Venture 5 Group Pty Ltd (trading as CashnGo Australia)
The date from which this document is effective is 5 October 2021
This Target Market Determination (TMD) has been prepared by Venture 5 Group Pty Ltd trading as CashnGo Loans with Australian Credit Licence 431627.
This document is intended to comply with our obligations under the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019, which requires the determination of a target market for our products, and associated purposes. It will give the consumer assistance in determining whether the product is aimed at them, whilst at the same time allowing us to gauge whether the products are meeting their intended market. This document is called the Target Market Determination, hereinafter referred to as “TMD”.
It is also intended to provide consumers, and where appropriate, distributors with an understanding of the class of consumers for which the product has been designed. It takes into account the objectives, needs and financial situation of those members of the target market.
This TMD is not intended to replace other documents related to the products provided by us which set out the terms and conditions relating to the product upon which we expect you to rely when making a decision about applying for the product, including, and in particular, the contract document which will be sent to you prior to you entering into an agreement with us.
The product to which the TMD relates is the SMALL AMOUNT CREDIT CONTRACT (“SACC”) offered by us, as that term is defined in section 5 of the National Consumer Credit Protection Act 2009, that is, loans in which:
SACCs have been designed for consumers who:
These are regarded as the key attributes of the loan.
CONDITIONS AND RESTRICTIONS ON SUPPLY
We will not supply a SACC to any consumer:
HOW WILL WE KNOW IF THE PRODUCT IS NOT MEETING THE TARGET?
Based on the description of the target market above, we believe that it is unlikely that the product will not meet the target market. Nevertheless, we will maintain a watch on the consumers who access the loans to ensure that the majority are within the target market. If they are not, we will review the product and change its key attributes to ensure that the target market is met.
It is intended that the sole method of distribution to consumers will be by us, as the credit provider, alone. Access will primarily be by way of our website or by making direct contact with us. We do not have authorised representatives, or agents for the purposes of distribution.
We will review this TMD on the occurrence of any of the following triggering events
A triggering event will require the review to be undertaken within one month.
As noted above, we do not use distributors in the provision of SACCs to consumers. As a result, whilst the law requires a TMD to set out what information must be provided by distributors to us, in our view, this is not necessary. The TMD will be revisited if we commence distribution through a distribution network.
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