Product disclosure agreement – Prospa Demo

Product Disclosure Statement

Issued by Hay Limited ABN 34 629 037 403
Australian Financial Services Licence No. 515459

Date of Issue: June 2025

About this Product Disclosure Statement

This document, together with the Terms and Conditions, collectively forms the Product Disclosure Statement (PDS) for your Prospa Visa Debit Card (Card) and Prospa Business Account (Account).

This PDS is issued by Hay Limited ABN 34 629 037 403 Australian Financial Services Licence (AFSL) No.515459 (Hay). This PDS is an important document designed to assist you in deciding whether to acquire the Prospa Business Card and Account.

You should read this PDS and the Terns www.prospa.com/ba-online-terms-and-conditions before applying for and using your Card and Account.

Important information

This PDS has been prepared by Hay. Hay is the issuer of the Prospa Visa Debit Card and Prospa Business Account.

The PDS has been lodged with the Australian Securities and Investments Commission (“ASIC”). ASIC takes no responsibility for the contents of the PDS.

The PDS may only be used by people who receive it in Australia. The information in this PDS does not constitute an offer in any country other than Australia. The distribution of this PDS in countries outside Australia is limited and may be restricted by law. People who come into possession of this PDS who are not in Australia should seek advice on any such restrictions that apply.

The information in this PDS is subject to change and is up to date at the date of this PDS being issued. Where significant change may be required, Hay will issue either a replacement PDS or a supplementary PDS.

For change that is considered significant for a customer, including fees, a notification will be provided. Where that change may materially affect the customer, generally at least 30 days’ notice will be provided before that change is implemented.

Parties Involved in the issue and Distribution of the Account and Card

Product issuer

Hay Limited ABN 34 629 037 403 (Hay) is the holder of Australian Financial Services Licence (AFSL) No. 515459. Hay is a principal member of Visa Aust Pty Ltd, and participating member of Cuscal Limited, which enables access to Australia’s payment system.

Under its AFSL, Hay is authorised to issue financial products and services, including providing non-cash payment products such as the Card and Account.

If you hold a Card and Account, you will have a contract with Hay Limited in its capacity as the issuer of the Card and Account.

Hay Limited has authorised Prospa Innovations Pty Ltd ACN 609 580 734 (Prospa) (Corporate Authorised Representative number 001313363) to arrange, distribute, and deal in the non-cash payment products issued by Hay. Prospa Innovations Pty Ltd is a wholly owned subsidiary of Prospa Advance Pty Ltd ABN 47 154 775 667. Prospa Advance Pty Ltd operates Prospa as a brand.

Product Distributor

Prospa is responsible for the distribution and provision of factual product information about the Account and Card as issued and approved by Hay. Prospa is also authorised by Hay to provide customer service support for the Card and Account.

Neither Prospa nor anyone else acting on its behalf, has the authority on behalf of Hay to:

tell you anything about the Card and Account that is inconsistent with the information in this PDS;
give you personal financial product advice (i.e., financial product advice that has considered one or more of your objectives, financial situation, and needs) about the Card and Account; or
do anything else on Hay’s behalf, other than marketing, arranging for you to apply for and providing customer services for the Card and Account.

Who is Eligible for the Card and Account

Retail individuals must satisfy specific eligibility criteria to apply for this product. To qualify, the Retail individual must:

Be an eligible business type for which the product is available; and
Have a current ACN or ABN; and
The applying person must be aged 18 years or older and be a valid officer of the business to make the application for the product; and
Have a valid Australian residential address and phone number; and
The applying person must hold Australian citizenship or permanent residency; and
Satisfy customer identification and verification requirements.

This product is designed for use by business operators and is not intended for personal use by an individual.

About the Card and Account

Hay will open a digital account in your name to which you can transfer funds (which will become your Available Balance). The Card accesses these funds to enable you to conduct transactions at merchants that accept Visa debit cards.

