Brighte Personal Loan Terms and Conditions
Brighte Personal Loan Terms and Conditions
1. Your contract with us
1.1 Contract Terms
Please read these Terms and Conditions and the Schedule that includes your loan details. Together they make up your loan contract and include the information we must provide you. Your loan contract is formed by your accepting our loan offer in the manner provided for within the terms of our loan offer.
1.2 The name of your loan
The form of this loan contract is used for both Brighte’s Personal Loan and Brighte’s Green Loan. For the purposes of this loan contract, where the word Personal is used in the context ‘Brighte Personal Loan’, it can also be read as ‘Green’ in the context of ‘Brighte Green Loan’.
2. Setting up your loan
2.1 Conditions of funding your loan
Before we fund your loan, you must meet our requirements including completing an authority form to nominate an account we can debit repayments from.
2.2 How we fund your loan
Your loan will be used only for the purposes you indicated to us. This means that:
- the loan amount will be used to finance your purchase of goods and services from our approved vendor;
- the loan amount will be paid on your behalf to the vendor named in the Schedule; and
- we will pay the vendor the loan amount on your behalf, on the next business day after we are informed by the vendor that the purchased goods and services have been provided, delivered and/or installed (as required under your contract with the vender), or on such following business day as we reasonably agree with the vendor.
3. Managing your loan
3.1 Transactions on your loan account
Once you become bound by your loan contract with us, we will open a loan account in your name. We will use your loan account to debit and credit amounts owing and paid by you under your loan contract. For example:
- when we make a payment to a vendor on your behalf, we will debit the amount of that advance to your loan account; and
- when we deduct from the loan amount any fees that are payable to us, we will debit the amount deducted to your loan account.
3.2 Repaying your loan
Your first repayment will become due and payable to us twenty-eight (28) days after the day on which we are informed by the vendor that the purchased goods and services have been provided, delivered and/or installed (as required under your contract with the vendor), or on such earlier date that you nominate to us as the earlier day for your first repayment, which day must fall within the first 28 days after we first make any advance of the loan amount to the vendor. When you nominate an earlier day for the first repayment, you must do so at least two business days before the nominated date. We will tell you by email or by SMS when we have been informed by the vendor that the purchased goods and services have been provided, delivered and/or installed (as required under your contract with the vendor).
Your subsequent repayment dates will occur after your first repayment became due and payable and at the periodic intervals stated in the Schedule. However:
- if the day for a repayment is not a business day, the required repayment is payable to us on the next business day. A business day is day on which banks are open for business in New South Wales; and
- if the day for a monthly repayment (where applicable) falls on a day of a month that does not occur in the particular month for the applicable repayment, the repayment will be payable on the last day of that month.
The Schedule sets out the required repayment amounts. You must continue to make the required repayments specified in the Schedule until the outstanding balance of your loan account, and any accrued but undebited interest has been paid in full. In the event that the total of the remaining outstanding balance and any accrued interest that has not yet been debited to your loan account is less than the amount of the required repayment amount, then you are only required to pay the remaining unpaid outstanding balance, together with the amount of the accrued but undebited interest and any other fees that are then payable in order to discharge your payment obligations under your loan contract.
Until your loan is repaid in full, together with all interest and fees payable, you will need to continue making regular repayments, even if you’ve made extra repayments (see 3.3).
We have calculated the repayment amounts on the assumption that the whole of the loan amount is advanced on the date set out in the Schedule, and on the assumptions that your first repayment will be due 28 days after that date and that all repayments will be made on time and will be due and payable on a business day. The actual total amount that will become payable by you under this loan contract will depend on things like when you make the repayments.
We may apply your payments to any amount you owe us and in any order we choose, including towards the payment of any outstanding fees before your payment is applied towards an outstanding repayment. We will give you credit for any payment on a day that is not later than the day that we receive the benefit of that payment. If a repayment is dishonoured, we treat it as if it was never made. Each payment that you make to us that is not made under a direct debit request or other recurring payment authority must be accompanied by details of your loan with us.
If you wish to cancel or alter your direct debit request in our favour, please call us on 1300 BRIGHTE. At all times during the term of this loan contract, you must ensure that we hold a valid direct debit request in our favour that authorises us to collect or recover from your nominated account with your financial institution all amounts that are payable to us from time to time under this loan contract. Subject to any statutory right of set off that you may have and that cannot be excluded by agreement, you must pay all amounts you owe us without making any set-off or deducting any amounts you believe we owe you.
3.3 Paying your loan off early
You may pay off your loan early without any penalty or early termination fees.
