1. Your obligation to repay the Loan and to pay interest, fees and charges
1.1 You must repay the Loan and pay fees and charges and interest on the Loan and on all other amounts debited to your account under this Contract, as provided for in the Loan Schedule.
1.2 Interest will accrue daily on the Unpaid Daily Balance of your account at the Daily Percentage Rate. It will be debited to your account at weekly intervals, the first debiting to occur one week after we provide the Loan (or any part of it) and then on the same day of each succeeding week. If this Contract terminates before the end of the Repayment Period, interest will also be debited on the day it terminates. In this clause:
- the Daily Percentage Rate equals the Annual Percentage Rate divided by 365; and
- the Unpaid Daily Balance means the difference between all amounts credited and all amounts debited by us to your account at the end of each day.
1.3 Unless and until you pay out your Contract before the end of the Repayment Period, you must pay us the repayments in the amounts, and at the times, set out in the Loan Schedule.
1.4 The parties agree that these repayments are merely estimates of the amount required to meet your repayment on each of the assumptions that the Loan is fully disbursed on the Disclosure Date, that all repayments are made on time over the whole Repayment Period, that no other amounts are debited to your account during that period. If this is not the case, these repayments might be insufficient to pay out your total liability and you must then pay us the deficiency on demand or as otherwise required by this Contract.
2. Indemnity for enforcement and other expenses
2.1 Enforcement expenses may become payable by you if you default. To the extent allowed by law, you indemnify us against:
(a) all enforcement expenses we reasonably incur when exercising its rights if you default under this Contract; and
(b) all expenses, costs and damage (other than expenses referred to in sub-clause (a) above) incurred by us as a result of you breaching any of your obligations under this Contract or as a result of any untrue or misleading representation, warranty or statement made by you in connection with this Contract.
2.2 We may debit the amount of any expense, cost or damage referred to above to your account any time after it becomes liable to pay that amount. You must pay the amount on demand. Subject to any applicable provisions of the Credit Code, this indemnity continues in full force and effect notwithstanding the termination of this Contract.
3. Returned or Rejected Payments
If any amount becomes overdue under this contract as a result of your direct debit being rejected by the financial institution you have named in the Direct Debit Request Form or otherwise, you must pay us a $30 Returned Item Fee each time this occurs. This fee will be added to your loan amount immediately but will be payable at the end of the loan term.
4. Address for, and application of payments
4.1 You must make all payments to us in such manner as we require from time to time. We may apply any payment in any manner we choose.
4.2 Any cheque or bank order received by us for money payable under this Contract will not constitute a valid payment until it is met. Our rights are unaffected by any such receipt. You must ensure there are sufficient funds to allow any cheque, bank order or other payment facility to be honoured at first instance.
5. Default and its consequences
5.1 You default under this Contract if:
(a) you fail to pay any money when due, or fail to comply with any of your other obligations, under this Contract;
(b) you become bankrupt, are wound up or become subject to administration or receivership or any similar thing under any law; or
(c) we discover you gave us misleading or untrue information in relation to this Contract.
5.2 If you default, you must pay us on demand the outstanding balance of the Loan and all other money payable under this Contract.
5.3 Our right to demand payment under the preceding clause is subject to you failing to remedy the default within the time allowed by any notice we must give you under any applicable provisions of the Credit Code. You will be deemed to have failed to remedy the default if, at the end of the time allowed by that notice, you are in default under this Contract because of the breach specified in the notice or because of a subsequent breach of the same type.
6. Rights not waived
Our rights under this Contract are unaffected by any delay in exercising those rights or by it giving you any time or other indulgence, except to the extent those rights are waived by any applicable provisions of the Credit Code or any other legislation.
7. Request for brochures
You request and authorise us and each of our related companies to advise you from time to time (by telephone, post or otherwise) of the various services (financial or otherwise) available from us.
A certificate signed by any class of manager of AMAZING LOANS LIMITED containing statements as to an amount owing by you, the occurrence of any event, or the existence of any fact, will be sufficient evidence of same unless you prove them to be false.
9. Statement of Accounts
We will send you a statement of account once every six months, provided that no statement will be sent if the Credit Code does not require it to be sent.
10. Consumer Credit Code
To the extent that a Credit Code applies to this agreement and:
(a) the Credit Code would otherwise make a provision of this agreement illegal, void or unenforceable; or
(b) a provision of this agreement would otherwise not comply with a requirement of the Credit Code or impose an obligation or liability which is prohibited by the Credit Code,
then this agreement is to be read as if that provision were varied to the extent necessary to comply with the Credit Code or, if necessary, omitted.
11. Understanding this Contract Generally
11.1 Words indicating the singular also indicate the plural and vice versa.
11.2 When there is more than one of you, each of you is individually liable for all the money owing under this Contract and for all of your other obligations under this Contract and if any one or more of you is not or ceases to be liable at any time, the others will continue to be liable.
11.3 A reference in this Contract to any particular legislation is a reference to that legislation and any other regulations or rules made under it and any legislation, regulation or other rule which replaces any of them in force for the time being.
11.4 Any part of any legislation having the effect of limiting our rights or powers, or requiring it to give notices or to take any other action does not apply, unless we are prevented by law from excluding its application. Any part of any legislation that gives rights or protection to us, or imposes obligations on you, will apply except to the extent that it is inconsistent with any part of this Contract.
11.5 We may assign, transfer, novate or participate to any person, trust or entity, or otherwise deal in any manner with any of our rights, obligations or interests under this Contract.
11.6 You acknowledge that we may enter into this Contract as agent for another party (“Principal”) for the purposes of providing the funding under this Contract. We and any Principal may assign, transfer or novate our rights and obligations to another person including in the form of any security interest over our rights under this Contract.
In this Contract, unless the context otherwise requires:
(a) an expression that starts with capital letters has the meaning given to it in the Schedule;
(b) “Business Day” means a day on which we are open for business in the State or Territory in which you reside when this Contract is made;
(c) “Contract” or “Loan Contract” means this personal loan contract.
(d) “Credit Code” means the Consumer Credit Code of the State or Territory in which you reside when this Contract is made. If the Credit Code applies, this Contract must be interpreted so as to be consistent with the Credit Code and our rights must be exercised in accordance with, and subject to, the Credit Code. If any provision of this Contract is invalid or unenforceable under the Credit Code or any other law, it must be severed from the Contract without affecting the validity of the remainder;
(e) “we, us or our” means AMAZING LOANS LIMITED and its successors and assigns;
(f) “you” means the Borrower and “your” has a corresponding meaning.
13. Governing Law
Subject to the mandatory provisions of law, this Contract shall be governed by the laws of the State specified in the address of Amazing Loans Limited above the Loan Schedule on page 1 and the parties irrevocably submit to the non-exclusive jurisdiction of the courts situated in the capital city of that State with respect to any proceedings which may be brought in connection with this Contract.