The Card and Account are financial products that are regulated by the Corporations Act 2001 (Cth).
You can apply for a Card and Account via the Prospa App or website.
You can transfer funds to the Account which can be accessed by the Card. Transfers can be made by electronic funds transfers from an account held with another financial institution.
The Card is linked to your Account.
Once you have Available Balance in the Account, you can use the Card anywhere in the world (where Visa Debit cards are accepted) to access your funds and make payments (subject to daily limits).
You can use the Card to withdraw cash at ATMs (subject to daily limits).
You can transact from your Account via the Prospa App (subject to daily limits).
You can only access the Available Balance in the Account. The
The Account cannot have a negative balance. If there are insufficient funds in the account, the transaction will be declined.
Your Account is not a bank account, and no interest will be payable on the Available Balance.
The Card is not a credit or charge card and is not a Stored Value card. It is a debit card.

Please note that there may be specific Rules that apply for certain types of payments, including BPay and PayTo (where available). These are set out in the accompanying Terms and Conditions.

Available Balance

The Available Balance of your Account is held on trust for you at an Australian ADI (bank) in a segregated customer funds account.

The Available Balance in your Account does not earn interest. Transfers into the Account are not bank deposits and are not protected by the Australian Government Financial Claims Scheme.

Benefits of the Prospa Business Card and Account

it reduces the need to carry cash and is a convenient way to make payments at merchants who accept Visa Debit Cards;
you can make real time payments from and receive payments to your Account;
you can schedule one-off and recurring payments;
you receive the Visa exchange rate when the transaction completes (no margin, spread or fees are charged by Hay);
the Card can be used to withdraw cash at ATMs (subject to daily limits);
you can download custom statements in PDF and CSV format for reporting;
you can manage your account 24/7 with a mobile app and online portal access;
if your Card is lost or stolen you can immediately freeze the card through the Prospa App; and
you can cancel the Card within the Prospa App.

Risks of the Prospa Business Card and Account

The significant risks of the Card and Account are:

unauthorised transactions could happen if your Card is lost or stolen, if your PIN or passcode is revealed to an unauthorised person, as a result of fraud, or if you breach the Terms and Conditions of the Card and Account outlined in this PDS and the Terms and Conditions;
you might not be able to get your money back if unauthorised transactions or mistaken transactions occur. The higher the Available Balance in your Account, the more you could lose due to an unauthorised transaction;
due to equipment errors, malfunctions or equipment being used incorrectly, the same transaction may be processed more than once, or transactions may not be processed at all;
merchants and ATM operators (domestic and international) may charge fees for using the Card at their facilities and these fees change over time and by ATM operator;
if the network enabling the use of the Card or Account is unavailable, you may not be able to perform transactions or get information using the Prospa App;
merchants may, at their discretion, refuse to accept the Card as a method of payment. You should always check with the merchant that it will accept the Card before purchasing any goods or services;
you will not earn interest on any Available Balance that is stored on your Account;
the Australian Government’s Financial Claims Scheme (see Financial Claim Scheme) does not apply in relation to your Card and Account. If Hay fails, any Available Balance held on your Account will not be protected by the FCS, and you may lose all or part of your Available Balance; and
as Hay has not considered your individual circumstances or needs, you should consider seeking independent advice about the product.

Card and Account Limits

Account Limits
Maximum balance	This is the maximum value you can store in your Account at any one time	$500,000
Minimum balance	This is the lowest amount you can hold in the Account at any one time	$0
Daily deposit limit (transfers in)	The highest total amount that can be transferred into the account per day	$250,000
Daily ATM withdrawal limit	The maximum total amount you can withdraw from an ATM per day	$2,000
Daily BPAY transaction limit	The maximum amount that you can transfer via BPAY transfer per day (Bill Payment)	$50,000
Daily transfer limit (transfers out)	The maximum amount you can transfer out of your Account per day, (excluding BPAY and using your Card)	$50,000
Direct Debit (out)	The maximum amount that can be processed via a Direct Debit from the Account	$30,000
Visa Debit Card Limits
Daily Card spend limit	The total amount you can spend on your Card per day	$25,000
Single Card transaction limit	The maximum amount you can spend on your Card in a single transaction	$25,000

NOTE: Other Merchant or Financial Institutions may also impose their own limits.

