This document includes the target market determination (TMD) for Cash Lab’s Small Amount Credit Contract (SACC).

This document is a prescribed document to comply with our Design and Distribution Obligations under Part 7.8A of the Corporations Act 2001 (Cth) to describe the class of person (the target market) for whom our SACC loans have been designed. This document does not constitute advice.

This target market determination seeks to give our customers an understanding of the consumers for which our cash advance loans have been designed. The full terms and conditions applicable to our SACC products are set in the loan contract you will be asked to sign if your loan application is approved. All communication relating to this TMD or if you would like more information on the terms and conditions of our cash advance loan product, please email pfmidland@cashlab.com.au.

Our SACC product has been designed to meet the needs, objectives and financial situation of consumers who:

• Are over the age of 18 years old
• Hold an Australian Bank account in their name demonstrating financial management without experiencing financial hardship
• Have a permanent residential address in Australia
• Have 100 points of ID
• An Australian mobile number and valid email address
• Have regular ongoing in employment
• May receive part or all of their income through Government benefits with a minimum net weekly income of $500
• Who meet our lending criteria as set under our credit policy/guide and who will be able to afford the repayments without causing undue hardship (on assumption that your financial circumstances do not change over the course of the loan)

• Purchasing household furniture and whitegoods
• Home repairs or renovations
• Car repairs or purchase
• Boat, caravan and motorbike purchases or repairs
• Medical expenses
• Vet expenses
• Travel expenses
• Moving costs
• Education/Sports expenses
• Life events – Funerals, weddings, birthdays
• Emergency expenses
• Legal expenses

Please note we cannot accept an application for non-discretionary living expenses such as groceries or rent/board or if customers are:

• Bankrupt or Under a Part IX debt agreement
• Under substantial financial hardship
• Receiving regular Crisis Payments whilst receiving Centrelink benefits
• Requesting loan for gambling, alcohol or other illegal activities
• Are in default to another SACC Lender
• Have excessive dishonours/direct debit reversals evident on banking
• Rely heavily on BNPL (Afterpay, Humm etc)
• Primary source of income is through Youth Allowance, Austudy, Abstudy or Jobseeker (unless accompanied by Family Benefits or are a low income earner)
• Employment is under $500 per week

• Min $300 – Max $2000
• Loan terms of 16 days to 1 year
• Permitted establishment fee of 20% of the loan amount as set by the credit code
• Permitted fixed monthly fee of 4% for each month the loan is active
• Allow you to choose between weekly, fortnightly or monthly repayments which are aligned to coincide with dates on which your pay goes into your nominated bank account to minimize the risk of declined payments.
• Allow additional or increased payments so you are able to pay off the loan in advance of the contracted term without any termination or early payout fees
• Funds can be released as cash over the counter
• A default fee of $35 is applicable on any missed payments
• Unsecured credit and does not require collateral
• The total monetary amount that can be recovered if there is a default in payments is capped at twice the total amount of credit provided (200%)

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

We ensure that:

• We distribute the loan product directly to consumers
• Applications exclude consumers who do not meet our eligibility criteria
• The product can only be distributed to people who meet standard eligibility criteria and in compliance with relevant laws
• The product can only be distributed in accordance with Cash Lab’s underwriting criteria
• The product can only be distributed by staff of Cash Lab who have received appropriate training
• All applicants must complete the same application and have engagement with Cash Lab staff in accordance with well-developed processes and procedures

If Cash Lab become aware that the distribution conditions outlined in this TMD are no longer adequate such that consumers outside of the Target Class are able to gain access to the Products, this TMD shall immediately be reviewed.

Any of the following circumstances shall trigger a review of this TMD:

1. Where the Product is deemed to no longer be consistent with the likely objectives, financial situation and needs of the Target Group;
2. Where the distribution conditions of the Product are found to be inadequate and consumers outside of the Target Group are able to acquire the Product;
3. An external event that would create a material change to the design or distribution of the Product, such as any changes to the legislation;
4. An occurrence of a Significant Dealing (a transaction which has resulted in, or will likely result in, significant detriment to the customer because of the distribution of the Product) that is required to be reported to ASIC.
5. Where the total percentage of hardship applications is greater than 5% of the total number of loans entered into over that 6 month period;
6. Where the number of complaints received directly and from distributors about the Product over 6 months is greater than 5% of the total number of loans entered into in the 6 month period;
7. Any other reasonable circumstances which Cash Lab reasonably believes will warrant a review of this TMD.