Frequently Asked Questions
Do you have to be an Australian resident?
To apply for a Personal Loan, you need to be an Australian citizen or permanent resident.
Do you need to be working?
Yes, you do need to be working or if your income is from Centrelink, as a responsible lender, Flash Money will review the application to determine whether you’ll be able to repay the loan.
Can you apply if you have a bad credit history?
Yes, you are still eligible to apply. Credit history only forms one part of the application process and other information, such as employment and expenses, is also considered as part of the assessment.
Can you apply if you are in a Part 9 Debt Agreement?
If you are currently in a part 9 debt agreement, we are unable to process your loan application. However, if you have previously been in a part 9 debt agreement, we will assess your application based on your current situation.
What if the majority of my income is from Centrelink?
People receiving Centrelink payments can qualify for a Flash Money loan, however, your total repayments for all of your loans can’t be more than 20% of your Centrelink income and is subject to credit approval.
About Your Application
Is there a credit check?
We do credit checks for all loan applications. This will leave a general finance inquiry on your credit file however, as long as your current financial situation is stable, we will consider your loan application approval.
What documents do you need to supply?
To enable your loan application to be assessed, you are required to provide 90 days of bank statements (up to today’s date). The bank statements must relate to the bank account where your income is deposited and where all of your transactions take place (this may be more than one bank account).
How can you send your Bank Statements?
In order to finalize your loan application, we are required by law to review your bank statement covering the last 90 days. This can be done automatically through a secure Credit Sense link that will be sent to you during the welcoming phone call after you submit your loan application. We highly recommend using this tool, as it will fast track the process.
What happens if I don’t have online banking?
Unfortunately, if you don’t have online banking, we won’t be able to process your loan application. Please speak to your bank if you would like to set up online banking.
What happens after you’re approved?
After you loan has been approved, we will prompt you to log into your portal and confirm your loan and sign a digital contract. After you have signed the contract, customers generally have the funds transferred into it is important to note that clearance of the funds also depends on your bank.
How much will you be charged if you are late making a loan repayment?
If your direct debit is declined, or a payment by salary deduction or by cheque is dishonored and this results in a repayment not being made by the due date, you will be charged a dishonor fee of $20.
Who can you contact if you are having difficulty making your repayments?
If you are experiencing any difficulty in making your repayments, please call Flash Money to discuss further
When can you apply for another loan?
We assess every application individually and based upon its suitability and affordability. If you have multiple loans, this might affect the outcome of your loan application. To find out if you are eligible for another loan, you can contact us on 1800 88 FLASH or email to [email protected].
What is a Mini Flash Loan?
A SACC is a Small Amount Credit Contract which is defined in the National Consumer Credit Protection Act (NCCP Act) as being a loan amount of no more than $2000, set up to be repaid over a term of not less than 16 days and not more than one year.
What is a Super Flash Loan?
A MACC is a Medium Amount Credit Contract which is defined in the National Consumer Credit Protection Act (NCCP Act) as a loan, which may vary in length from 16 days to 2 years and can be from $2001 to $5000.
How do I pay my loan back?
Direct Debits are scheduled for your pay dates. If you would like to pay your loan out sooner than your scheduled repayments, Please call 1800 88 FLASH or email to [email protected]
What if I can’t repay on the due date? What happens after you’re approved?
The cost of your loan can only increase if you fail to stick to your initial repayment schedule.
If your direct debit is declined by your bank, you may be charged a dishonor fee by your bank plus $20 payment dishonor fee by Flash Money (as per our Fee Statement)
If your repayments are rescheduled for a later date, your account is then considered overdue and passed onto our Repayment Team. For Small Loans of $500 to $2,000:
· if your account continues to be unresolved, daily fees of $5 may accrue – on top of $20 payment dishonor fee – until the total amount owed reaches 200% of the principal amount borrowed – at which time your account is capped; and
· if rescheduling extends your new schedule to the following month, you will be charged an additional 4% monthly loan fee.
For Medium Loans of $2,001 to $5,000:
· repayments are based on the assumption that the repayments will be made on time;
· if the correct repayment amounts are not made at the time specified in the loan contract, then the repayment amounts are subject to change;
· interest continues to accrue on the outstanding balance; and
· we will charge a service fee of $20 for rescheduling your loan repayments. For further details regarding the fees that will be payable, please see our Fee Statement.
We are always careful to lend amounts which will not lead to repayment difficulty or bad credit – but we also ask you not to borrow from us if you think you might struggle to repay for any reason.
If you believe that you are experiencing financial hardship and may not able to meet your payment obligation, please contact our Repayments Team on 1800 88 FLASH as soon as possible.
What if I have a complaint?
That’s no good! Please email [email protected] and we will use every avenue to ensure your experience with Flash Money is a bright one. If you are still not satisfied with us, you can contact AFCA (the Australian Financial Complaints Authority). You can find their contact details on their website www.afca.org.au