Frequently Asked Questions

Information You Should Know:

Implications of late payment

If your payment is received five or more business days past the due date, it will be considered late, and you will be charged an NSF fee of 5%, up to $15 by your lender and you may incur overdraft charges from your bank. The best way to avoid making late payments is to set up pre-authorized withdrawal and have sufficient funds in your bank account on your payment due date. After two failed attempts to debit your checking account, our loan provider may initiate collections procedures.

Implications of non-payment

If you can''t repay the full amount of your loan on the due date, you may be able to request to refinance your loan by logging in to your member account. The contract provides for a fee to become payable if you fail to make a payment. Additionally, if the loan makes provision we have the right to take further action which could include registering a default on your credit file (impacting your credit score), passing your information to a specialist debt collection agency (using legal collection practices) and/or legal action.

Policy on responsible lending

We comply in all respects with the requirements of responsible lending imposed by the National Consumer Credit Protection Act 2009 ("NCCP Act"), guided by ASIC Regulatory Guides and in particular RG 209 Credit licensing: Responsible lending conduct and the ASIC issued information sheet on responsible lending disclosure obligations (Info 146) available at: http://www.asic.gov.au/asic/asic.nsf/byheadline/Responsible+lending+disclosure+obligations%3A+Overview+for+credit+licensees+and+representatives?openDocument

Fees, charges and Financial Implications

The principal fees and charges related to a loan contract depending on which lender meets your criteria and may be lower than the figures below:

• Representative Application Fee Range: $0-$22
• Representative APR Range: 456.00%-1271.18%*
• Representative Late Payment Fee Range: $10-$38.50
• Representative Payment Dishonour Fee Range: $25-$50
• Representative Payment Deferral Fee: $27.50

* Our representative APR range may look big but this is because we offer short term loans and an APR assumes you are going to have the loan for a whole year. Our fees are clearly shown when accepting the terms of your loan so the best way to find out costs is to apply online.

Renewal Policy

On behalf of the lenders, we will send an email 1 - 2 days prior to your due date reminding you that your loan is coming due. Your loan must be paid in full on the due date. Your nominated bank account will be automatically debited on the due date unless you set up the following payment option.

Refinance Policy

You only pay the minimum amount (equal to your original broker fee) and the lender fee. The remaining principal of the original loan will be paid off by a new loan. This new loan will carry with it additional lender and broker fees. Your request to refinance must be received by 3pm Sydney Time two business days before your due date. You can request to refinance via our website.

Compliance

We comply with all legislative requirements imposed by the Federal, State or Compliance with other state or local regulations related to short-term loans.

Physical Contact Address

If you have any matters you wish to write to us about feel free to send any mail to:
Loan King
Level 3, 79 Myrtle Street
Chippendale
NSW 2008
Australia