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Credit Guide

of Australian Synergy Finance Pty. Ltd. ABN 54 613 655 646 Australian Credit License 490422 t/a My Cash Online

This document provides you with information relating to our key obligations before entering a credit contract with you and information about what you should do if you have a complaint or dispute about our services.

OUR CONTACT DETAILS

  • Our Full Name: AUSTRALIAN SYNERGY FINANCE PTY LTD
  • Address: PO BOX 163 FOREST HILL VIC 3131
  • Phone: 1300 998 868
  • Licence Number: 490422

THE ASSESSMENT WE NEED TO DO BEFORE GIVING YOU CREDIT

Before we provide credit to you, we assess whether the credit is suitable for you. To do this, we need to;

  • make reasonable inquiries about your requirements and objectives;
  • make reasonable inquiries about your financial situation;
  • take reasonable steps to verify your financial situation and that the credit or increase will meet your requirements and objectives;

We won’t be able to give you credit if our assessment shows that:

  • the credit will not meet your requirements or objectives or
  • you were in default under another small amount credit contract or
  • in the past 90 days, you have two or more small amount credit contracts or.
  • you won’t be able to meet the proposed repayments without substantial hardship;

Under the NCCP Act, it is presumed that, if you could only pay your financial obligations under the contract by selling your principal place of residence, then the loan will cause you substantial hardship, unless the contrary is proved.

If you enter a loan contract with us, you can ask us for a copy of our loan assessment any time up to 7 years. If you make a request within 2 years of entering the loan contract, the copy of our loan assessment will be provided within 7 business days of your request. Otherwise, a copy of the loan assessment will be provided within 21 business days.

WHAT TO DO IF YOU HAVE A DISPUTE OR COMPLAINT?

OUR INTERNAL DISPUTE RESOLUTION SCHEME

We are committed to providing you with the best possible service. If at any time, we have not met our obligations and you have a complaint, please contact our Resolutions Officer, at:

Telephone: 1300 998 868 Monday to Friday 9am to 5pm (AEST)

Email: admin@mycashonline.com.au

Mail: PO Box 163, Forest Hill Vic 3131

We may ask for additional information and request you to provide us with as much information as possible to ensure your issue is properly investigated. We will provide you with a response within 45 days but aim to resolve your complaint with 7 business days.

OUR EXTERNAL DISPUTE RESOLUTION SCHEME

If you do not think we have resolved your complaint to your satisfaction, you may take the matter – free of charge – to the External Disputes Resolution Scheme detailed below. You may also refer the matter to the relevant External Disputes Resolution Scheme at any time, but if our internal process is still in progress, they may request that our internal processes be complete before considering the matter further.

Our external dispute resolution service provider is Australian Financial Complaints Authority (AFCA).which can be contacted via:

Telephone: 1300 998 868 Monday to Friday 9am to 5pm (AEST)

Website: http://www.afca.org.au

Mail: Australian Financial Complaints Authority GPO Box 3 Melbourne VIC 3001

Before you accept your loan offer, please ensure you read the loan contract carefully and understand full details of the loan. If in any doubt, you should obtain independent legal and financial advice before you enter the loan contract.


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*Disclaimer & Example: For our Small Loans of $2,000 or less, an APR (Annual Percentage Rate) doesn't apply. These loans are fee-based only with a term between 62 and 180 days, and so the APR is 0%. The establishment fee is 20% of the amount borrowed and the monthly fee is 4% of the amount borrowed. Representative example: a loan of $1,000 repaid over 3 months equates to a total amount payable of $1,320 comprised of $1,000 principal (amount borrowed), $200 establishment fee and $120 in monthly fees. The maximum comparison rate on loans between $300 and $2000 is 199.43%.
For our Medium Loans between $2,100 and $5,000, with a term between 2 months and 12 months, the maximum Annual Percentage Rate (APR) is 48% (Comparison rate 65.6597% p.a.) and there is a $400 Establishment Fee. A Medium Loan of $3,000 borrowed over 1 year would equate to a total amount payable of $4,289 (including a $400 establishment fee).

Under the current legislation, most small personal loan providers don’t charge an annual interest rate (you’ll know this as an APR %). The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The maximum comparison rate on loans between $300 and $2000 is 199.43%. This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

© 2023 Owned by Australian Synergy Finance Pty Ltd, ABN 54 613 655 646. Australian Credit Licence 490422. The information on this webpage is general information only and does not take into account your objectives, financial situation or needs.