Credit Guide

This Credit Guide provides you with information about Rapid Finance (AUST) Pty Ltd, Australian Credit Licence Number: 392965, the services we provide and our obligations to you.

Our services, and providing you with credit assistance

In today' s finance market it can be hard to get approved for the finance you need. Everyone' s financial circumstances are different, and all lenders operate with different criteria for finance. Our role is to assess your requirements and objectives, locate a suitable finance product for you and start the process of negotiating with the lender to obtain finance.

A lender assesses your application on a range of areas including your age, the length of time you have lived at your current and previous addresses, the length of time you have worked at your current and previous jobs, how much you are requesting to borrow, how much deposit, if any, you may have, your conduct on any previous loans, and any credit defaults you may have obtained.

In order to get your finance approved we require you to be honest and tell us your circumstances. Remember we are negotiating on your behalf.

Conducting an assessment

We will conduct an assessment to ensure that a proposed credit contract is "not unsuitable" for you. In simple terms, this means that the product fits your needs and objectives, and that you can afford to meet the financial repayments.

A copy of our preliminary assessment is available upon your request for up to 7 years. If your request is made within the first 2 years, we will provide the assessment within 7 business days, after that within 21 business days.

Our Lenders

We work with a variety different lenders; below we have listed the six most frequently used lenders:

Asset Loans:
Money 3
Loan U
Latitude Financial
Pepper Asset Finance
Rapid Loans
Liberty Financial

Home Loans:
Resimac
Liberty Financial
Pepper
Heritage Bank
NAB
Latrobe Finance

Fees and charges for providing you with credit assistance

After conducting our preliminary assessment and if it is apparent that we can provide you with credit assistance, we will provide you with a quote. Up until this stage there are no costs or fees for you. We may charge a fee for our services depending on the type of loan. If you decide not to proceed after you have been approved for finance, we may charge a fee to recover our costs. Information about these services and fees will be included in the Quote.

Other fees or charges associated with credit assistance

In some cases where valuation of property is required, which might be the case for certain loans; we may pass the charges on to you. Any extra charges or fees will be clearly stated in the Quote and need to be acknowledged by you before we proceed with any credit assistance.

Commissions we may receive

A lender pays us commission for the introduced business to them and the associated work we undertake in preparing your application. This assists us to cover our costs, including staffing, phones, advertising etc. By receiving a commission from the lender, it keeps our direct cost to you to a minimum.

When we provide you with credit assistance, the commissions we receive from the credit provider vary; some will provide us with a percentage of the borrowed amount, whilst others pay us nothing. The commission we receive will not be clear to us until we provide you with credit assistance. Details of our commissions will be disclosed in the proposed disclosure document that we will give to you.

In addition to this, we may also be entitled to receive a commission for referring you to a vehicle wholesale network via NA & MC Car Sales Pty Ltd T/as National Wholesale Network, insurance providers, utilities retailers, Internet providers and credit repair agencies. If we are unable to provide you with a brokering service, we may refer your details to a referral partner who may pay us a commission. These commissions are unascertainable at the time the finance settles.

We may receive additional commissions or bonuses from finance providers relating to the volume of finance that we arrange. Such payments are dependent upon a number of factors and cannot be quantified at this point.

Commissions and fees payable by us

Referrals from a broad range of sources may be sourced by us and our representatives. For example, we or our representatives may pay commissions or fees to call center companies, real estate agents, accountants, solicitors, or other businesses for referring you to us. These are not fees payable by you. Any referral fee or commission paid in relation to your referral will be disclosed in the Credit Proposal Disclosure Document that will be given to you before applying for finance.

Dispute resolution and complaints

We hope that you are delighted with our services! But we also recognise that sometimes things don't always go the way they are supposed to. We have a complaints process which you should first contact us by:

Dispute Resolution Officer
Rapid Finance (AUST) Pty Ltd
98 Agar Drive, Truganina Vic 3029
Call: 1300 467 274, or Fax: 1300 797 488

You can also send an e-mail to disputes@gorapid.com.au

When we receive a complaint, we will write to you to acknowledge your complaint within 24 hours. We attempt to resolve all complaints as quickly as possible, subject to a full investigation of all the circumstances involved. We will write to you when our investigation completes to let you know the outcome and reasons for our decision.

In the unlikely event that we are still investigating your complaint after 30 days, we will write to explain why we are still investigating your complaint and to let you know when we expect to have completed our investigation.

If you are not happy with our response, you can contact our external dispute resolution scheme:

Case Management Team
C/- Australian Financial Complaints Authority Limited
GPO Box 3
MELBOURNE VIC 3001
Email: info@afca.org.au

Call: 1800 931 678, or Fax: (03) 9613 6399