USING YOUR LOAN
1. Terms of your Loan
We lend you the Loan Amount on the terms and conditions set out in the following documents which together set out our credit contract (Credit Contract) with you:a) the Schedule (including the financial table and other conditions); andb) these Terms and Conditions.
2. What do you have to do before we will advance the Loan Amount to you?
We do not have to advance the Loan Amount to you unless you have met all our pre-conditions, including any special conditions set out in the Schedule.Even if you have met these conditions, we will not advance the Loan Amount, if:
a. there is a significant change in your financial circumstances;
b. we have not been able to verify your identity; or
c. anything else changes that in our reasonable opinion means that we would not have offered you the Loan.
3. What happens if your Loan doesn’t go ahead?
If we do not advance you the Loan Amount (because you decide not to accept this Loan offer, we withdraw our offer or for any other reason), you do not have to pay us anything.
4. How can you draw down your Loan?
You may only draw down your Loan Amount at one time as set out in the Schedule (i.e. you may not borrow it in stages).
5. What can you use your Loan for?
You must only use your Loan for the Loan Purpose set out in the Schedule.
INTEREST ON YOUR LOAN
6. Do you have to pay interest on your Loan?
You do not have to pay interest on the Amount You Owe Us.
7. Will you have to pay default interest at any time?
We do not charge Default Interest on your Loan during the first four months after the Loan Expiry Date. Instead, if you do not repay the Amount You Owe Us in full on or before the Loan Expiry Date, during the first four months after the Loan Expiry Date we will charge you the Loan Extension Fee as set out in the Schedule.
If the Amount You Owe Us is not repaid in full on or before the end of the day that is one month after payment of the fourth Loan Extension Fee, Default Interest will apply to the Amount You Owe Us.
Default Interest will accrue daily, calculated at the Daily Default Rate on the Amount You Owe Us at the end of each day that the Amount You Owe Us remains overdue.
Default Interest will be debited to your Loan Account monthly in arrears on the same date each month as the Loan Expiry Date and on the date that you repay the Amount You Owe Us.
If the date does not exist in a month (for example 31 April) Default Interest will be debited on the last day of that month.
All accrued Default Interest will be added to, and form part of, the Amount You Owe Us.If you are in default under your Loan, Enforcement Expenses may also apply. There may also be other consequences.
Refer to the section headed ‘What Happens If Things Go Wrong” as set out in these Terms and Conditions.
FEES AND CHARGES
8. What Fees and Charges do you have to pay under your Loan?
You must pay us:
a) the Possibl Fee;
b) all other fees and charges set out in the Schedule (including any contingent fees and charges that only apply if you do not comply with your obligations under the Loan Contract);
c) any enforcement expenses; and
d) all government charges and duties;
when they are payable.
You authorise us to debit these amounts to your Loan Account. Such amounts will form part of the Amount You Owe Us.
We may debit your Loan Account for the amount of any fees and charges on or after the date we pay them or the date they become payable by you or us.
9. How will you know if we change the fees and charges that apply to your Loan?
To the extent that they are known by us as at the Disclosure Date, the amounts of the fees and charges that apply to your Loan are shown in the Schedule.
We may give you written notice via email that the amount of a fee or charge has changed or that we have introduced a new credit fee or charge.
We may also notify you of such changes via our secure portal.Some changes in government fees and charges may be publicised by the government and not us.
You can contact us at any time to find out the current fees and charges applicable to your Loan.
If we remove a fee or decrease the amount of a fee, we may not give you prior notice of this.
LOAN PAYMENTS
10. What payments do you have to make?
You must pay all fees and charges that relate to your Loan as and when they become payable.
You must also repay the Amount You Owe Us on or before the Loan Expiry Date.
11. How do you make payments?
You must make all payments as we direct, acting reasonably. If we ask you to make these payments by direct debit from your nominated bank account, you must sign anything or do anything that we ask you to do to set up that direct debit.
You request and authorise us to use this direct debit arrangement to for the payment of the Amount You Owe Us, when such amounts become payable (including, but not limited to, any contingent fees and charges that only apply if you do not comply with your obligations under the Loan).
