Target Market Determination

Target Market Determinations for Cash Australia’s Personal Loan Products

About this document

This document includes a target market determination (TMD) for each of Cash Australia’s Personal Loan Products. This document is a prescribed document under the Corporations Act 2001 (Cth) and describes the class of persons (the target market) for whom our personal loans have been designed. This document does not constitute advice.

This target market determination seeks to give our customers, referrers and staff an understanding of the class of consumers for whom our personal loan products have been designed. It does not set out or contain the full terms and conditions of our personal loan products. The full terms and conditions applicable to our personal loan products are set in the loan contract you will be asked to sign if you apply for a loan and your application is approved. Different terms and conditions apply depending on the type and amount of the loan.

When we refer to “us” or “we” in this document we are referring to us, Cash Australia (Int) Pty Ltd (trading as Cash Australia) the issuer of the personal loan products.

Name of Products

Our Personal Loans

Sacc Loans (Small Amount Credit Contracts)
Macc Loans (Medium Amount Credit Contracts)

Name of Issuer

Cash Australia (Int) Pty Ltd (trading as Cash Australia)

ACN 008 191 599
Australian Credit Licence Number 386209.

Date of this Target Market Determination

1 February 2024

Overview of Target Market for our personal loan products

Our personal loan products have been designed to meet the needs, objectives, and financial situation of consumers who:

want a loan for one or more of the purposes set out below under the section headed “Approved Purposes.”
want a loan that has the loan features offered by us and for the length of time offered by us – see sections of this TMD which set out “loan terms” and “loan features.”
meet our eligibility criteria for loan applicants – see section headed “eligibility criteria for loans.”
are not excluded persons – see section headed “Exclusion criteria for loans.”
want a simple and fast application process and with the possibility of same day funding.
may or may not have a credit score acceptable to mainstream lenders.

Our description of likely objectives, financial situation and needs of consumers in the target market.

Our loan products are designed for individuals who:

need a small amount of unsecured credit to pay for emergency expenses or discretionary item/s;
require regular and fixed payments over a relative short term when compared to mainstream lenders;
are able to service our ongoing periodic set repayments after allowing for all their other liabilities without hardship;
are aged 18 years and above and are Australian Permanent Resident or Australian Citizen, and
have regular income with more than 50% of that income derived from employment.

Explanation of why our loan products is likely to be consistent with the likely objectives, financial situation and needs of consumers in the target market

Our SACC loan product is designed to suit persons who require fast access to small amounts of credit which may be for emergency expenses or to purchase discretionary items, where the individual may not have the savings or funds readily available to cover the cost or the expense or purchase.

Our MACC loan product is designed to suit persons who want access to larger amounts over a longer term to enable the acquisition of more significant household items or one-off purchases of goods or services.

Our loan terms are designed to have a short repayment period with the intention that our customers are not paying for the loan far beyond the expected benefit.

We offer fixed and equal loan repayments with clear and concise details of fees charged to ensure clients know exactly how much they’ll be paying back and when.

We are not in the business of providing loans to consumers who cannot afford them or to consumers who do not fall within the target market/s for our personal loan products.

Our loans are currently all unsecured.

All loans are subject to our credit policy and a responsible lending suitability assessment.

Eligibility Criteria for loans. Who is eligible for a loan from us?

To be eligible to apply for one our loans, you must:

be age 18 or over.
have a bank account in your name.
have a contact telephone number.
reside in Australia as permanent resident or citizen.
be employed, at least casual or part time*.
expect to receive a net weekly income of at least $32,000 p.a.
be assessed by us as being able to afford to make the repayments under the loans without undue hardship (on the assumption that your financial circumstances do not change after the date of our credit assessment).
use the loan proceeds for a purpose that meets our list of approved purposes.

*If you are an existing client, you are still eligible to apply for a loan even if you are not currently employed, provided you receive sufficient regular income from benefits to satisfy our credit assessment criteria.

Our products are consistent with the needs and objectives of customers who are seeking fast, flexible, and short-term finance with the certainty of fixed repayments over the term of the loan.