Where Hay adjusts the limits, you will be provided with notice as per the Terms and Conditions. You can find the current limits that apply to your Card and Account within the Prospa App.

Fees

We will debit your Account for any fees (if applicable) including any fees that Hay is permitted to debit in accordance with the PDS and accompanying Terms.
All fees are in Australian Dollars (AUD) unless otherwise stated.

Description	Charged by Hay
Transaction Fees
Account opening	Nil
Account keeping	Nil
Direct Debit Dishonour	Nil
ATM Withdrawal	$0*
Domestic Transaction	Nil
International Transaction	Nil (including no % spread on foreign exchange rates)
Card Fees
Card issuance fee (physical card)	Nil
Card replacement fee	Nil
Disputed Transaction and Chargeback Fees
Card payments	Nil
Non-card payments and transfers	Nil

*Hay does not charge any ATM fees. Fees may be charged by the ATM Operator

Cooling off rights

There are no cooling-off rights attached to the Account and Card. However, you may cancel the Card and close your Account at any time, by providing instructions via the Prospa App or by contacting Prospa (see Contact Us section for details).

Disputing a Transaction

We require you to review your transaction history monthly.

Where your Card is used for Unauthorised Transactions, we will seek to reverse the transaction if we can under the Visa Scheme Rules (Chargeback). Your ability to dispute a transaction or reverse an Unauthorised Transaction may be lost if you do not notify us immediately (see Chargeback and Disputed Transaction in the Terms and Conditions).

It is your responsibility to review your online transaction history monthly to identify Unauthorised Transactions. Under these Terms and Conditions, we may not be responsible for any loss to you if you do not dispute an Unauthorised Transaction within 45 days of the transaction date.

Terms and Conditions

The Terms and Conditions for use of the Card and Account are set out in the Terms, which is a separate document but forms part of this PDS and can be accessed at www.prospa.com/ba-online-terms-and-conditions

You should read the Terms and Conditions before acquiring the Card and Account as they set out the legal relationship between you and us. You can download an electronic copy of the Terms via the Prospa App or website.

The Terms and Conditions cover:

how to use your Card and Account
restrictions of use of your Card and Account;
security requirements and what to do if you lose your Card, or if your Card or Account is compromised;
what will happen where you make a mistaken payment, or an unauthorised transaction occurs;
limits on what Hay is responsible for;
suspension and termination of your Card and Account; and
what to expect if there are changes to the Terms and Conditions.

The above points are a high-level summary of what is covered in the Terms and Conditions and not a substitution for reading them. We strongly encourage you to read and understand the Terms and Conditions as well as the Privacy Policy before obtaining the Card and Account.

Privacy

We are committed to complying with the Privacy Act 1988 and its accompanying Australian Privacy Principles.

Our Privacy Statement can be found at hellohay.co/privacy, or you can request a copy of the Statement at any time, and We will email or mail a copy to you.

The Privacy Statement sets out the details about how We manage your personal information, including how and why We collect that information, when We might need to disclose and use that information, and how We stored and handle your information.

Hay and its related body corporates collect your personal information to provide you with products and services and to provide assistance and support to you.

We may share your personal information with members of our Group of companies (including members of our group outside Australia), our Business Partners (who help Us provide our products and services to you), and all of them may share your personal information with us.

The Privacy Statement sets out:

why We collect your personal information
the consequences if you don’t provide your personal information to us
the other parties We need to disclose your personal information to and why, including when that information is disclosed outside of Australia
how to access your information and ask for correction of your personal information; and
how to make a complaint if you believe We have breached our obligations in respect of your personal information and how We will deal with such a complaint.

The Statement also provides details about our procedures and processes to protect your information, including technology and operational activities We use to secure that information.

If you have any questions or need to speak to Us about how your information is handled or about our Privacy Statement, you can contact Us at:

Privacy Officer – Hay Limited
E: privacy@hay.co
P: 1800 592 323
M: PO Box 772, Surry Hills NSW 2010

Anti-Money Laundering and Counter Terrorism Finance (AML) laws

As the issuer of the Card and Account, Hay must comply with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (AML Act) and its related Rules.

