This article is an extract from Money Smart website.
For full details see the website https://www.moneysmart.gov.au/

“The National Credit Act began on 1 July 2010. Here we explain how the Act affects providers and consumers of credit in Australia, how it has been updated and the specific rules that apply to credit cards, loans and reverse mortgages.

About the National Credit Act

Credit provider obligations

Anyone who wants to engage in credit activities (including lenders, lessors and brokers) must be licensed with ASIC or be a representative of someone who is licensed (that is, they must either have their own licence or come under the umbrella of another licensee as an authorised credit representative or employee).

The law also states that credit providers must not enter into a contract with you that is unsuitable, such as a loan you can’t repay without suffering hardship or a contract that doesn’t meet your requirements and objectives.

By law the credit provider must:

Make reasonable inquiries about your financial situation, requirements and objectives
Take reasonable steps to verify your financial situation
Decide whether the credit contract you are asking for is ‘not unsuitable’ for you

Credit assistance providers must make a preliminary assessment and credit providers must make a final assessment that the credit contract you are applying for is ‘not unsuitable’ for you before they offer you credit.

See ASIC credit reform update for the latest information about credit provider obligations.

Short term and small amount loans (including payday loans)

Credit providers can only charge you the following fees:

A one-off establishment fee (of not more than 20% of the loan amount)
A monthly account keeping fee (of not more than 4% of the loan amount)
A government fee or charge
Default fees or charges (the credit provider cannot collect more than 200% of the amount loaned if you default – that is, fail to pay back the loan)
Enforcement expenses (if you fail to pay back the loan, these are the costs incurred by the credit provider going to court to recover the money owed under your credit contract)

See small amount loans for more details.

Quick and Easy Finance

Australian Credit Licence No. 388145

More About Us and Our Services

We are an Australian-owned company with our operations based in Mitcham, Victoria.
Quick and Easy Finance specialises in providing affordable, short term, low value personal loans and leases ranging from $500 – $20,000 to individuals with stable employment in select organisations and the public sector. So if you work in any government department then the chances of being approved for one of our personal loans and leases has already risen considerably.* (Conditions apply).
Likewise if you work in a private education institution or hospital, clinic or nursing home or in a related medical industry. Or any medium to large size organization for that matter that does Payroll Deduction on behalf of its employees. We recommend you ask your employer if they do Payroll Deduction before you apply. (Conditions apply).
Applicants however must be employed in either a Permanent or a Contract position (conditions apply) in order to be considered.
Our agreement with the client requires that the repayment of the personal loan or lease is done via Payroll Deduction. This means that your employer must agree to this payment method. All government departments and the vast majority of medium to large size organizations offer Payroll Deduction as a service to their employees. This method of payment enables us to offer considerably discounted interest rates on our personal loans and leases.
Only under exceptional circumstances will we consider doing a Direct Debit as the method of repayment if your employer does not offer Payroll Deduction. (Conditions apply). In such cases we may insist on the personal loan or lease being secured. (If you’re unsure what all this means, please don’t hesitate to ask us).
Our business model, and Payroll Deduction as a method of payment, has proven to be highly successful in other parts of the world, and has been introduced into Australia to assist the large number of people that do not fit the ‘little square boxes’ of traditional lenders and lessors (e.g. banks and credit unions), and who therefore do not qualify for affordable, short term, low value personal loans and leases. Many such people have stable employment, an acceptable credit record and earn a decent salary; they need money quickly, and are declined by traditional lenders and lessors, but we can assist where they do not. (Conditions apply).
We therefore encourage applicants before applying, to compare our installments and rental or lease payments against other non-bank lenders and lessors; this way you’ll be happy in the knowledge that you really are finding a solution when it comes to affordable, short term, low value personal loans and leases.
Our personal loans and buy/assign and lease-back arrangements may be used for whatever reason, but are normally used for unforeseen and unexpected bills, such as fixing or replacing a broken appliance, or to repair your car that has started to play up just when it was behaving so nicely, or your teenage daughter decided to phone all her friends (that live overseas) and your telephone bill is looking slightly inflated this month, or you forgot to include your car registration in your budget, or you saw a really nice piece of furniture that would fit perfectly in your home, or you want to consolidate your debt, or you saw the ideal gift for your partner for an upcoming anniversary or birthday, or you are not prepared to wait forever in the queue to have the dental treatment done that you’ve always promised yourself, or you are going to go on that once-in-a-lifetime holiday that you always wanted to – and no one is going to stand in your way, or … the list is endless.
Ultimately the reason for your personal loan or lease is yours and yours alone. Personal and confidential. And no one else needs to know.
So now that you know a bit more about us, welcome to Quick and Easy Finance. Give us a try and we’ll prove that when we say “The Name Says It All”, we mean it.

Consumer Credit