Terms & Conditions

Privacy Statement

If you engage Spot Loans to assist you to apply for credit, we will need to ask you to provide us with information of a personal nature in relation to your financial affairs. Please click on this link to find out more about how we deal with the information you provide to us.

Spot Loans Website

The information contained and accessed on this site is provided by Spot Loans for general guidance and is intended to offer the user general information of interest only. Please click on this link for more information about the terms governing use of our website.

Please read the information below carefully as it refers to the type of terms and conditions that you will be required to agree to should you choose to engage us to assist you to obtain credit. This is provided for information purposes only at this stage to enable you to review and consider the terms you will be agreeing to should you choose to engage us. If you do not fully understand the terms and conditions you should obtain independent legal and financial advice before you agree to formally engage us to assist you.

Privacy Act 1988 Authorisation

Under the terms of the Privacy Act 1988 (Act), I understand that Spot Loans Pty Ltd as credit assistance provider needs to make disclosures to me and obtain authorisations from me before my application is processed. The authorisations relate to information that can be obtained before, during or after the provision of the credit to me. In accordance with the terms of the Act, I hereby authorise Spot Loans Pty Ltd and Fundco Pty Ltd, Clarlogic, Inc and Yodlee, Inc as well as their agents, associates, related entities and any other credit providers to whom my credit application may be referred (Credit Participants):

• To give a credit reporting agency certain information about me and my application for credit in order to obtain a credit report about me. This information can include:
  1. my name;
  2. my address;
  3. my date of birth;
  4. my drivers license number; and
  5. the fact that I have applied for credit and the amount applied for.
• To obtain a credit report about me from a credit reporting agency to assess my application and my creditworthiness, or in connection with the collection of overdue payments, and I give my consent for them to do so.
• To give and seek information from any of the Credit Participants’ financiers, or any credit providers or referees named in my application or in any credit report or credit reporting agency about me, information about my creditworthiness, credit standing, credit history or credit capacity as permitted under the Act. The information can be exchanged for any one of the following purposes:
  1. to assess my application;
  2. to notify other credit providers of a default by me;
  3. to advise other credit providers of the status of this loan in circumstances where I am in default with other credit providers; or
  4. to assess my creditworthiness.
• To use my personal information for marketing, planning and product development purposes by the Credit Participants, their related companies, business and organisations or unrelated marketing organisations conducting marketing activities on their behalf. This authorisation applies regardless of whether my application for consumer credit is approved by a credit provider.
• To request, obtain and use my banking account and login details for the purposes of reviewing at least 90 days' transactions.

You can request a copy of Spot Loans'' Privacy Policy or obtain access to update your personal information by writing to: The Privacy Officer, PO Box 5332, GCMC, QLD 9726. The Privacy Policy is also available on Spot Loan’s website at www.spotloans.com.au

48 Hour Cooling-off period

Spot Loans is committed to providing credit solutions that meet the requirements of each customer. We do not recommend any products that would not meet your needs or which could place you under substantial hardship in meeting your financial obligations.

To demonstrate our commitment in this area, Spot Loans and the credit provider have agreed to provide all clients with a 48 hour cooling-off period commencing from the time a loan contract is entered into. Therefore, should you for any reason not want to proceed with the loan contract, all you have to do is contact us and return the funds to the credit provider within the 48 hour cooling-off period and you will have no further obligations to us or the credit provider.

Dispute Resolution

If you have any complaints regarding our service or the service provided by any of our credit representatives, or want more information, please contact us immediately to resolve your complaint by telephoning the Complaints Contact Person on ph: 1300 776 863 or email us at enquiries@spotloans.com.au. If you have a complaint which remains unresolved after speaking to us, you can contact our External Dispute Resolution scheme or get legal advice.

External dispute resolution is a free service established to provide you with an independent mechanism to resolve specific complaints. Our external dispute resolution provider is:

Credit Ombudsman Service Limited “COSL”
PO Box A252
Sydney South NSW 1235
9.00am – 5.00pm, Monday to Friday, Sydney time
Tel: 1800 138 422
Fax: (02) 9273 8440
http://www.cosl.com.au/Contact

Please note that you must have gone through our own internal dispute resolution process before approaching COSL. If you fail to do so the matter will be referred back to us to resolve in the first instance.

Anti-Money Laundering and Counter-Terrorism Financing Act 2006 Consents

Under the terms of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF), I understand that reporting entities such as Fundco Pty Ltd are permitted to disclose my full name, residential address and date of birth to a credit reporting agency for the purpose of verifying my identiy electronically under the AML/CTF. I understand that my identity will be verified by the credit reporting agency comparing my personal information provided by the reporting entity against the personal information already held by the credit reporting agency.

