Evercrest Finance Pty Ltd, ACN 701 223 261, ABN 19 701 223 261 (Evercrest, we, us or our).
The law says we must write this down (the design and distribution obligations in Part 7.8A of the Corporations Act 2001). It is not advice, a promise that you will be approved, or a replacement for our assessment of your application.
1. The loan
| Feature | Medium amount credit contract |
|---|---|
| Amount | $2,050 to $4,600 in cash. The $400 establishment fee is added to the loan, so the loan amount is $2,450 to $5,000 |
| Length | 3 or 6 months. The first repayment is from 7 days after we pay the loan |
| How it works | Unsecured, a fixed amount, with the same repayment each time |
| Price | A $400 establishment fee and fixed interest of 46.50% p.a. (comparison rate 64.63% p.a.*). The total cost always stays within the legal limit |
| Repayments | Weekly, fortnightly or monthly, matched to the customer's pay where we can |
*Comparison rate based on an unsecured loan of $2,500 over 2 years with fortnightly repayments and a $400 establishment fee. Evercrest does not currently offer a 2-year term; current loan terms are 3 or 6 months. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
The price must be the same on our website, in the application, the Credit Guide, the pre-contractual statement and the credit contract.
2. Who the loan is for
The loan is designed for people who fit all of the following.
What they want
- A fixed amount of $2,050 to $4,600 for a one-off personal or household cost.
- To apply online, hear from us electronically, and have the money paid into their own Australian bank account if approved.
- To repay the same amount each time over 3 or 6 months. They do not need a credit card, a line of credit or a branch.
- They understand a short loan can be expensive and have thought about cheaper options.
What it can be used for
Car costs; a large one-off utility, phone or internet bill; medical or dental costs; vet bills; a rental bond and moving costs; appliances and furniture; home repairs; education; personal electronics; sport, fitness or events; travel; weddings; funerals; gifts; and visa fees or tools for work. A purpose on this list does not replace our assessment.
Their situation
- 18 or older, living in Australia as a citizen, permanent resident or visa holder, and able to complete our identity check.
- Regular after-tax income we can check, from a job, self-employment, Centrelink, a pension, or a steady mix of these, paid into an Australian bank account.
- Able to share bank data for every account their income is paid into, and any other evidence we reasonably need.
- Enough checked income to pay for essentials, their other debts and our repayments without falling short or facing substantial hardship, including changes they can reasonably expect.
3. Who the loan is not for
The loan is not for someone if any of these is true:
- they need a different amount, length, purpose or way of repaying than the loan offers;
- they need the money mainly for a business or investment, for gambling, for anything unlawful, or to cover everyday bills that keep coming back;
- they would repay from income that is uncertain, irregular or cannot be checked;
- after essentials and their other debts, they would have nothing left, or the repayments would cause substantial hardship;
- they are already behind on other debts, in serious money trouble, or borrowing to repay other loans in a way this loan would make worse;
- we cannot get or reasonably check their bank data, identity or government payment evidence;
- they need a credit card or line of credit, less than $2,050 in cash (including any loan of $2,000 or less), more than $4,600 in cash, a length we do not offer, or face-to-face service; or
- signs of gambling harm, pressure from someone else, fraud, vulnerability or information that does not add up mean the loan could cause harm, or the purpose is not believable.
4. Why the loan suits the people it is for
The amount, the length and the equal repayments match someone who needs a set amount for a one-off cost and can repay it from regular income they can show us. The limits on amount and length stop the loan being used as long-term or ongoing credit. The price is shown before anyone signs, and our assessment turns away people who could not make the repayments without substantial hardship.
5. How we offer the loan
- Only directly. People can only apply on our own website or in their Evercrest account. No cold calls, no lead sellers, no brokers and no other sellers, unless our board approves it after a legal and target market review.
- The right questions. The application asks about the amount, length, purpose, identity, regular income, expected changes, living costs, other debts and whether they would take a smaller amount.
- Checked evidence. We verify identity. We check income, living costs and debts against bank data for every income account, and against Services Australia or credit report information where needed.
- Built-in limits. Our system will not let anyone approve a loan outside the amount, length, purpose, income and affordability limits. A person decides every application. Information that is missing or does not match, signs of vulnerability and signs of gambling harm are flagged for that person to look at closely, or the application is declined.
- A different offer only with agreement. We only offer a smaller amount or a different length if it still meets what the person needs, stays inside this determination, and they agree to it before signing.
- Trained staff and checks. Our staff are trained in our loan, lending responsibly, privacy, vulnerability and this determination. We check a sample of decisions every week.
6. When we review this determination early
We stop and review how we are offering the loan as soon as we can if any of these happens:
- we lend to people outside the target market in a significant way;
- more than 2% of the approved files we check in a month have a target market or distribution problem;
- loans 30 or more days late, hardship arrangements or defaults rise by 25% or more on the last quarter, or go above the limit our board has set;
- 3 or more complaints in a quarter are upheld about unsuitable lending, misleading marketing, repeated borrowing harm or lending outside the target market;
- signs of gambling harm, pressure from someone else, fraud or vulnerability rise noticeably among the people we approve;
- our website, application, price, contracts and this determination stop matching;
- the loan, its price, who can apply, how we offer it, our decision rules, the law, regulatory guidance or ASIC action change in an important way; or
- our monitoring shows people in the target market are not getting good outcomes.
7. Review timing and reporting
- First review: within 3 months after we first offer the loan under this version.
- Regular review: at least every 6 months.
- Review after a trigger: started straight away and usually finished within 10 business days.
- Complaints information: anyone who offers the loan for us must give us the number of complaints, what they were about and how they ended, within 10 business days after each quarter.
- Significant dealings: anyone who offers the loan for us must tell us as soon as they can, and within 1 business day. We will tell ASIC within the time the law requires.
We keep records of this determination, how we offer the loan, our monitoring, our reviews, any significant dealings and what we did about them.
8. Contact
Evercrest Finance Pty Ltd · ACN 701 223 261 · ABN 19 701 223 261. Registered address: Suite 17, 89-97 Jones Street, Ultimo NSW 2007, Australia.