There are several obligations under the AML Act which We must comply with including know your customer requirements – this is why We require you to provide evidence of who you are and where you live.

Verifying your identity and the Document Verification Service

When you provide your identification information, We are required to verify that information, which We or Prospa do through independent providers, one of which is the Document Verification Service or DVS.

DVS is provided by the Australian Government, and allows Us and Prospa to verify your identity documents, such as your driver’s license, passport and, if applicable, your residency status (Visa check). When you are completing the application process and uploading your identity document(s), you will be asked to provide a consent for your document to be verified by the DVS as part of that process – this is part of the online process, and you may choose to either (i) provide your consent or (ii) not provide your consent.

What happens if you do not consent to have your identity verified?

If you do not provide your consent for the DVS to conduct the verification of your identity document, We or Prospa may not be able to validate your identity. If We cannot complete your identity verification, We may not be able to provide you with the product and services you are seeking from us.

Notifying changes to your details

You must let Us know as soon as possible when any of your details change. You can update your information by accessing the Prospa App at any time.

If you have any issues with making changes to your details, please contact Us for assistance.

What happens when We have a concern about a transaction?

Hay is committed to protecting you and your monies from fraud and scam activities.

Where We reasonably consider that a transaction is fraudulent or may breach the AML Act, We may need to delay or refuse transactions or Block or close your Card and Account. We must Block the Card and Account until We can verify or re-verify your identity.

We or Prospa are not responsible for any loss that arises where this occurs.

Where We can, We will let you know why We have stopped the transaction or Blocked the Account. However, in some instances our legal obligations will stop Us from being able to tell you and failing to inform you of the reasons is not a breach by us.

Complaints

If you have a complaint relating to the Prospa Business Card and Account or the financial services We have provided to you, you can make a complaint to Prospa, to Hay or to the independent complaint handling body, AFCA.

If you have a complaint, please contact Prospa in the first instance. Prospa can be contacted via:

Phone: 1300 472 623
Email: customer.resolutions@prospa.com
Website: www.prospa.com/business-account

If you are unable to resolve your issue with Prospa directly, you can escalate your enquiry to Hay via complaints@hellohay.co

We will acknowledge your complaint within 1 business day and respond within 30 calendar days. If We cannot complete our investigation within 30 calendar days, we will let you know why before the 30 calendar days lapse.

It’s important you raise your concerns with Us first before going to AFCA, as AFCA will generally encourage this before they will deal with a complaint matter.

The contact details for AFCA are:

Mail: GPO Box 3, Melbourne VIC 3001
Phone: 1800 931 678 (free call)
Email: info@afca.org.au
Website: www.afca.org.au

Contact Us

Prospa Contact Details

P: 1300 472 623
E: customer.resolutions@prospa.com
W: www.prospa.com/business-account

Hay Contact Details

Hay Support Team
P: 1800 080 081
E: support@hay.co
M: PO Box 772, Surry Hills NSW 2010
W: hellohay.co
Hours: Mon – Fri 8:00am to 6:00pm

Governing law

The laws of New South Wales will govern the Card and Account and any legal questions concerning this agreement.

Financial Services Guide

Issue date: June 2025

About this Guide

This Financial Services Guide (“FSG”) is prepared by Hay Limited ABN 34 629 037 403 Australian Financial Services Licence No. 515459 (Hay).

This FSG is an important document, which provides information about the financial services offered by Hay and is designed to assist you in deciding whether to use the services offered in this FSG.

Under its Australian Financial Services Licence, Hay is authorised to issue non-cash payment facilities such as Prospa Business Account and Prospa Visa Debit Card (“Account and Card”).

This FSG is distributed by Prospa Innovations Pty Ltd ACN 609 580 734 (Prospa) which has been authorised by Hay Limited (Corporate Authorised Representative number 001313363) to market, promote, and distribute Hay Limited non-cash payment products.

