not have the same level of protection as that provided under the Australian Privacy law.
Storage and security: Store your personal information and credit-related information in cloud or other types of networked or electronic storage and will take reasonable steps to ensure its security. However, it is not always practicable to find out where your information may be accessed or held, as electronic or networked storage can be accessed from various countries via an internet connection.
Electronic authorisation You consent to us sending you notices and other documents in connection with your dealings with us by email or by the member log-in area via our website.
You understand that upon the giving this consent:
we will either make all notices, statutory disclosures (including the Information Statement and Credit Guide), statements of account, copy of the contract and other documents available for a reasonable period of time in the members log-in area on our website for retrieval by you, or we will send you such documents by e-mail or other form of electronic communication;
if the information is displayed in the members log-in area, we will promptly send you an email to the nominated email address notifying you that information is available for retrieval from our website and notify you of the nature of that information;
we will not send paper copies of any document unless required by law;
you must regularly check your nominated email address for notices;
you may withdraw your consent to the giving of notices and other documents electronically at any time provided that you provide a suitable means for us to communicate with you; and
- if you click ‘I agree’ it will create a binding legal obligation where indicated.
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.