12. Can you repay your Loan early?
You may repay the whole or any part of the Amount You Owe Us at any time without penalty. Once you notify us of your decision to repay early, you will be liable to pay our reasonable administration and processing costs to make this arrangement even if you change your mind and decide not to repay early.
Any amount you repay early, will not be available for redraw.
REDRAW
13. Is redraw available under your Loan
Redraw is not available under your Loan. Once you repay some or all of the Loan Amount, that amount may not be redrawn.
WHAT HAPPENS IF THINGS GO WRONG?
14. When you will be in default
If any one or more of the following things happen, we may determine that you are in default:
a. You don’t pay the Amount You Owe Us on or before the Loan Expiry Date.
b. You don’t do anything else that you are required to do under this Credit Contract.
You must ensure default does not occur.
15. What happens if you are in default?
If you do not repay the Amount You Owe Us on or before the Loan Expiry Date, we may charge you the Loan Extension Fees specified in the Schedule.
Further, if you don’t repay us the Amount You Owe Us after the end of the month following payment of the fourth Loan Extension Fee, Default Interest will be payable on the Amount You Owe Us as set out under the heading ‘Will you have to pay Default Interest at any time?’ in these Terms and Conditions.
Also, if you are in default, we may issue you with a notice to that effect and take steps to enforce your Loan. We may also demand that you pay our reasonable costs to enforce your Loan, including:
a. legal costs and expenses on a full indemnity basis or solicitor and own client basis, whichever is higher; and
b. our internal costs.
These amounts will not exceed our reasonable enforcement expenses (including internal costs) and will be added to, and form part of the Amount You Owe Us.
GENERAL MATTERS
16. No “set-off” in respect of amounts due under your Loan
You must make all payments due as set out in the Schedule without setting off or deducting any money we owe you (or which you may think that we owe you) for any reason.
17. You appoint us as your Attorney
Subject to any applicable law, you appoint us as your attorney (with power to appoint substitutes) to execute all documents and do everything you must do under this Credit Contract.
You must not revoke this power of attorney until you have paid us all amounts you owe under this Credit Contract. If we ask you to, you must ratify anything we do when exercising this power of attorney (i.e. if we ask you to, you must give your formal consent and approval to anything that we have signed under this power of attorney).
18. Certificates
A certificate signed by or on behalf of us that sets out an amount you must pay us under the Credit Contract is conclusive and binding on you in the absence of manifest error. In making any determination of any amount payable by you under the Credit Contract, we will always act reasonably.
19. How you can deal with your Loan
You may not transfer or attempt to transfer your rights under your Credit Contract to anyone else.
20. How we can deal with your Loan
We may assign or otherwise deal with our rights under this Credit Contract in any way we decide, acting reasonably.
You must sign and do anything we reasonably require to enable any dealing with your Credit Contract. This does not change your obligations under your Loan.
21. Statements of Account
We will provide you with a statement of account as required by law.
22. Are you protected by consumer law?
To the extent that this Credit Contract is regulated under consumer legislation (e.g. the National Credit Code), any provisions which do not comply with that legislation have no effect, and to the extent necessary, this Credit Contract is to be read so it does not impose obligations prohibited by that legislation.
We encourage you to obtain independent legal advice and independent financial advice before entering into this Loan.
23. If you are in financial difficulty
You should tell us as soon as possible if you are in financial difficulty. We will discuss this with you in order to find an acceptable solution.
24. Electronic signing of your Credit Contract
You:
a. agree that we may rely on electronic signature(s) and electronic acceptance of this Credit Contract as having the same force and effect as handwritten signature(s); and
b. consent to any method we use (acting reasonably) to identify the signatories and confirm your intention to enter into a binding legal agreement.
25. Electronic communication
You consent to us sending you notices and other documents by email.
You understand that:
a. will either make all documents (including notices, statutory disclosures and a copy of this Credit Contract):
1) available for a reasonable time on your online account on our secure portal; or
2) send you these documents by email or other electronic communication;
b. we will not send paper copies of any documents unless required by law;
c. you must regularly check your nominated email address for notices;
d. you may withdraw your consent to the giving of notices or otherdocuments electronically at any time, provided that we can agree on a suitable way for us to communicate with you; and
e. you understand and acknowledge that when you put your signature or initials on a document electronically, you will be bound by that document as if you signed it by hand.