Exclusion criteria for loans

You are not eligible to apply for one of our loans if:

you are under 18 years of age.
you do not have a bank account in your name or are unwilling to provide a bank statement.
you do not have a contact telephone number.
you are not residing in Australia.
you are not a permanent resident or citizen.
if you are a new client and your sole source of income is benefits.
you do not meet our approved lending criteria under our credit policy, or

the purpose of the loan is stated is not within our accepted purposes.

Exclusion criteria for loans

You are not eligible to apply for one of our loans if:

you are under 18 years of age.
you do not have a bank account in your name or are unwilling to provide a bank statement.
you do not have a contact telephone number.
you are not residing in Australia.
you are not a permanent resident or citizen.
if you are a new client and your sole source of income is benefits.
you do not meet our approved lending criteria under our credit policy, or

the purpose of the loan is stated is not within our accepted purposes.

Term of our Loans

You are able to select the term of your loan within certain parameters. The term of your loan will depend on the amount being borrowed.

Small Amount Loan (up to $2,000)	Medium Amount Loan ($2,001 to $5,000)
30 days to 52 weeks	30 days to 2 years

Loan features

Sacc loans:

have an establishment fee that is 20% of the loan amount.
have a monthly fee that is 4% of the loan amount for each month the loan is active.
weekly, fortnightly or monthly repayments.
permit you to make extra or increased repayments, so you are able to pay off the loan more quickly than the contracted term.
have loan repayment dates which can be aligned to coincide with the dates on which your pay or benefits are deposited to your bank account to minimize the risk of declined payment requests.

Macc Loans:

have a $400 establishment fee.
a low monthly fee.
a fixed interest rate for the term of the loan.
does not charge a default interest rate when a borrower is in arrears.
weekly, fortnightly or monthly repayments.
permit you to make extra or increased repayments, so you are able to pay off the loan more quickly than the contracted term.
have loan repayment dates which can be aligned to coincide with the dates on which your pay or benefits are deposited to your bank account to minimize the risk of declined payment requests.

When we will take security for repayment of the loan

All our loans are currently unsecured.

How we distribute the loan product

We distribute our loan product direct to consumers via online applications on our website and at our branch.

Distributors

We do not rely upon a distribution network. However, we do accept referrals from approved referrers and lead generators who direct clients to our website.

Distribution Conditions

We have distribution conditions in place designed to help ensure that our loan product is only provided to consumers in the target market.

We ensure that:

Our website content gives consistent messaging directed to our target market.
Our assessment process fully assesses whether a consumer meets our eligibility criteria.

We ensure that with referrals made by our referral partners, that they are only referring consumers who are likely to meet our eligibility criteria.

Adequacy of distribution conditions and restrictions

Implementation of suitability and eligibility questions through our application process allows us to identify those applicants who do not meet the criteria for the products prior to any loan offer being made to a consumer.
We make and review our agreements with referral partners taking into consideration their access to the target market for our loan product.

Timing and process by which we review our Target Market Determination

We will review this target market determination as follows:

Review Type	Date of Review
Initial review	Within two years of the date of the first issue of this target market determination.
Subsequent periodic reviews	Annually, in July each year
Trigger event	Within ten (10) days of the occurrence of a trigger event or within ten (10) days of the end of each quarter, as applicable.

A trigger event is any event or circumstance that should objectively give rise to a reasonable belief on our part that this Target Market Determination is no longer appropriate having regard to a variety of factors, including (but not limited) to any of the following:

material changes to the laws applicable to this personal loan product, the product features or terms or the distribution method.
the occurrence of a “significant dealing” in relation to our personal loan product where multiple clients outside our target market have been identified as being approved for a loan.
the number of complaints received from customers who have a loan from us, expressed as a percentage of total funded loans is greater than 5% in any given calendar quarter, assessed at the start of the next quarter.
more than 10% of customers who have loans funded in a quarter make a hardship application during that quarter, assessed at the start of the next quarter.
The making of a significant number of negative findings in relation to External Dispute Resolution processes, indicating that the product didn’t meet the customer’s objectives, needs or financial situation.