At Spotter Loans we are committed to the practice of responsible lending. The regulatory rules under which we are governed by Division 4 of Chapter 3 of the National Consumer Credit Protection Act, are incorporated into our Lending Policies.
We are required by this law:
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To make reasonable inquiries about a borrower’s requirements and objectives;
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To make reasonable inquiries about a borrower’s financial situation;
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To take reasonable steps to verify the borrower’s financial situation;
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To make a final assessment, based on the first 3 steps as make sure any credit contract we might suggest is “not unsuitable”.
In verifying a borrower’s financial situation, we may conduct a credit history check, we will obtain bank statements for at least the past 90 days, and consider all other information we consider relevant. We are completely transparent about all our fees and charges and any interest charged. (Please refer to Fees Statement).
If you feel as though you cannot make a repayment obligation, we are here to help provided that you give us reasonable notice.
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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