A personal loan in which the lender relies on the borrower’s promise to make repayments without providing additional security.
If the borrower does not repay the loan the lender can take them to court, but they cannot seize and sell the borrower’s assets.
A loan applied for and issued to two or more people. Both borrowers share responsibility for complying with the agreed loan terms, either individually or together. The lender does not have to ‘split’ the responsibilitiesbetween them.
Bad Credit Rating/History
This refers to information on your credit file held by a credit reporting body, such as Veda Advantage or Dun & Bradstreet.
“Bad” refers to things listed such as credit defaults, bankruptcy, excessive enquiries, having multiple credit files or having a poor repayment history.
If you think you may have a bad credit history, you can check yours through Veda Advantage at www.mycreditfile.com.au or Dun & Bradstreet at www.checkyourcredit.com.au.
Good Credit Rating
This refers to your credit file (held by a credit reporting body like Veda Advantage or Dun & Bradstreet), and the information on it indicates a possible lower risk of giving you a loan. If you want to check your credit history, you can with Veda Advantage at www.mycreditfile.com.au or Dun & Bradstreet at www.checkyourcredit.com.au.
Early Exit Fee
A fee some lenders charge to a borrower for paying out a loan early (ie before the end of its term). It may be called a variety of things such as a ‘deferred establishment fee’ or ‘payout fee’.
As a general rule, Fast Access Finance does not arrange loans that have early exit fees. We don’t believe in charging people for getting out of debt quicker.
Make sure you always check your proposed loan documents to see if there is such a fee.
Accounting Keeping Fee
This fee (also called a monthly fee, monthly account fee or monthly keeping fee) is a regular amount charged on a loan while there is any balance outstanding. It is usually charged monthly or annually.
Flexible repayments allow you to select what day or date you would like your repayments to be debited.
Loans arranged by Fast Access Finance give you the flexibility of choosing weekly or fortnightly repayments.
Every application and every approved loan will be handled personally by a staff representative.
You will be treated like a valued client and not just a number.
An individual or a firm that helps source and arrange finance for their customers.
Fast Access Finance are not broker – we’re authorised credit representatives. Dealing with us is the same as dealing with the lender – we’re not a middle man.
A client that either has a current loan, or has recently had but paid out a loan, arranged through Fast Access Finance.
Electronic Signing (Esign)
The ability to electronically sign a contract on your computer, and have it emailed directly to the lender.
It’s safe and secure: the process only starts once your identity is securely established in accordance with federal regulation, the location of the computer on which the documents are signed is recorded and a copy of the signed documents are sent to you by email.
Direct Debit Request
An instruction given by you to authorise the deduction of money from your nominated bank account and send it to the person authorised in the request. The authority may either be given directly to the lender, or to a direct debit service company (such as Bill Buddy).
Direct Debit is the most common form of loan repayments.
Please note, banking regulations prohibit the direct debiting of a credit card for loan repayments.
A loan taken out for a ‘consumer’ purpose that is primarily given on the strength of the person applying for it.
Small Amount Credit Contracts, or SACCs, are personal loan of up to $2,000 which are unsecured. By law they do not have an interest rate. Instead they have an establishment fee and a monthly fee. They have a term of between 16 days and one year.
Medium Amount Credit Contract
Medium Amount Credit Contracts, or MACCs, are personal loans of between $1,601 and $5,000. These may be secured or unsecured. MACCs have an establishment fee and an interest rate.
In Australia, consumer credit loans are regulated by the National Consumer Credit Protection Act which incorporates the National Credit Code.
Not all loans are consumer credit, so not all loans are regulated by these laws.