Information Statement

Cashfaster Pty Ltd

Things you should know about your Proposed Credit Contract

This statement provides information about your rights and obligations as well as those of your credit provider. It does not contain the terms and conditions of your credit contract.

If you have any concerns about your contract, contact your credit provider. If your concerns persist, you may seek assistance from the credit provider’s external dispute resolution scheme or consult with legal counsel.

THE CONTRACT

How can I obtain information about my proposed credit contract?

Your credit provider is required to provide you with a pre-contractual statement that includes specific information about your contract. This statement, along with the information statement you are currently reading, must be provided to you before:
your contract is entered into; or
you make an offer to enter into the contract, whichever occurs first.

How can I obtain a copy of the final contract?

If your contract document is to be signed and returned to your credit provider, they must provide you with a copy to keep. Additionally, your credit provider must provide you with a copy of the final contract within 14 days after it has been executed. However, this requirement does not apply if your credit provider has already provided you with a copy of the contract document.
If you need another copy of your contract, you may request one from your credit provider. Keep in mind that your credit provider may charge you a fee. They are required to provide you with a copy:

within 14 days of your written request, if the original contract was executed within one year before your request; or
within 30 days of your written request, otherwise.

Can I terminate the contract?

Yes. You may terminate your contract by providing written notice to your credit provider, provided that:
you have not received any credit under the contract; or
you provide written notice within 14 days of the original contract execution, if it was executed within one year before your request; or
you provide written notice within 30 days of the original contract execution, otherwise.

However, you will still be responsible for any fees or charges incurred prior to terminating the contract.

Can I pay off my credit contract early?

Yes. You may pay the amount required to pay off your credit contract to your credit provider on the day you wish to terminate your contract.

How can I obtain the payout figure?

You may request a statement of the payout figure from your credit provider at any time. You may also request details on how the amount is calculated. Your credit provider must provide you with the statement within 7 days after receiving your request. You may be charged a fee for this statement.

Will I pay less interest if I pay off my contract early?

Yes. The interest charged is determined by the actual time that the money is owed. However, you may be required to pay an early termination charge (if permitted under your contract) and other fees.

Can my credit provider change the contract?

Yes, but only if your contract permits them to do so.

Will I be informed in advance of any changes to the contract?

This depends on the type of change. For instance:

you will receive at least same-day notice for a change to the annual percentage rate. This notice may be provided in writing or through a notice published in a newspaper.
you will receive 20 days’ advance written notice for:
a change to the method used to calculate interest;
a change to credit fees and charges; or
any other changes made by your credit provider,
except if the change reduces your payment or if the change occurs automatically under the contract.

If you believe that your contract is unfair, there are several steps you can take. Firstly, it’s important to speak with your credit provider and try to negotiate a solution. If this is unsuccessful, you can contact their external dispute resolution scheme, the Credit Ombudsman Service Limited (COSL), who can provide you with a free and independent way to address your complaints. Another option is to seek legal advice from a community legal center or Legal Aid, or to contact the Australian Securities and Investments Commission (ASIC) for information.

In the event that you are unable to make a repayment, it is crucial to get in touch with your credit provider as soon as possible. They may be able to change your contract to help you manage your payments, such as by extending the term of the contract and reducing payments or delaying payments for a set time. If your credit provider refuses your request to change your repayments, you can ask them to review their decision. If they still refuse, you can make a complaint to their external dispute resolution scheme. Remember, while your credit provider can take action against you if you default on your contract, they cannot unduly harass or threaten you. If you feel that you are being unfairly treated, you can contact the external dispute resolution scheme, ASIC, or seek legal advice.