26. Verification of your identity
You agree that we may disclose your personal details to any of the following organisations in order to verify your identity:
a. any online identification verification provider; or
b. to a Credit Reporting Body (“CRB“) to obtain an assessment of whether that information matches information held by the CRB. The CRB may give us a report on that assessment and to do so may use information about you and other individuals in their files; or
c. to an approved Gateway Service Provider (“GSP“) to enable us to verify your identity using the Australian Government’s Document Verification Service (“DVS“). The GSP may give us a report on that assessment and to do so, may use information about you and other individuals held in official records. The GSP used by Possibl is a third party and is not related to Possibl.
Alternative means of verifying you are available on request. If we are unable to verify your identity using information held by a CRB or DVS, we will provide you with a notice to this effect and give you the opportunity verify your identity using an alternative method acceptable to us.
27. Governing law
Your Credit Contract is governed by New South Wales laws. You and us submit to the non-exclusive jurisdiction of the courts of that jurisdiction.
28. Interpretation
If there are two or more of you, each of you is individually liable, and all of you are jointly liable to fulfill your obligations under this Credit Contract.
Singular words include plural words and vice versa.
DEFINITIONS USED IN YOUR CREDIT CONTRACT
Amount You Owe Us means the total amount outstanding under your Loan from time to time and includes all fees and charges payable by you in connection with this Loan.
Business Day means a day that is not a Saturday or Sunday on which the banks are open for business in Sydney.
Credit Contract means:
a. the Schedule; and
b. the Terms and Conditions.
Late Payment Fees means the Late Payment Fee set out in the Schedule.
Loan means the loan that we have offered to you on the terms and conditions of this Credit Contract
Loan Account means the loan account that we establish in your name in connection with this Credit Contract.
Loan Amount means the amount set out in the Schedule that we advance to you.
Loan Expiry Date means the date by which you must repay the Amount You Owe Us.
Settlement Date means the date you first tell us to advance funds under this Credit Contract (even though the actual date we first advance funds to you under your Loan may be a later date).
ConnectID TERMS & CONDITIONS
1 - Identity Data
1.1 Digital Identity Transactions
(a) We are a participant in a digital identity network, ConnectID, that enables you to request various organisations with whom you have a relationship (IdentityProviders) to provide identity and attribute information (together Identity Data)about you to us. This can help streamline our interactions with you. Identity Data may include identity and attribute information such as your name.
(b) This “Identity Service” is only available where the eligibility criteria set out in section 1.2 have been met, where we have enabled the “Identity Service” for the relevant product or service you wish to use and where the Identity Provider holds valid accreditation as part of ConnectID.
(c) The “ConnectID Network” facilitates the transfer of Identity Data on a bilateral basis between us and the Identity Provider (each a Digital Identity Transaction). However, the ConnectID Operator does not access or hold your Identity Data and the transfer of Identity Data occurs directly from the relevant Identity Provider to us.
(d) Any Digital Identity Transaction is at your request and option, and any Identity Data will only be provided by the Identity Provider selected by you and with your express consent. If you do not provide your consent, the Digital Identity Transaction will not be performed and we will provide you with an alternative option to provide yourIdentity Data or have your identity verified, other than through ConnectID.
(e)Further, each Digital Identity Transaction is a one-off transfer of Identity Data, and any further transfers of Identity Data, including any transactions where you ask the same Identity Provider to provide us your Identity
1.2 Eligibility
You will only be able to perform a Digital Identity Transaction if:
(a) you have a digital account enabled with the relevant Identity Provider and have verified your identity and certain core Identity Data (such as your name, telephone number, email and date of birth) with the Identity Provider within the prior 5 years; and
(b) you meet the minimum age requirements set out in the relevant Identity Provider’s terms of service for ConnectID.