I also understand that I will be required to expressly consent to the reporting entity providing my personal information to a credit reporting agency in order to electronically verify my identity. If I do not wish my identity to be verified electronically by a credit reporting agency under the AML/CTF, I will be able to verify my identity to the satisfaction of the reporting agency via other means. If my identity is verified electronically by a credit reporting agency under the AML/CTF, the credit reporting agency may provide an assessment as to whether the information held by the agency matches the information provided by the reporting entity, in whole or in part.

Bank Statements and Account Verification

As part of your loan application you will be asked to provide us with your bank account details. There are 2 reasons for this. Firstly, this is the account into which your loan will be paid once approved. Secondly, these details assist us in meeting our responsible lending obligations, in particular the requirement to obtain 90 days bank statements from you. The services of Clarilogic, In [trading as Decision Logic] and Yodlee, Inc are used in order to verify your bank transactions over the last 90 days.  This is a secure and convenient process which operates at bank level security and enables you to provide us with details of your bank transactions in real time.

Please note: you will not be asked to provide your secure login information to anyone. You will receive a link via email that you alone will use to login-in to your account using Decision Logic software. After you log in, Decision Logic will collate the transaction details we require to comply with our responsible lending obligations and submit it to us.  You will also be provided with the details collated by Decision Logic so you will see exactly what we have received. Importantly, this is a read only process and your login details are not stored or recorded. You can read more about the Decision Logic process by clicking the button below:

Decision Logic: http://www.decisionlogic.com/security.aspx.
Yodlee, Inc: http://www.yodlee.com/

If you do not wish to use this service we will need to obtain and verify your bank statements another way.  You may scan or fax your bank statements but this may result in delays to the approval process.

Electronic Transactions Act 1999 Authorisation and Consent

I acknowledge that:

• I am applying for credit (Credit) subject to the National Consumer Credit Code (Code);
• I wish to engage Spot Loans Pty Ltd as my credit assistance provider for the purposes of sourcing Credit on terms to be set out in a written Quote and Credit Proposal Document (Proposal);
• subject to the responsible lending and other obligations imposed on Spot Loans by the Code, my application for Credit may be referred to Fundco Pty Ltd or another Credit Provider;
• subject to the responsible lending and other obligations imposed on a Credit Provider by the Code, my application for Credit may be approved by a Credit Provider on terms to be set out in a written agreement (Credit Contract);
• I am aware that I have the right to obtain independent legal and financial advice prior to entering into the Proposal and/or Credit Contract.

I hereby consent to:

• the Proposal and Credit Contract and any related materials and information(Materials) being provided, or otherwise made available, to me electronically under the Electronic Transactions Act 1999 (Act);
• the Proposal being signed and/or entered into electronically by being made available to me in electronic form prior to me submitting an application for Credit to Spot Loans, and by my reading the terms and conditions of the Proposal, and by my indicating that I have understood and agree to the terms and conditions of the Proposal. I understand that, if I do not wish to be bound by the Proposal, or if I wish to obtain independent legal or financial advice in relation to those materials, or if I do not fullly understand all of the terms and conditions of the Materials, I will indicate that I do not wish to proceed with an application for Credit. I acknowledge that once I indicate that I have understood and agree to the terms and conditions of the relevant Materials, I will be bound by them as if I had signed a hard copy;
• the Credit Contract being entered into electronically as follows:
  1. once a Credit Provider approves my Credit application (Approval), the Credit Contract will be generated and made available for me to review, print, and save on a secure electronic platform (Platform) maintained by the Credit Provider;
  2. notice of the Approval will be sent to the email address provided by me in my application for Credit (Email Address) along with a link to the Platform. I will also be notified of the Approval by a Spot Loans officer calling me on my nominated mobile telephone number (Mobile Number);
  3. to access the Credit Contract on the Platform I will be required to login using a unique user name and password. The user name will be sent to the Email Address along with the Approval. The password will be sent via SMS to the Mobile Number;
  4. once I have accessed the Credit Contract on the Platform, I will review its terms and conditions and, if required, obtain independent legal advice, before signing the document;
  5. if I have any queries about the terms of the Credit Contract I will ensure that these are answered to my satisfaction, either by the Credit Provider or my legal advisor, prior to signing the Credit Contract;
  6. once I am satisfied with and agree to the terms of the Credit Contract, I will sign it pursuant to the Act by indicating that I have read, understood and agree to be bound by the terms of the Credit Contract.
• any and all notices, including default notices required or permitted to be sent to me by the credit provider being sent to me to the Email Address as my nominated address under the code;
• any credit provider, including Fundco Pty Ltd, to whom my credit application is referred disclosing my full name, residential address and date of birth to a credit reporting agency in order to verify my identity electronically pursuant to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. I understand that if do not wish my identity to be verified electronically by a credit reporting agency I have the option to establish my identity to the satisfaction of the credit provider by providing certified copies of original forms of identification comprising at least 100 points under the Financial Transactions Reports Act 1988.

