Your loan terms are set in your Credit Agreement:
You accept these terms when you accept your loan offer. Your loan disclosure will confirm these terms as well as any other charges that are payable. It will also specify the repayments you must make.
Your loan comes into effect as soon as you confirm you accept the loan terms and submit your loan for funding.
There are also standard terms and conditions which apply to all Lawzy loans. These will appear in the loan contract you see online as part of the application process and will be emailed to you with the loan disclosure statement.
The loan amount, annual interest rate, loan term, repayment amounts, fees payable under the loan contract and repayment dates are fixed.
These terms can be changed only by mutual agreement between Lawzy and the borrower (as well as the co-borrower if applicable).
New fees can be introduced but only in accordance with applicable law principles (including lender responsibility and notice requirements).
Any such changes will be shown on the Interest Rates and Fees page of the Lawzy website under Borrower Fees.
Your personal information is stored securely and protected by blockchain security features in accordance with our Terms of Use, and Privacy statements.
You can view:
Lawzy has physical, electronic and managerial protections in place to prevent any unauthorised access or inappropriate use of customer information.
All customer information collected by Lawzy is passed through a secure server using encryption technology, and protected from unauthorised access by a number of security procedures including secure passwords and user log-ons.
Lawzy will never disclose your information to a third party without your permission, and we will never contact you to ask for personal information.
Your loan disclosure (which we send you when your loan is finalised) contains all the key information about your loan.
This includes:
On request we can also provide you with additional information in accordance with Australia’s National Consumer Credit Protection Act 2009 (Cth) (NCCP) which includes the National Credit Code (NCC).
Your loan will be repaid in full directly from your settlement funds.
You have to pay back the total amount borrowed, including the Establishment fee.
You must also pay interest on the full loan amount. Interest is calculated by multiplying the unpaid loan balance by the annual interest rate.
The annual interest rate is fixed and specified in the loan offer. It is also confirmed in the loan disclosure. Interest is charged monthly.
If you do not repay the amount due by the due date, you will also have to pay additional fees as outlined in the link: Interest Rates and Fees
You are welcome to repay your loan earlier than the scheduled loan term without an early repayment penalty.
You can do this by making a manual payment to Lawzy.
Unlike normal loans that are paid monthly, Lawzy pays you an advance on your settlement funds. We are repaid when your personal injury case is paid. This means there is no cash outlay for you during the term of the loan. This will also be specified in your loan disclosure, under schedule of payments.
You should give our helpful customer service team a call. They’re there to help you. Their number one piece of advice is not to try and ignore the problem. It won’t go away and the longer you leave it, the harder it is to fix! The sooner you let us know things have changed the more likely we’ll be able to help.
Lawzy is brought to you by the same, experienced team at Providior https://www.providior.com.au/about/ Providior specialise in funding personal injury law firms and Lawzy specialises in providing direct support to claimants just like you.