Business Loan Application Terms & Conditions
1. PRIVACY ACT 1988 AUTHORISATION
1.1. Under the terms of the Privacy Act 1988 (Act), I understand that Business Fuel Finance Pty Ltd ACN 629 419 021 (BFF) as a commercial credit provider needs to make disclosures to me and obtain authorisations from me before my commercial credit application is processed. The authorisations relate to information that can be obtained before, during or after the provision of the commercial credit to me. In accordance with the terms of the Act, I hereby authorise BFF as well as their agents, associates and related entities and any other credit financiers or credit providers:
- To give a credit reporting agency certain information about me and my application for commercial credit in order to obtain a credit report about me. This information can include:
- my name;
- my address;
- my date of birth;
- my drivers license number; and
- the fact that I have applied for commercial credit and the amount applied for:
- To obtain a credit report about me from a credit reporting body to assess my application and my credit worthiness, or in connection with the collection of overdue payments, and I give my consent for them to do so.
- To give and seek information from any of the credit financiers, or any credit providers or referees named in my application or in any credit report about me, information about my creditworthiness, credit standing, credit history or credit capacity as permitted under the Act. The information can be exchanged for any one of the following purposes:
- to assess my application;
- to notify other credit providers of a default by me;
- to advise other credit providers of the status of this loan in circumstances where I am in default with other credit providers; or
- to assess my creditworthiness.
- To use my personal information for marketing, planning and product development purposes by BFF as well as its related companies or unrelated marketing organisations conducting marketing activities on their behalf. This authorisation applies regardless of whether my application for commercial credit is approved. It also applies if, instead of applying for credit from BFF, I have asked BFF to assist me in obtaining a free Business Credit Score from CreditorWatch (Credit Score Process).
2. ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 CONSENTS
2.1. Under the terms of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF), I understand that reporting entities such as Business Fuel Finance Pty Ltd (BFF) are permitted to disclose my full name, residential address and date of birth to a credit reporting body for the purpose of verifying my identity electronically under the AML/CTF. I understand that my identity will be verified by the credit reporting body comparing my personal information provided by the reporting entity against the personal information already held by the credit reporting body.
2.2. I also understand that I will be required to expressly consent to the reporting entity providing my personal information to a credit reporting body in order to electronically verify my identity. If I do not wish my identity to be verified electronically by a credit reporting body under the AML/CTF, I will be able to verify my identity to the satisfaction of BFF via other means. If my identity is verified electronically by a credit reporting body under the AML/CTF, the credit reporting body may provide an assessment as to whether the information held by the credit reporting body matches the information provided by the reporting entity, in whole or in part.
3. BANK STATEMENTS AND ACCOUNT VERIFICATION
3.1. As part of my loan application, I understand that I will be asked to provide Business Fuel Finance Pty Ltd (BFF) with my bank information. There are 2 reasons for this:
- Firstly, this is the account into which my loan will be paid once approved.
- Secondly, these details assist BFF in meeting its lending requirements, in particular to obtain 12 months of bank statements from me.
3.2. I understand that the services of Illion Open Data Solutions Pty Ltd (Illion) are used in order to verify my bank transactions over the last 365 days. Illion operates the platform, bankstatements.com.au, which is a secure and convenient online automated process which enables details of my bank transactions in real time to be fed by Illion to BFF. All data communication is encrypted and secure.
3.3. I understand that once I have submitted my application to BFF, I will be directed to a page that I alone will use to provide my banking login information to bankstatements.com.au to access my account transactions. I also understand that the account transaction details may include any transactional data from any account linked to the login credentials I supply to Illion (which may include both business and personal accounts). Once logged in, bankstatements.com.au will collate the transaction details BFF requires to comply with its lending requirements and submit it to BFF. This bank feed information is used by BFF to assess my application for commercial credit.
3.4. I also understand that BFF may use Illion to obtain further bank feeds in respect of ongoing bank transactions to manage my loan(s) and assess any future applications I may submit to BFF or for any future offer by BFF. I understand that once I have used Illion bank feeds for an application with BFF, I may not be requested to login again in respect of any subsequent loans or refinancing. However, if my login details have changed, or I have changed bank account, I will be required by BFF to login to use the bank feed provider’s service again.
