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Personal Loan

Personal Loan – Target Market Determination

Product Name

Prontofinance.com.au Personal Loan

Product Issuer

Quigley Quoll Pty Ltd trading as Prontofinance.com.au ACN 117 187 603

Product Class

Small Amount Credit Contract

Purpose

This document is a prescribed document under the Corporations Act 2001 (Cth) to describe the class of person (the target market) for whom the product was designed. It is not advice.

Please contact us directly on 1300 35 35 33 or [email protected] if you have any questions related to our Target Market Determination page at www.prontofinance.com.au/loans/tmd

Consumer Target Market

Target Market

The Prontofinance.com.au Personal Loan is designed for persons between 18 and 79 years who meet Prontofinance.com.au’s credit policy, and who need from $300 to $2000 for 2-12 months for a small asset purchase or expense to benefit them or their dependents. The Personal Loan is for persons who want the discipline of making regular repayments to repay the total loan balance within a planned term.

 

Customer needs, objectives and financial situation

The Personal Loan is designed for persons who:

• need to borrow between $300 – $2000*;

• need a loan for between 2-12 months;

 • need the additional consumer protections of a Small Amount Credit Contract (“SACC”) subject to SACC maximum cost and other protections under the National Consumer Credit Protection Act 2009;

• want to arrange the loan online and receive the proceeds in their bank account;

• have an acceptable source of income (at least $300 per week);

 • may or may not have recent credit defaults;

• hold an Australian bank account; and

• are an Australian Citizen or permanent Australian resident.

*All loans are subject to the lender’s credit policy and responsible lending suitability assessment.

The Personal Loan is not designed for, nor appropriate for loan objectives relating to gambling, alcohol, illegal purposes, or the repayment of overdue credit. The Personal Loan is not designed for persons who are seeking to commit more than 20% of their gross income to SACC loan repayments, where 50% or more of their income is received as payments under the Social Security Act.

Distribution Considerations

Conditions

• Distributors must be an Australian Credit Licence (“ACL”) holder, an ACL representative or operate under a valid National Consumer Credit Protection Act 2009 exemption or defence.

 • All persons engaging in retail product distribution conduct must have completed all necessary training modules.

• All distributors must apply Prontofinance.com.au Policies and record all dealing in the CCPF System How these conditions create alignment to the target market These distribution conditions are essential to ensure that:

• Prontofinance.com.au Reasonable Steps controls have been followed; • existing controls such as responsible lending are applied;

• all distributors understand their obligations to ensure that each customer is within the product’s target market before engaging in retail product distribution conduct; and

• reporting and monitoring data can be collected efficiently.

Review Triggers

The following are review triggers that require the Issuer to review this TMD within 10 business days:

• significant complaints, or significant numbers of complaints, indicating that the product didn’t meet the customer’s objectives, needs or financial situation

• significant numbers of hardship applications within 6 weeks of the loan being issued

• significant numbers of EDR negative findings indicating that the product didn’t meet the customer’s objectives, needs or financial situation

• material changes to the laws applicable to this product, the product features or terms or the distribution method

• significant dealings outside target market, unless isolated to the conduct of a single distributor

First Review Date

A maximum of 6 months from the Issue Date.

When subsequent reviews must occur

A maximum of 12 months from the previous review date.

Reporting periods for distributers to report complaints

The following information must be reported to Prontofinance.com.au using standard reporting procedures:

Product Complaints

• Immediately following a complaint that is not resolved through an initial discussion.

Significant Dealings

• Immediately following the identification of a potential significant dealing.

Information that must be reported

Distributors must report the following to Prontofinance.com.au using standard reporting procedures:

• Complaint information (product complaints and conduct complaints); and

• Potential significant dealings. All other indicia required to monitor the review triggers is recorded by Prontofinance.com.au