Important Information

This FSG is designed to assist you make an informed decision about whether to use our financial services. It contains important information about:

The financial services we provide and documents you may receive from us
Fees and other benefits we may receive for providing the financial services to you
How you can make a complaint to us and how we will deal with your complaint

After reading this FSG, you will know:

Who the different parties are, what we each do, and how to contact each of us
What financial services we can provide to you and how these services will be provided to you
How we (and any other relevant persons) may be remunerated
Whether any relevant associations or relationships exist that may influence our services
How we maintain your personal information
How to access our internal and external complaints handling arrangements

The content of this FSG is general information only and does not consider your particular needs or objectives or whether our services are suitable for you.

If you need any more information than is contained in this document, please contact us. You can ask us about our services, fees, and charges, and what you can do if you have a complaint about our services.

Documents You May Receive

This FSG is available prior to applying for the product and as part of the acceptance of terms upon successfully opening the Account and Card. You can also view it at any time on the Prospa website by visiting https://www.prospa.com/business-account.

You will also be provided with the Product Disclosure Statement (PDS) before you sign up to our product(s). The PDS provides information about the product, its features, benefits, risks, costs and other relevant information. The PDS is available in the Prospa App and on the Prospa website.

The use of the Account and Card are governed by the Terms and Conditions which form part of the PDS and can be found in the Prospa App and on the Prospa website.

You should read the PDS and Terms and Conditions before you decide to apply for our product(s).

About the Issuer – Hay Limited

Hay holds an Australian Financial Services Licence (AFSL) No. 515459. Under its AFSL, Hay is authorised to issue and provide general advice in relation to non-cash payment products.

About the Authorised Distributor – Prospa

Hay has provided Prospa an authority to act under its AFSL for specific activities, meaning it can:

Arrange for you to apply for the Prospa Business Account and Prospa Visa Debit Card
Provide factual product information in relation to the Prospa Business Account and Prospa Visa Debit Card
Publish or issue certain promotional material in relation to the Prospa Business Account and Prospa Visa Debit Card

Prospa cannot provide personal advice to you about the non-cash payment product offered by Hay. This means neither Hay nor Prospa has taken into consideration your objectives, financial situation, or needs.

Prospa is a wholly owned subsidiary of Prospa Advance Pty Ltd ABN 47 154 775 667. Prospa Advance Pty Ltd operates Prospa as a brand.

You will need to decide whether any factual product information given by Prospa in its promotional material is suitable for you, or to obtain personal advice from an appropriately qualified and authorised person.

Please be aware that Hay is not responsible where Prospa provides any services outside of the authorisation we have provided, as outlined above. If you have questions regarding the information or materials you receive, you can contact Hay at:

Email: support@hellohay.co
Postal: PO Box 772, Surry Hills, NSW 2010

Can I Provide Prospa with Instructions?

You can provide Prospa with specific instructions by email or other means (as agreed with a Prospa representative).

Email: help@prospa.com
Phone: 1300 882 867

What Commissions, Fees or Other Benefits Are Received?

All fees relevant to the Prospa Business Account and Prospa Visa Debit Card are set out in the PDS for each product Hay issues, and that Prospa distributes, which can be found on the Prospa website and the Prospa App.

There are no commissions, fees or other benefits received by either Hay or Prospa other than those set out in the PDS.

Associations and Relationships

Hay and Prospa are not related companies and have no association or relationship with one another other than for the purpose of issuing and distributing the financial services set out in this FSG.

Neither Hay nor Prospa is aware of any situation or arrangement that would give rise to a potential or actual conflict of interest that could influence the issue, operation, or distribution of the financial services.

Privacy and Your Information

Hay and Prospa are committed to protecting your privacy and the information you may provide us with.

All personal information we collect about you is collected, used and disclosed by us in accordance with our Privacy Statement which is available at https://hellohay.co/privacy or by calling 1800 080 081. Prospa also provides its customers with the Prospa Privacy Policy which can be located at https://www.prospa.com/privacy-policy.

You do not have to provide us with any personal information but, if you don’t, we may not be able to process your application or request for products and services.

Our Privacy Statements also provide information about how you can access and correct your personal information, and how to make a complaint if you are concerned about how we have dealt with your privacy and information.

Feedback and Resolving Complaints

When you provide feedback, Hay and Prospa have the opportunity to improve the services provided to you.

