TARGET MARKET DETERMINATION
FUPAY SMALL PERSONAL LOANS
This target market determination (“TMD”) is designed to provide customers, merchants and Fupay Holdings Limited ABN 34 628 317 377 (“Fupay”) employees and agents with information to understand who the Fupay product has been designed for by describing the class of customers that comprise the target market for the product, taking into account the objectives, financial situation and needs of the target market. The TMD will also address the distribution of the product, the frequency of review of this document as well as what information will be considered in maintaining the accuracy of this document. . Further information on the Fupay product can be found on Fupay’s website and via the Fupay app. Customers should consider whether the product is appropriate for them before applying for or entering into the product.
Target market for this product
The product is a small personal loan of between $500 and $2,000 provided to Fupay customers over a term between 16 days and 12 months. The product has been designed for customers who:
- are seeking a loan for an amount between $500 and $2,000 for a specified purpose, or where the initial loan request was for a greater amount, are willing to accept a loan between these amounts;
- are after a loan term of greater than 16 days but not greater than 12 months;
- want to spread the cost of a significant purchase over time rather than absorbing the cost in one income or other relevant period;
- meet the affordability assessment undertaken by Fupay;
- do not want a pre-approved credit limit under a continuing credit contract to spend on unspecified future purchases;
- are currently working and residing in Australia;
- are willing to provide Fupay with access to their bank transactional data.
This product is not suitable for customers who:
- are seeking a loan for an amount less than $500 or greater than $2,000;
- want are longer term loan than can be repaid over a period longer than 12 months;
- want a pre-approved credit limit under a continuing credit contract to spend on unspecified future purchases;
- are under 18 years of age
- do not meet the affordability assessment undertaken by Fupay
- are unlikely to be able to meet their repayment obligations under the product without substantial hardship
FUPAY MEDIUM PERSONAL LOANS
This target market determination (“TMD”) is designed to provide customers, merchants and Fupay Holdings Limited ABN 34 628 317 377 (“Fupay”) employees and agents with information to understand who the Fupay product has been designed for by describing the class of customers that comprise the target market for the product, taking into account the objectives, financial situation and needs of the target market. The TMD will also address the distribution of the product, the frequency of review of this document as well as what information will be considered in maintaining the accuracy of this document. . Further information on the Fupay product can be found on Fupay’s website and via the Fupay app. Customers should consider whether the product is appropriate for them before applying for or entering into the product.
Target market for this product
The product is a personal loan of between $2001 and $5,000 provided to Fupay customers over a term between 16 days and 24 months. The product has been designed for customers who:
- are seeking a loan for an amount between $2001 and $5,000 for a specified purpose, or where the initial loan request was for a greater amount, are willing to accept a loan between these amounts;
- are after a loan term of greater than 16 days but not greater than 24 months;
- want to spread the cost of a significant purchase over time rather than absorbing the cost in one income or other relevant period;
- meet the affordability assessment undertaken by Fupay;
- do not want a pre-approved credit limit under a continuing credit contract to spend on unspecified future purchases;
- are currently working and residing in Australia;
- are willing to provide Fupay with access to their bank transactional data.
This product is not suitable for customers who:
- are seeking a loan for an amount less than $2001 or greater than $5,000;
- want are longer term loan than can be repaid over a period longer than 24 months;
- want a pre-approved credit limit under a continuing credit contract to spend on unspecified future purchases;
- are under 18 years of age
- do not meet the affordability assessment undertaken by Fupay
- are unlikely to be able to meet their repayment obligations under the product without substantial hardship
Distribution conditions and controls
To apply for Fupay’s product a customer must have an active account with Fupay and be fully onboarded. As part of the onboarding process, the member links their bank account/s and enters their personal and identification document details. Fupay confirms the customer’s identity through KYC/AML verification. After completing the onboarding process the customer may apply for this product. The application process includes a number of automated checks and questions that provide Fupay with information to help determine if the application is within the target market for this product. The information provided will also be used to determine if the product will be offered and the terms of the product offering (i.e. loan amount and term). This assessment is undertaken each time a customer applies to use Fupay’s product. A repayment schedule is communicated clearly to the approved customer through the app so they can assess whether the product meets their needs and compare it to other credit products they may be considering
Review of this document
This TMD will be reviewed within 1 year from the last review to ensure it remains appropriate.
Fupay will also review this TMD if an event or circumstance (called a ‘review trigger’) occurs that would reasonably suggest that the TMD is no longer appropriate, or the product is no longer consistent with the likely objectives, financial situation and needs of customers in the target market, or the distribution conditions do not make it likely that the customers who acquire the product are in the target market.
Examples of review trigger may include:
- notification from the Australian Securities and Investments Commission (ASIC) requiring cessation or modification of the product distribution or particular conduct in relation to the product;
- material change to the product or its key attributes or its distribution;
- material change in Fupay’s acceptance criteria for potential customers;
- material change in any other factor or information used to prepare this TMD;
- identification of a material deficiency in the product’s documentation;
- material complaints or a recurring pattern of complaints which may indicate the product is no longer suitable for the described target market or is not being primarily distributed to the target market;
- significant dealings which indicate that the product is no longer suitable for the described target market; or
- material changes in key product and customer suitability metrics such as customer satisfaction, write offs and remediation payments and default rates, or other significant customer feedback.
Fupay will review this TMD within 10 business days of any review trigger.
Reporting
Fupay must record all complaints received about this product and report on a quarterly basis.
Further questions
If you have any questions about Fupay’s products or this TMD, please contact us on 0426 362 547 or by email at hello@fupay.com.au .
First publication date: 2022/02/21 Last review date: 2022/02/21 Issuer: Fupay Holdings Limited (ABN 123456789, ACR 123456789)