Terms and Conditions

Please read all of the information below carefully as it includes disclosures we need to make to you and sets out some of the important terms and conditions you will be agreeing to if you decide to apply for credit through Spot Loans.

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 and Fundco Pty Ltd as credit provider need 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 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 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.

You can request a copy of Spot Loans and Fundco’s 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

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 broker (credit assistance provider) for the purposes of sourcing Credit on terms to be set out in a written finance broking agreement (Broking Agreement);
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 Broking Agreement and/or Credit Contract.

I hereby consent to:

the Broking Agreement 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 Broking Agreement being 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 Broking Agreement, and by my indicating that I have understood and agree to the terms and conditions of the Broking Agreement. I understand that, if I do not wish to be bound by the Broking Agreement, or if I wish to obtain independent legal or financial advice in relation to the Broking Agreement, or if I do not fully understand all of the terms and conditions of the Broking Agreement, 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 Broking Agreement, I will be bound by the Broking Agreement as if I had signed a hard copy;
the Credit Contract being entered into electronically as follows:

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;
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);
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;
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;
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;
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.

I understand that if I consent to the Credit Provider 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 to provide documents electronically.

Finance Broking Agreement

I, [Populate Name] of [Populate address] (Borrower), hereby appoint Spot Loans Pty Ltd (Spot Loans) to act as my broker, 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.

Proposed Lender:
Services provided by Spot Loans:	Spot Loans provides finance broking services as a credit assistance provider under the National Consumer Credit Protections Act 2009 (Act). It also has an agency (origination and management) agreement with Fundco. Spot Loans primarily brokers credit offered by Fundco subject to compliance with the responsible lending obligations imposed on it by the Act. Subject to you as borrower meeting Fundco’s credit criteria, Spot Loans will attempt to broker credit from Fundco. If suitable credit is not available from Fundco, Spot Loans will endeavour to source suitable credit from other credit providers.
Amount required by Borrower	$Populate
Quote for providing credit assistance and Credit Proposal disclosures under s 114 and 121 of the Act. The information set out alongside is based upon a loan term of [Populate 6 or 12 Months] and the amount of credit you have indicated you wish to apply for. The amounts quoted and/or disclosed may vary if you agree to enter into a credit contract with Fundco or another credit provider for a different term or amount.	Fees & Charges payable by you to Spot Loans. These are based on the amount you have indicated you wish to borrow as well as the assumption that the term for an advance such as this will be [Populate 6 or 12 Months]. No fees and charges will be payable by you should you not enter into a credit contract.	$Populate
	Commissions payable by 3rd parties to Spot Loans.	Nil
	Fees & Charges payable by you to a credit provider or 3rd party. These are based on the amount you have indicated you wish to borrow as well as the assumption that the term for an advance such as this will be [Populate 6 or 12 Months].	$Populate
	Estimate of amount available to you at settlement	$Populate
Credit assistance and services to be provided by Spot Loans.	Spot Loans will take all steps reasonably necessary to inquire about and verify your financial situation, including credit checks and employment checks. Spot Loans will also make reasonable enquiries about your credit requirements and objectives. Once Spot Loans has done so it will make a preliminary assessment about whether a credit contract is not unsuitable for you based on the information it has obtained and verified. Spot Loans expects to obtain a prompt decision about your application for credit as soon as it and the credit provider have complied with their responsible lending obligations. The entire process should take no longer than one (1) day subject to the accuracy of the information you provide. Spot Loans’ appointment under this agreement will expire on the earlier of a credit provider agreeing to advance monies to you or four (4) weeks from the date of this agreement.
How is Spot Loans paid?	Spot Loans is paid the fee disclosed above by you for securing credit on your behalf. The fee will be paid to Spot Loans out of the credit provided to you.

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 4 – Terms and Conditions + Privacy Consents you will be agreeing to these terms and conditions. You will also be agreeing to the matters set out at 1 – 7 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 any credit provider may collect and use my personal information in accordance with the Privacy Act 1988 authorisation above;
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 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 Privacy Act 1988 and Electronic Transactions Act 1999.

By clicking on the check box at section 4 – Terms and Conditions + Privacy Consents you will also be acknowledging and agreeing that you have read and understood the terms and conditions of the above Finance Broking Agreement 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 Finance Broking Agreement 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 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 4 – Terms and Conditions + Privacy Consents.