2 - Customer Acknowledgements
(a) You acknowledge and agree that:
(i) any Digital Identity Transaction requested by you using the “Identity Service”is governed by these terms;
(ii) you will be asked by the Identity Provider to review the Identity Data to be transferred to us to verify its accuracy and to expressly consent to such transfer;
(iii) where you consent to the transfer of Identity Data to us from an Identity Provider:
(A) we may collect, use and disclose the Identity Data as consented to by you as part of the Digital Identity Transaction, and for secondary purposes where you have further consented to such secondary purposes or where the secondary purposes are otherwise permitted by applicable privacy law, our terms with you and our Privacy Policy;
(B) the Identity Provider will no longer control and will not be responsible for the security or handling of any Identity Data that has been transferred by the relevant Identity Provider to us, and our terms with you and our Privacy Policy will govern our handling of Identity Data, not the terms you have with the Identity Provider nor the IdentityProvider’s privacy policy; and
(C) if we suffer a security or data incident that impacts your Identity Data, you consent to us providing to the Identity Provider information about such incident, including your Personal Information and the IdentityData impacted by the incident, which the Identity Provider may use to seek to prevent or respond to cyber security incidents, fraud, scam activity or identify theft;
(iv) neither us nor the ConnectID Operator endorse or make any representations or recommendations in respect of any Identity Providers, including in respect of the suitability of their security or privacy practices; and
(v) both us and the ConnectID Operator exclude all liability to you to the maximum extent permitted by law in connection with any acts or omissions of the Identity Provider.
(b) The exclusions in this section that relate to the ConnectID Operator are held on trust by us for the ConnectID Operator. This means that, although the ConnectIDOperator is not a party to these terms, it can rely on your acknowledgment of and agreement to these exclusions.
(c) Please note that Digital Identity Transactions are intended to operate separately to requests made pursuant to the Consumer Data Right scheme.
3 - Withholding Service
We may withdraw or suspend the Identity Service at any time. We may also, or the relevant Identity Provider may, be unable to make available the “Identity Service” or process Digital Identity Transactions relating to you for a number of reasons, including if:
(a) the underlying transaction that you are conducting with us is not a transaction for which we are able to utilise the “Identity Service”;
(b) you do not meet the eligibility requirements set out in section 1.2 or the relevantIdentity Provider is not otherwise able to supply the requested Identity Data;
(c) there are suspicions on reasonable grounds that any fraud (including identity fraud)or security incident has or may be occurring in connection with you, the DigitalIdentity Transaction or the relevant Identity Provider;
(d) our participation in the “ConnectID Network” has been suspended or terminated; or
(e) there are grounds to believe that the Digital Identity Transaction requires intervention, for example because it relates to you as a vulnerable person.
4 - Fees
We will not charge you any fees to perform a Digital Identity Transaction for you.
5 - Access and updates to your Identity Data
(a) You can request access to, or correction of, your Personal Information held by us by contacting us in accordance with the procedures set out in our Privacy Policy.
(b) For clarity, where you update your record of Personal Information with us, this will not update your record with an Identity Provider. You will be required to separately contact the relevant Identity Provider to update the Personal Information they hold about you.
(c) If you have any suspicions of fraud in relation to your identity or account with us or any Digital Identity Transaction that you did not authorise, you must notify us as soon as possible.
6 - Complaints
If you have any complaints or disputes relating to our participation in a Digital Identity Transaction relating to you, please contact us at hello@possibl.com.au. However, please note that if your complaint or dispute relates to activities of an Identity Provider that you asked to disclose Identity Data to us, we may direct you to contact that Identity Provider directly.
7 - Dictionary
7.1 Definitions
ConnectID Operator means eftpos Digital Identity Pty Ltd or its Related BodiesCorporate (as this term is defined in the Corporations Act 2001 (Cth)).
Digital Identity Transaction has the meaning given in section 1.1(c).
Identity Data has the meaning given in section 1.1(a).
Identity Provider has the meaning given in section 1.1(a).
Personal Information means personal information, as that term is defined in the Privacy Law.
Privacy Law means the Privacy Act 1988 (Cth) and any privacy legislation which applies to you from time to time in force in Australia.
Privacy Policy means our privacy policy as amended from time to time and available at https://possibl.com.au/privacy-policy
We means Possibl Finance. Any other grammatical form of the word “we”has a corresponding meaning.
You means the customer, member, client, service recipient or other person that we provide services to from time to time. Any other grammatical form of the word “you” has a corresponding meaning.
