Is a SACC or MACC Loan Right For You?

A SACC to meet temporary cashflow problems

A SACC loan is a small amount credit contract which is provided under the National Consumer Credit Protection Act 2009 (NCCP) . These small loans vary in length from 16 days to 1 year and for amonts up to $2000. They can be an easy way to help you meet unexpected expenses.

A SACC can be a convenient and economical solution to meet temporary cash flow problems, but it is not suited for long-term or continuing financial needs. For instance, you may need to borrow money to meet an unexpected car repair bill, car registration, school fees, or sudden moving costs. Loans are often approved within 24 hours so they can be a good source if you need money urgently.

A MACC for bigger loans

A medium amount credit contract (MACC) loan varies in length from 16 days to 2 years and can be from $2,001 to $5,000. These loans are generally used to meet larger expenses such as replacing whitegoods, rental bonds, dental expenses, unexpected travel, etc.

MACC loans can be secured or unsecured and there are often different costs involved depending on whether or not you have an asset that you can use as security for the loan. A security item can be an asset such as a car but cannot be for personal items such as beds and essential whitegoods such as a fridge or a washing machine.

Reputable lenders such as Members of the National Credit Providers Association do not lend to customers without first confirming you have sufficient disposable income to service a loan, and then agreeing to an appropriate amount and timeframe that meets your needs. These loans are often assessed and approved in a much shorter time frame than if an application was made to a bank or building society.

SACCs and MACCs are Government regulated

SACC and MACC loans from Members of the NCPA are provided under Government regulation of the National Consumer Credit Protection Act 2009. An NCPA Member must provide loans under the strict guidelines set out in this Act. Also, to become a Member of the Association, Members must adhere to a strict Code of Ethics which helps borrowers identify a “trusted brand”.

When you see the logo below, you know you are dealing with a lender belonging to the NCPA.
Look for this logo on the documents and website of lenders to know that you are dealing with a trusted loan provider.


Problems paying your loan?

If you have ongoing problems meeting your financial needs or debt obligations, you should first talk to your credit provider before consulting with a financial adviser or credit counsellor.  Your lender is obliged to offer you hardship considerations when you are having diffuculties meeting your loan repayments.  This could mean that your lender may reduce the amount of repayments and/or extend the time for payment.  But please make sure that you contact your lender as soon as you know you are having trobule meeting your repayments.

Click here if you feel you need the services of a financial adviser or credit counsellor.