If you have a query or complaint relating to the Account and Card that Prospa has provided to you, you should initially direct the query to Prospa through:

Email: customer.resolutions@prospa.com
Phone: 1300 472 623
Website: www.prospa.com/business-account

Please provide a full explanation of your feedback or complaint. Prospa may request further details from you.

When managing your complaint, we will:

Keep a record of your complaint
Acknowledge receipt of your complaint within 1 business day
Respond within 30 calendar days
If we cannot complete our investigation within 30 calendar days, we will let you know why

If you are unable to resolve your issue with Prospa directly, you can escalate your enquiry to Hay via complaints@hellohay.co or by phone 1800 080 081.

If we are unable to resolve the matter to your satisfaction, you may be eligible to refer the complaint to the Australian Financial Complaints Authority (AFCA). AFCA provides fair and independent financial services complaint resolution that is free to consumers. It’s important you raise your concerns with us first before going to AFCA, as AFCA will generally encourage this before they will investigate.

Contact details for AFCA:

Postal: GPO Box 3, Melbourne VIC 3001
Phone: 1800 931 678 (free call)
Email: info@afca.org.au
Website: www.afca.org.au
Online portal: https://www.afca.org.au/portal

TMD Determination for Non-Cash Payment Product

Target Market Determination
Product:	Prospa Business Account and Visa Debit Card
	Non-cash payment product
Issuer	Hay Limited ACN 629 037 403 Australia Australian Financial Services License 515459 (Hay Limited)
Start Date:	Date the determination was made July 2022
Version:	2.0
Scheduled Review Date:	July 2023
Target Market: Class of consumers that comprise the target market for the product	Consumer Description: This describes consumers in the target market	Eligibility criteria for the product: Customers will need to satisfy specific eligibility criteria to maintain this product. Customers must: Be an individual Be aged 18 years or older to apply for the account Have a valid Australian residential address Have been an approved application from Prospa Advance Pty Ltd Objectives & Needs This product is targeted at individuals with the likely objectives, financial situation and needs of wanting: Access to a debit card to make purchases with an internationally branded scheme such as Visa To store money in an account without the ability to access interest on their balance To manage access to funds available in the account or on the account through spend limits, merchant blocking and card management Financial Situation At the time of application, the person has the right to open a Non-Cash Payment product account and has access and the ability to transfer funds in Australian dollars to preload the facility and pay fees.
	Product Description: This describes the non-cash payment product.	A Non-Cash Payment Product issued by Hay Limited is a fully digital transaction account that allows retail Clients to access their funds on demand. Access is only possible by card, app, BSB and Account number and does not have a physical presence. Retail clients cannot make cash deposits or other withdrawals from the account via a physical branch except by using a card at an ATM where Visa Debit cards are accepted. No interest can be earned on the funds deposited in the account. Overdrawing the account is not permitted, Spend control and merchant category code limitations: The card program prohibits spending at unsuitable or inappropriate merchants for the Target Market to reduce harm. The card program has limits in place for the account balance and daily spending. Account owners can further restrict spending by a merchant to customise the product to suit their needs. The account owner can impose daily or weekly spending limits to suit the product to their needs.
	Appropriateness Statement: This explains why the product is consistent with the target market’s likely objectives, financial situation, and needs.	The issuer, Hay Limited, has considered that the product is likely to be consistent with the possible objectives, financial situation and needs of the Target Market as: Customers can fund the account to save and or spend those funds through a Debit card accessing the Visa network or through a BSB and Account number via Direct Entry or NPPA; and Customers can manage access to the funds through spend limits, merchant blocking and card management.
Category	Description
Distribution Conditions: The conditions and restrictions on the distribution of the product	Marketing and Promotion This condition applies to marketing and promotional materials that describe the product	Condition 1 The authorised distribution partner must only market and promote the product as a reloadable Non-Cash Payment Product in Australia. This condition is suitable as the issuer has distributed this product using these methods, with limited risk to consumers.
	Retail Product Distribution Conduct (other than Marketing) This condition applies to all conduct (other than marketing), such as issuing, arranging, and providing disclosure material.	Condition 2 An authorised distributor must only engage in retail arranging, distribution and
		providing factual product advice: through the Prospa Business Account website and Prospa Business app; to prospective small business customers who are individuals and meet Hay Limited’s minimum eligibility criteria for the product; and to issue a Non-Cash Payment Product to retail customers after applying for and completing the application process. This condition is suitable as the issuer has distributed this product using these methods, with limited risk to consumers.
Review Triggers: The events and circumstances that would reasonably suggest the determination is no longer appropriate	The issuer, and any distributor of this product, must cease retail product distribution conduct in respect of this product when the issuer determines a material event or circumstance has occurred concerning:
	Material Complaints	Material complaints (in number or significance) relate to complaints concerning the terms of this product and or the distribution conduct.
	Product Performance	Evidence, as determined by the issuer, of the product’s performance, in practice, may suggest that the product is not appropriate for the target market.
	Distributor Feedback	Reporting from distributors, or consistent feedback from distributors on the target market, suggesting that the determination may no longer be appropriate.
	Substantial Product Change	A significant change to the product features outlined in the product description will likely make the determination no longer appropriate for the target market.
	Substantial Product Change	A significant change to the product because of regulatory, legislative or code changes will likely result in the determination no longer being appropriate for the target market.
	Significant Dealing	A material pattern of dealings in the product or distributor conduct is inconsistent with the determination.
	Notification from ASIC	A notification from ASIC requiring immediate cessation of product distribution or conduct concerning the product.
Review Trigger Information Reporting requirements	The distributor of this product must provide the following information to Hay Limited within the below timeframes.
	Product Complaints data	Information relating to complaints received, including the number and complaint summary details by the distributor of this product and provided quarterly within ten days of the end of the Quarter.
	Significant Dealings	Any significant dealings of the product to customers who are outside the target market. These should be provided as soon as practicable and no later than 10 business days after the distributor becomes aware.

