Important Information You Should Know:
If any payment is made late, it is a breach of the agreement and, subject to the law, entitles us to take action against you for recovery of the late payment or the balance of the loan. We will, of course, comply with all regulatory requirements in respect of the notices required to be given to you in the event that you make a payment late. The contract provides for a fee to become payable if any payment is late.
Implications of non-payment
The failure to make a payment is a breach of the agreement and subject to the law, entitles us to take action against you for recovery of the payment or the balance of the loan. We will, of course, comply with all regulatory requirements in respect of notices required to be given to you in the event that you fail to make a payment. The contract provides for a fee to become payable if you fail to make a payment. Under certain circumstances, the failure to make a payment can be recorded on your file maintained by a credit reporting agency. Additionally, if the loan makes provision for security over any item (such as a motor vehicle) non-payment may entitle us to repossess the item.
Policy on responsible lending
We comply in all respects with the requirements of responsible lending imposed by the National Consumer Credit Protection Act 2009 (“NCCP Act”), guided by ASIC Regulatory Guides and in particular RG 209 Credit licensing: Responsible lending conduct and the ASIC issued information sheet on responsible lending disclosure obligations (Info 146) available at:http://asic.gov.au/regulatory-resources/credit/responsible-lending/responsible-lending-disclosure-obligations-overview-for-credit-licensees-and-representatives/
In particular we:
- Provide a credit guide pursuant to section 127 of the NCCP Act;
- Seek information from every applicant as to their requirements and objectives in relation to the loan;
- Seek information from every applicant as to their financial situation;
- Make reasonable enquiries to verify the information provided by the applicant;
- Make a preliminary assessment as required under the NCCP Act, Chapter 3, Part 3-2, Division 3, and provide a copy of the assessment to the applicant if requested;
- Ensure that any loan offered to an applicant is not unsuitable;
- Assess a loan as being unsuitable where:
- The applicant will be unable to comply with their financial obligations, or will only be able to comply with their financial obligations with substantial hardship;
- The contract will not meet the applicant’s requirements or objectives, or
- The regulations made under the NCCP Act prescribe circumstances where a contract is unsuitable.
- Provide the applicant with copies of all documents required under the NCCP Act or regulations;
- Comply with all laws relating to credit.
Code of Practice
We are a member of the National Credit Providers Association and operate under the terms of the Association’s Code of Practice.
Fees and charges
The principal fees and charges related to a loan contract are the following:
|Late Payment Fee||$15|
|Payment Dishonour Fee||$32.50|
|Small Amount Credit Contract (Loans up to $2000)|
|Permitted Monthly Fee||4%|
|Medium Amount Credit Contract (Loans from $2001-$5000)|
We comply with all legislative requirements imposed by the Federal or State regulations related to short-term loans.
Complaints and Disputes
If you have a complaint or dispute with us, please first refer the matter to our complaints officer who will deal with the matter in accordance with our internal dispute resolution procedure. A copy of our written dispute resolution procedure is available on request. Our complaints officer may be contacted as follows:-
|Telephone:||1300 175 000|
|Address:||P.O. Box 995, Nerang, QLD 4211|
If you consider that does not resolve the dispute, you may contact our independent external dispute resolution scheme which is:
|Name:||Credit & Investment Ombudsman Ltd|
|Phone:||1800 138 422 (9:00am to 5:00pm Monday to Friday AEST)|
|Fax:||02 9273 8440|
|Mail:||PO Box A252 South Sydney NSW 1235|
Copy of Assessment
If you ask us for a copy of our assessment as to why we approved your contract we must give you a copy of it. If you request it before entering into the agreement, we must provide it before the contract is entered into. If you ask for it up to 2 years after the agreement is signed, we must give it to you within 7 business days. If you ask for it after two years but within 7 years of the agreement being signed, we must give it to you within 21 business days.
Responsible Lending Obligations
We are not permitted by law to enter into an agreement with you which is unsuitable. For us to make that assessment, we are required make reasonable inquiries about:
- your requirements and objectives in relation to your credit contract with us; and
- your financial situation.
We are also required to take reasonable steps to verify your financial situation.
Electronic Transactions Act 1999
The Electronic Transactions Act 1999 enables some transactions to be entered into electronically. It is our intention that the business relationship between us will be conducted under the provisions of the Electronic Transactions Act.
Under that Act, we are not entitled to conduct our business with you electronically unless we have your consent and agreement to do so.
In deciding whether you should provide that consent, we advise that should you consider:-
- Any electronic communication from us to you will be in a form which will be able to be saved by you, will be able to be printed by you or will be usable by you for subsequent reference;
- Any electronic communication from us to you will either direct you to a website from which the document can be downloaded, or the communication will have an attachment containing the information;
- We will retain a copy of the electronic communication for such time as we are required to by law in a form which complies with the law;
- You have the right to withdraw your consent to receive electronic communications on giving us at least two business days’ notice; and
- We intend to communicate with you electronically in all matters where we are able to by law, and we expect that you will regularly check your electronic communication systems (email and SMS in particular, and fax where applicable) to see if there is any electronic communication from us.
I/we acknowledge that I/we have read and understood the consent given under the Electronic Transactions Act 1999 and agree to allow iFinance (Qld) Pty Ltd to communicate with me/us electronically pursuant to the provisions of the Electronic Transactions Act 1999.
Any changes or a withdrawal of consent must be advised to:
IFINANCE QLD PTY LTD,
P.O. Box 995, Nerang, QLD 4211
Telephone: 1300 175 000
Fax:(07) 5641 0002
Warning: The lender may ask that you confirm any verbal notification in writing.