Late & Non Payment Implications and Collections

It's important to know the costs of your cash loan can only increase if you fail to stick to your initial repayment schedule, for example if you are approved by our primary lender and do not contact your lender at least two business days prior to your direct debit. With the collection process if you fail to do this is as follows;

If your direct debit is declined by your bank you may be charged a dishonour fee by your bank plus a $35 failed payment fee by them. The $35 fee will also be applied when your lender has agreed to reschedule your payments for a later date. Your account is then considered overdue and passed onto the lenders repayments team who will make an arrangement with you. If your account continues to remain unresolved, daily fees of $7 can continue to accrue for up to 45 days.

If you are not accepted by our primary lender but matched with another you will be presented with details on late payment schedule before you accept your loan. If you think you are going to not be able to keep to your arrangement, contact the lender ahead of time so you can avoid the failed payment fees imposed by your bank. If our lenders cannot recover the money over a reasonable period, your account may be passed to an external collections partner and a credit reporting agency may be notified.

As with most credit facilities, if your account remains unpaid the lender may list a default with a credit reporting agency. A credit default is listed on your credit file for up to 5 years, so it's always in your best interests to keep in touch with your lender if issues should arise.

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