At Club Money, we offer cash loans responsibly. The last thing we want is for our customers to default on cash loans.
But we understand that circumstances can change. If you’re having difficulty meeting repayments, get in contact with our team to discuss your options.
CLUB MONEY’S POLICY FOR DEFAULTS ON cash LOANS
A default on a cash loan occurs when you do not make the full repayment amount on the date repayment is due.
If this occurs, you will be charged a dishonour fee every time a direct debit attempt fails. We may also issue you with an arrears letter and a default notice if you do not make repayments.
You may be listed as a defaulter with a credit reporting agency if your outstanding repayments remain unpaid for 60 days after being issued a default notice.
This may make obtaining credit in the future more difficult, so it is in your best interest to make repayments by the due date and contact us immediately if you think you won’t be able to make a repayment.
See our full terms and conditions.
WHAT TO DO IF YOU THINK YOU WILL DEFAULT ON cash LOANS
At Club Money, we don’t believe in making your situation worse with unnecessary fees. We will do everything we can to make your loan repayment as easy for you as possible.
If you are not going to be able to make your next scheduled loan repayment in full, contact Club Money immediately.
If you give us at least 12 hours notice, we may be able to change the payment date so that it is more convenient for you or restructure the loan so that the repayments are easier.
YOU MAY BE ELIGIBLE FOR A HARDSHIP VARIATION
“Hardship” is defined by the National (consumer) Credit Protection Act as “illness, unemployment or other reasonable cause.” If you are experiencing one or more of these conditions and it has made you unable to make a repayment or has caused you to default, you can apply for a variation in your loan repayments.
You can read more about hardship on ASIC’s MoneySmart website.
WHY CHOOSE CLUB MONEY?
Club Money cash loans are:
- Easy – Applications are done online for your convenience.
- Fast – We can usually approve your loan on the day you apply.
- Responsible – We don’t charge additional fees if we don’t have to.
Contact us for more information or if you’re having trouble making your repayments. Call our friendly team on 1300 792 932.