Any communication, notice or other document to be given or served under or in connection with your loan contract may be:
- delivered personally to you;
- posted to or left at your residential or business address last known to us;
- sent electronically, including by email or SMS; or;
- given in any other way permitted by law.
The notice may be signed by any employee, solicitor, or agent on our behalf. A notice is taken to have been given at the following times:
- notices delivered personally or left at your address will be treated as given at the time of delivery;
- notices sent by pre-paid post will be treated as given in the ordinary course of post, but no later than on the fifth working day after posting, even if not received for any reason; and
- notices sent electronically or by fax will be treated as given when the machine or system from which they were sent indicates that they have been successfully transmitted or sent.
If the law does require us to give you notice before exercising rights, we may not have to give notice if:
- we cannot locate you after making reasonable attempts to do so; or
- you are insolvent; or
- we are authorised by a court.
4. Fees and interest
4.1 Fees you may have to pay
The fees you need to pay are explained in the Schedule and will be debited to your loan account when they become payable.
4.2 Fixed interest Rate
Your fixed annual percentage rate is set out in the Schedule.
4.3 How we calculate interest
Interest is calculated daily on the unpaid balance of your loan account at the end of the day using the daily percentage rate (the annual percentage rate divided by 365).
We debit accrued interest to your loan account at periodic intervals commencing after the first advance of any part of the loan amount.
We will first debit accrued interest to your loan account on the day your first repayment is payable to us, or if that day is not a business day, on the next business day.
We will subsequently debit accrued interest, that has not been previously debited to your loan account, on the days that each of your subsequent repayments are payable to us (as provided for in the Schedule and clause 3) or if the relevant day is not a business day, on the next business day.
After the scheduled repayment dates have passed, and if your loan account has not been repaid in full, we will continue to debit accrued interest to your loan account at the same periodic intervals that applied to your repayments.
If your loan is repaid in full between these periodic intervals, we will also debit any accrued but undebited interest to your loan account immediately before your loan is repaid in full.
5. Default and other matters
5.1 When you’re in default
You’re in default if you don’t make your required repayments on time or don’t comply with these Terms and Conditions.
5.2 Actions we may take
If you are in default, we may send you a notice requiring you to fix the default within the stated time (at least 30 days). You may not always get a notice – for example if we have made reasonable attempts to locate you without success.
If you are in default because of a failure to make a required payment to us, we may require you to repay the whole of the outstanding balance of your loan account and any additional accrued interest and fees, if you do not rectify the default within the time stated in the notice of your default. Where we have elected to impose this acceleration requirement in the event of your continuing default, we will tell you this in our notice to you of your default as well as the amount required to pay out your loan contract (as accelerated).
If you don’t fix the default within the time allowed or we are not required to give you a notice, then we may take legal action to recover any amounts you owe us, including any accelerated liabilities in consequence of your failure to rectify a payment default within the required time. We’ll debit your loan account with any expenses we reasonable incur in enforcing these rights, and we may do so at any time after we have incurred the relevant expense.
5.3 If we take legal action and obtain judgment
You must pay interest on the judgment amount at the higher of the rate set out in the court order or the rate we may charge under the contract. Interest is otherwise calculated as set out in 4.3.
5.4 Let us know of any changes
You must tell us as soon as possible if you change your name, address, other contact details and situation changes.
5.5 Vendor Fee
If you have been referred to us by a vendor, then we may pay that vendor a referral fee for referring you to us. That fee, where payable, will be fixed and not dependent on your loan amount. Where that fee will be payable, the amount of the fee will be set out in the Schedule.
6. Changes to your contract
- change your repayments if we consider this to be necessary so that you repay your loan within the loan term provided for in the Schedule;
- change the amount of or waive any fee as long as you are no worse off by us doing so.
We will act reasonably when exercising these rights and only do so for legitimate business purposes. We will tell of these changes by giving you 30 days’ notice in writing.
We may assign or transfer our rights under this loan contract without your consent. You cannot assign your rights under this loan contract without our consent.
8. Electronic consents
You consent to:
- the execution of this loan contract and the loan contract offer by Brighte Capital Pty Ltd by means of an electronic signature and in the manner provided for in this loan contract and in the loan contract offer; and
- the documentation and provision to you of the loan contract (including the offer of the loan contract) in electronic form.
You acknowledge that you have already been advised by us that where your consent is given to the matters set out in this clause 8:
- paper documents may no longer be given; and
- electronic communications must be regularly checked by you for electronic documents; and
- any consent to the giving of documents by electronic communication may be withdrawn at any time
Phone: 1300 BRIGHTE (1300 27 4448)
Mail: Level 15, 1 Margaret Street Sydney NSW 2000