Rapid Loans Pty Ltd’s Credit Guide
As an intending borrower, we provide you with the following Credit Guide, which must be provided to you in writing, in accordance with Section 126 of the National Consumer Credit Protection Act 2009 (Cth).
Licensee’s name, contact details and Australian Credit Licence Number (being a credit provider):
Rapid Loans Pty Ltd ACN 103 660 546
1924 Gold Coast Highway, Miami QLD 4220
PO Box 429, Miami QLD 4220
Ph: 1300 727 431
Fax: 1300 765 608
Australian Credit Licence Number: 388847
Licensee’s procedure for resolving disputes:
In the event of any complaint, dispute or hardship issue, please first contact our Internal Dispute Resolution (IDR) department on the contact details below. All disputes or hardship complaints to our IDR department are treated seriously and promptly and this service is offered at no charge to you.
Internal Dispute Resolution contact details:
IDR Manager, PO Box 429 Miami QLD 4220; Ph: 1300 727 431; Fax: 1300 765 608; Email: IDR@rapidloans.com.au
External Dispute Resolution procedure:
In the unlikely event that your complaint or dispute is not settled with our IDR department to your satisfaction, you may then contact our External Dispute Resolution (EDR) organisation as set out below.
External Dispute Resolution contact details:
Australian Financial Complaints Authority, or AFCA, www.afca.org.au; GPO Box 3, Melbourne VIC 3001; Ph: 1800 931 678; Email: firstname.lastname@example.org
Prohibition on entering, or increasing the credit limit of, unsuitable credit contracts:
- Under Section 133 of the National Consumer Credit Protection Act 2009 (Cth), we are prohibited from entering a credit contract or increasing the credit limit if our assessment is that it would be unsuitable for the consumer, which is assessed if, at the time the contract is entered into or the credit limit is increased:
- a) it is likely that the consumer will be unable to comply with the consumer’s financial obligations under the contract, or could only comply with substantial hardship; or
- b) the contract does not meet the consumer’s requirements or objectives; or
- c) if the regulations prescribe circumstances in which a credit contract is unsuitable, those circumstances apply to the contract.
- Under Sections 128, 129 and 130 of the National Consumer Credit Protection Act 2009 (Cth), we are obliged to assess if the credit contract a consumer seeks is unsuitable.
This process involves us, as a credit provider, making reasonable enquiries about the consumer’s requirements and objectives for the credit contract or credit limit increase. We must also make reasonable inquiries about the consumer’s financial situation and take reasonable steps to verify this information.
Copy of assessment:
- Under Section 132 of the National Consumer Credit Protection Act 2009 (Cth), if the consumer requests a copy of our assessment, we are obliged to provide a copy within the following time frames:
- a) before the credit contract is entered into – as soon as possible after we receive your request;
- b) within 2 years of entering into the credit contract – within 7 business days after we receive your request; and
- c) between 2 years and 7 years of entering into the credit contract – within 21 business days after we receive your request.