About the National Consumer Credit Protection Act
The National Consumer Credit Protection Act regulates credit provided in Australia to individuals for personal, domestic or household purposes and for investment in residential property. If a loan is used mainly for any of these purposes ten the law requires us to make assumptions about some of the disclosures (eg. such as the total amount of fees and charges and the total amount of repayments) based on future events that may not turn out to be correct (eg. If you have a variable rate loan, your interest rate may change). The Act does not apply to companies or to borrowers of credit provided wholly or predominantly for investment (other than in residential property) or for business purposes (or for both purposes).
Credit Guide
This credit guide applies if we may enter into a credit contract with you regulated by the National Consumer Credit Protection Act.
Flash Money Pty Ltd credit license ACL 508661 is the credit provider. You can contact us by emailing hello@flashmoney.com.au
Flash Money will not enter into an unsuitable contract with you
We will not enter into a contract, or increase the credit limit of your current contract if it would be unsuitable for you. A contract will be unsuitable for you if you will be unable to comply with your financial obligations under the contract without suffering substantial hardship, or if the contract does not meet your stated requirements and objectives.
In order to ensure that we do not enter into a contract that is unsuitable with you, we are required to make reasonable inquiries relating to your financial situation, requirements and objectives, and to take reasonable steps to verify your financial situation.
We will provide a copy of our assessment if you ask
We are required to make an assessment that the credit contract or increase in credit limit is not unsuitable before we enter into a credit contract with you or agree to increase your current credit limit.
If you ask us we will give you a copy of the assessment before entering into the credit contract or increasing your credit limit.
You may also request a copy of the assessment within seven years of the date the contract is made or your credit limit is increased. If your request is made within two years, we will provide you with the assessment within 21 business days. We will not charge you a fee for providing the assessment.
What if you have a complaint?
In the event of a dispute, you should first discuss the matter with us to see whether we can satisfactorily resolve your concerns. You may tell us of your concerns in one of the ways shown below.
- Email helpme@flashmoney.com.au
- Complete the online feedback form located (insert url)
- Australian Financial Complaints Authority Member ID: 40176
Post: GPO Box 3, Melbourne VIC 3001Telephone: 1800 931 678 Website: www.afca.org.au
Mini Flash Loan Fees
(If the principal amount you borrow is between $500 and $2,000)
You will only be charged the loan establishment fee and the monthly loan fee when making payments on time. If you miss any repayments, a Dishonour and Default Fee will apply
Mini Flash Loan Fees
Loan Fees And Charges | |
---|---|
Establishment Fee Payable once off per loan | 20% of principal |
Monthly Loan Fee Where there is an outstanding debt balance, charged per month of part thereof | 4% of principal per month |
Fees that may apply | |
Dishonour Fee Charged each time a direct debit or other payment is not made in full or on time. This fee includes any reasonable internal and administrative costs and external third-party costs. | $20.00 |
Default Fee Daily recovery fee to cover reasonable costs of administrating your account while your account remains in default | $5.00 |
Super Flash Loan Fees
(If the principal amount you borrow in between $2,001 and $5,000)
You will only be charged the loan establishment fee and the interest charges calculated based on the applicable interest rate when making payments on time. If you miss any repayments, a Dishonour and Reschedule Fee will apply.
Super Flash Loan Fees
Loan Fees And Charges | |
---|---|
Establishment Fee Payable once off per loan | $400.00 |
Interest Rate This is the annual percentage rate. Interest accrues daily, and is charged monthly in arrears- on the outstanding balance of your loan | 47.6158% p.a. |
Comparison rate* | 65.6597% p.a. |
Fees that may apply | |
Dishonour Fee Charged each time a direct debit or other payment is not made in full or on time. This fee includes any reasonable internal and administrative costs and external third party cost | $20.00 |
Reschedule Fee Charged each time on a repayment is rescheduled. This is a service fee which our reasonable internal administrative costs | $20.00 |
*This comparison rate is based on the Super Flash Money Loan of $2,500 over 2 years and a $400 establishment fee. Fees and charges are payable. WARNING: This comparison is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. This is a prescribed calculation and Flash Money does not offer loans of $2,500 over a term of 2 years.