TARGET MARKET DETERMINATION

Purpose of this Document

The purpose of this Target Market Determination (“TMD”) is to comply with the Design and Distribution Obligations incorporated under Chapter 7 of the Corporations Act 2001 (“the Act”) by the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019.

The TMD aims to provide consumers and distributors with information about the class of consumers that comprises the target market for the Product, taking into account its objectives, financial situation and needs. It also specifies any product distribution conditions and restrictions and deals with reviews of the TMD as well as distributor arrangements.

Legal Disclaimer

This document is not a credit disclosure document and does not include all relevant terms and conditions associated with this product. It does not take into account any person’s individual objectives, financial situation or needs. Individuals interested in making use of this product should carefully read QUICKZY’s Credit Guide and any other disclosure documents before making a decision whether to use this product.

Description of Target Market

This section is required under section 994B(5)(b) of the Act.

Target Market Summary

This product is likely to be appropriate for a consumer who is seeking, and qualifying for fast, secured short-term finance from $2,417 - $5,000 (including $416 in fees) to be used for an emergency, to meet an unexpected expense, to make a discretionary purchase or other personal expenses, to be repaid over a period of 3-12 months.

The target market has been established by assessing the Product (including its key attributes) and the consumer objectives, financial situation and needs for which the Product is likely to be appropriate. The class of consumers who fall within the target market for the Product is described below, based on the objectives, financial situation and needs of the consumer and the key attributes of the Product.

Description of Consumer Objectives, Financial situation and Needs

This product is suitable for persons who:

• wish to borrow $2,417 - $5,000 for a personal purpose and can provide adequate security in the form of a motor vehicle or other suitable personal asset.
• earn income as an employee, earn work cover or are self-employed and earn regular income, and meet the QUICKZY lending requirements.
• receive a minimum gross income of $2,500.00 per month.
• wish to borrow funds short-term for 3-12 months.
• have the financial capacity to pay the fees and principal repayments as they fall due.
• hold an Australian bank account.
• are an Australian Citizen, Permanent Australian Resident or valid visa holder.

Excluded Classes of Consumers

This product is unsuitable for persons:

• Who do not qualify under the responsible lending requirements imposed by the National Consumer Credit Protection Act 2009 (“National Credit Act”), will be unable to comply with their financial obligations under the Product terms, or could only comply with substantial hardship.
• who do not: earn income as an employee; earn work cover or are self-employed with regular income; or meet the QUICKZY lending requirements.
• who derive all their income from government benefits.
• for whom the Product will not meet their requirements or needs.
• who wish to borrow funds for more than 12 months or fewer than 3 months.
• who wish to borrow more than $5,000 or less than $2,417.
• who do not have the financial capacity to pay the fees and principal repayments as they fall due.
• who do not hold an Australian bank account.
• who are not an Australian Citizen, Permanent Australian Resident or appropriate visa holder.
• Who cannot provide adequate security for the loan.

Description of Product and Key Attributes

The key attributes of this product are:

• secured short-term personal loans from $2,417 - $5,000.
• a loan period of 3-12 months.
• suitable for qualifying consumers who have the financial capacity to pay the fees and principal repayments as they fall due.
• the ability to make additional and early payments on the loan with no early repayment fees or early termination fees.
• fees, costs and interest are payable in respect of the Product and include a $400 Establishment fee, $8 Credit Search fee, $2 PPSR search fee, and $6 PPSR registration fee, amounting to $416 included in the loan amount. Interest is charged at a rate of 47% per annum on the loan amount and a dishonour fee/direct debit dishonour fee of $35 is charged for a missed payment.

Product and Target Market Consistency

The Product, including its key attributes, is likely to be consistent with the likely objectives, financial situation and needs of consumers in the target market based on the following:

The assessment that the Product, including its key attributes, is likely to be consistent with the likely objectives, financial situation and needs of consumers in the target market is based on an analysis of the attributes and characteristics of the Product and establishing that they are consistent with the likely requirements of consumers in the target market.

Distribution Conditions and Restrictions

This section is required under s994B(5)(c).

Distribution Methods

This product is distributed through the following channels:

• Online through QUICKZY website at https://quickzy.com.au/;
• Through approved referral partners; and
• By persons telephonically contacting the QUICKZY office or emailing to care@quickzy.com.au.

QUICKZY does not make use of external credit representatives or distributors.

Distribution Conditions

This product is distributed subject to the following conditions and requirements:

• Providing specific content about the Product on QUICKZY’s website, including lending guidelines, targeting individuals that have the appropriate borrowing capacity, security and financial need.
• Providing specific information about the key product attributes and eligibility requirements through online and telephonic communication.
• Providing specific information about the key product attributes and eligibility requirements through approved referral partners.

Factors Considered

In assessing the appropriateness of the distribution methods, conditions and restrictions, QUICKZY has taken into account the following factors:

• The comparatively wide target market for the Product.
• QUICKZY’s ability to restrict distribution by providing sufficient lending guidelines and eligibility requirements.
• QUICKZY’s ability to manage the distribution channels.
• QUICKZY’s lack of external distributors.
• The capability of existing distribution methods to reach the intended target markets, based on past outcomes.
• The integrity of existing and prospective distribution methods.

Reviewing the TMD

QUICKZY will review this TMD as follows:

Review Triggers

This part is required under section 994B(5)(d) of the Act.

If events or circumstances occur that would reasonably suggest that the TMD is no longer appropriate QUICKZY will review the TMD. This may include:

• an event or circumstance that would materially change a factor taken into account in making the target market determination for the Product, e.g. an external event such as a change in regulation or a substantial change in government benefits schemes rules resulting in reduced consumer income.
• a material change to the design or distribution of the Product.
• a significant dealing in the Product that is not consistent with a product’s TMD.
• the nature and extent of any feedback received from distributors or users of the Product, e.g. significant changes in customer complaints or loan default rates.
• experiencing significant regulatory issues with industry bodies or government entities.

Mandatory Review Periods

This part is required under section 994B(5)(e) and (f) of the Act.

Initial Review: This TMD will be reviewed within 1 year of the TMD approved date.

Periodic Reviews: This TMD will be reviewed at least every 1 year from the initial review date.

Distributors: Reporting & Required Information

This part is required under s994B(5)(g) & (h).

QUICKZY does not make use of external distributors.

Complaints

Distributors (where applicable) are required to report and detail in writing all complaints in relation to the Product covered by this TMD to QUICKZY every 6 months.

Significant Dealings

Distributors (where applicable) are required to report any significant dealing in the Product that is not consistent with this TMD, within 10 business days.

Appropriateness of the TMD

This section is required under s994B(5)(c) and s994B(8)(a) &(b).

QUICKZY has reviewed the Product and its key attributes by considering its purpose, past outcomes and likely future outcomes, and has reasonably concluded that the Product is likely to be consistent with the likely objectives, financial situation and needs of consumers in the target market as described above, when offered to the consumer in accordance with the distribution conditions listed above. The comparatively wide target market and limited distribution channels of QUICKZY have been factors in assessing why the distribution conditions and restrictions will make it likely that consumers who purchase the Product are in the class of consumers for which it has been designed.