3.5. If my bank’s terms do not permit me to share my login credentials with Illion, I agree to appoint Illion as my agent to access my bank accounts solely for the purposes outlined above. I can read more about the bankstatements.com.au process by clicking the following link: bankstatements.com.au
4. MARKETING CONSENT
4.1. I hereby agree and consent for Business Fuel Finance Pty Ltd (BFF) to use my personal information for direct marketing purposes to promote its products or services or those of its related companies. I understand I may withdraw my consent by way of opt-out function when receiving such direct marketing or by contacting BFF at firstname.lastname@example.org.
5.1 THIRD PARTY MARKETING CONSENT
Important Note: Business Fuel Finance Pty Ltd (BFF) may disclose your personal information to third parties for the purposes of them offering you products or services or acting as an intermediary in providing or sourcing credit for you. BFF may receive payment from these third parties for providing your personal information to them.
These third parties are subject to their own legal and regulatory obligations. BFF is in no way endorsing these other third parties’ products or services nor suggesting that they will offer you their products or services or encouraging you to do business with them. You may need to lodge a new application with them and meet their criteria.
5.1. I agree and consent to BFF using, providing and exchanging my personal information with third parties, including:
- Associated businesses or partners that may want to market products to me;
- Other credit providers, lenders or referral partners;
- Alternate service providers such as those providing credit repair services and budgeting services.
5.2. I understand and acknowledge that BFF may receive payment from these parties for providing my personal information.
6. ELECTRONIC TRANSACTIONS ACT 1999 AUTHORISATION AND CONSENT
6.1. I acknowledge that:
- I am applying for credit (Credit) from Business Fuel Finance Pty Ltd (BFF);
- If I am not applying for Credit from BFF, then I am agreeing to these terms and conditions because I have asked BFF to assist me in obtaining a free Business Credit Score from CreditorWatch (Credit Score Process);
- I am aware that I have the right to obtain independent legal and financial advice prior to entering into a Credit Contract.
6.2. I hereby consent to:
- any information relating to and including my credit application being provided, or otherwise made available, to me electronically under the Electronic Transactions Act 1999 (Act);
- any notices, faxes, letters or other correspondence required or permitted to be sent to me by BFF being sent to my nominated email address.
- I understand that if I consent to BFF providing materials to me electronically
- paper documents may no longer be provided to me;
- I must regularly check my nominated email account for documents from BFF and BFF’s customer portal;
- I may at any time withdraw consent for BFF to provide documents electronically.
After you exit this document and prior to submitting your application to BFF you will be asked to confirm that you have read, understood and agree to these terms and conditions. By clicking the check box Application Terms and Conditions + Privacy Consents you will be agreeing to these terms and conditions. You will also be agreeing to the matters set out at 1 – 6 below, and to signing this document under the Electronic Transactions Act 1999.
- I agree to engage BFF on the terms set out above;
- I agree that BFF and any credit provider may collect and use my personal information in accordance with the Privacy Act 1988 authorisation above, including using my personal information to market its products and services to me directly until such time as I ask it to stop doing so;
- I agree that prior to signing this agreement I have obtained, or had reasonable opportunity to obtain, independent legal and financial advice;
- I agree that this document constitutes a legal contract between myself and BFF as though I had signed it by hand;
- I understand, acknowledge and agree that the Credit Score Process is intended only to provide a general indication of credit worthiness of the holder of an ABN or ACN and that neither BFF nor CreditorWatch can guarantee that the information provided as part of the Credit Score Process it is complete, verified or free of errors. I agree also that no reliance should be placed by me or any third party on the information provided as part of the Credit Score Process when making credit or financial decisions.
- I agree that I have read and understood all of the information appearing above including that in relation to the Privacy Act 1988 and Electronic Transactions Act 1999.
By clicking on the check boxes for of the Application Terms and Conditions and the Privacy Consents you will also be acknowledging and agreeing that you have read and understood the terms and conditions of this Agreement and agree to be bound by it and that, after you click the check box, you will be bound under the terms and conditions of this Agreement as though you had signed it by hand. You will also be providing the authorisations and consents required under the Privacy Act 1988 and Electronic Transactions Act 1999 disclosures set out above.
If you do not understand or agree with any of the matters or agreements set out above, you should not click the check boxes Application Terms and Conditions + Privacy Consents after you close or exit this page.
Last updated: 28 September 2021