Understand the details before you borrow.
Please read the following general information carefully. Your signed loan agreement and applicable law govern any actual loan.
1. Eligibility and assessment
Applicants may be required to meet minimum age, residency, identity, income and credit requirements. The company should publish its exact eligibility rules and licensing details before accepting applications.
2. Interest rate and APR
The interest rate and, where applicable, annual percentage rate (APR) must be disclosed in the formal offer. Ask whether the rate is fixed or variable and how interest is calculated.
3. Fees and total cost
Any arrangement, administration, late-payment, broker, valuation or early-repayment fees must be disclosed before you accept. Review the total amount repayable, not only the instalment amount.
4. Repayments
Your agreement should state the repayment amount, frequency, due dates, payment method and loan duration. Make sure repayments are affordable alongside your other essential expenses.
5. Late or missed payments
Late or missed payments may result in charges, collection activity, adverse credit reporting or enforcement action where permitted by law. Contact the lender promptly if you think you may miss a payment.
6. Early repayment and cancellation
Check whether you can repay early, whether an early-settlement charge applies and whether any cooling-off or cancellation rights are available in your jurisdiction.
7. Security and guarantees
If a loan is secured, understand which asset is at risk. A guarantor may become responsible for repayment if the borrower does not pay, subject to the guarantee terms.
8. Privacy and complaints
Applicants should receive a privacy notice explaining how personal information is collected, used, stored and shared. The company should also provide a clear complaints process and relevant regulator details.