I understand that if I consent to the Credit Provider or Spot Loans providing Materials to me electronically:

• paper documents may no longer be provided to me;
• I must regularly check my nominated email account and the Platform for documents from the Credit Provider;
• I may at any time withdraw consent for the Credit Provider or Spot Loans to provide documents electronically.

Quote and Credit Proposal Document [Proposal]

As soon as you tell us how much you would like to borrow, and before any agreement is entered into, we will let you know what our fees and charges will be. This information will be disclosed to you in the form appearing belowwith the fields populated based on the information you provide us. If you are not happy with the fees then you do not need to proceed and there will be no obligationon you whatsoever to pay any amounts to us.

I, [Name] of [address] (Borrower), hereby appoint Spot Loans Pty Ltd (Spot Loans) to act as my credit assistance provider, for a period of four (4) weeks from today’s date to source the supply of consumer credit to me under the terms, conditions and particulars detailed below.

Borrowers’ Obligations

• The borrower is expected to read any credit contract carefully before signing the document to ensure they fully understand all terms and conditions of the loan.
• The borrower should carefully check the credit contract to ensure that the terms are suitable and do not vary from that which the borrower requires. If they do, the borrower must inform Spot Loans and the credit provider immediately.
• If the borrower is refinancing a loan and the borrower’s commitments will be increased, the borrower should seek independent financial advice to make sure that they are able to meet the increased commitments. Please note, the borrower’s regular payments may not increase, but the total to be paid may increase, for example, by having to make repayments over a longer period.

Spot Loans’ Obligations

• Spot Loans must discharge the responsible lending obligations imposed on it by the Act.
• Spot Loans cannot provide legal or financial advice. Accordingly, the borrower must ensure they understand their legal obligations under this agreement and any credit contract entered into. If the borrower has any doubts, the borrower should obtain independent legal and financial advice before entering into this agreement or a credit contract.
• Spot Loans will endeavour to secure credit on the terms and conditions requested but cannot guarantee that a credit provider will offer to enter into a credit contract on those terms. Nevertheless, Spot Loans will have discharged its obligations under this agreement and be eligible for payment of its fees in circumstances where the borrower enters into a credit contract even though the terms may differ from those requested.

Prior to submitting an application to Spot Loans you will be asked to confirm that you have read, understood and agree to these terms and conditions. By clicking the check box at section C – Terms and Conditions + Authorisations and Consents you will be agreeing to these terms and conditions. You will also be agreeing to the matters set out below, and to signing this document under the Electronic Transactions Act 1999:

• I agree that the credit I require is in accordance with that set out in the table above;
• I agree to engage Spot Loans on the terms set out above;
• I agree that Spot Loans and Fundco Pty Ltd and any other credit provider may collect and use my personal information in accordance with the Privacy Act 1988 authorisation above;
• I agree to any credit provider, including Fundco Pty Ltd, to whom my credit application is referred disclosing my full name, residential address and date of birth to a credit reporting agency in order to verify my identity electronically pursuant to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. I understand that if do not wish my identity to be verified electronically by a credit reporting agency I have the option to establish my identity to the satisfaction of the credit provider by providing certified copies of original forms of identification comprising at least 100 points under the Financial Transactions Reports Act 1988;
• I agree that I have had any queries concerning my required loan, and the contents of this agreement, satisfactorily answered by one or more representatives of Spot Loans;
• I agree that prior to signing this agreement I have obtained, or had reasonable opportunity to obtain, independent legal and financial advice;
• I agree that this document constitutes a legal contract between myself and Spot Loans, which may be relied upon by third parties such as Fundco Pty Ltd, as though I had signed it by hand;
• I agree that I have read and understood all of the information appearing above including that in relation to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, the Privacy Act 1988 and the Electronic Transactions Act 1999.

By clicking on the check box at section C – Terms and Conditions + Authorisations and Consents you will also be acknowledging and agreeing that you have read and understood the terms and conditions of the above Proposal and agree to be bound by it and that after you click the check box you will be bound under the terms and conditions of the Proposal as though you had signed it by hand. You will also be accepting the quote provided by Spot Loans and providing the authorisations and consents required under the Privacy Act 1988 and Electronic Transactions Act 1999 and the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 disclosures set out above.

If you do not understand or agree with any of the matters or agreements set out above you should not click the check box at section C – Terms and Conditions + Authorisations and Consents.