Note that when printed, this document may have been superseded. Please refer to https://www.prospa.com/target-market-determinations for the most current version of this document. Hay Limited ACN 629 037 403 Australia Australian Financial Services License 515459 (Hay) effective July 2022

Document Control

Version

Date

Comments

1.0

5 October 2021

Determination commenced due to the new DDO Regime.

2.0

29 July 2022

Template updated to accommodate Shaype Platform Clients where the non-cash payment product is integrated into a platform Client’s product or service.

Privacy Policy

This Policy outlines how we, Prospa Advance Pty Ltd and Prospa NZ Ltd (as applicable) (collectively, “Prospa”) and their related companies and permitted assigns (“we / us / the Group”), collect, use, and handle your personal information including credit related information in accordance with relevant legislation, including:

if you are in Australia, the Privacy Act 1988 (Cth) and the Australia Privacy Principles; and
if you are in New Zealand, the Privacy Act 2020,

(each a “Privacy Act”), and the Credit Reporting Privacy Code (as applicable to your jurisdiction) as amended or replaced from time to time (“Privacy Laws”).

Use of the terms “you” or “your” in this policy means both you as an individual and, where you interact with us as a representative of a business, your business. This policy is not limited to current customers or guarantors of customers (where applicable) – it relates to all other individuals who deal with us, whether in relation to the provision of credit or otherwise. By using our services or otherwise dealing with us, you are deemed to agree to our Privacy Policy.

If you provide any personal information to us about another person, you confirm that you have the authority of that person to share their information with us and to permit us to collect, use and handle their information in accordance with this Privacy Policy. You must inform them of their rights to access and request correction of their information set out below, and how they can get access to Prospa’s Privacy Policy.

What information we collect

We may collect your personal information from you, your agent or any other party that you authorise to disclose information to us and others such as our service providers, marketing companies, our agents, your financial service provider, advisers, brokers, employers, government agencies, public records or social media.

We collect information about you and your interactions with us, for example, when you enquire, apply for, request or use our products or services, make a card payment or transfer money, participate in a competition, promotion or survey, phone us or visit any of our websites. We also collect information about staff, prospective staff, contractors and suppliers, as well as the contact details of individuals who work for contractors and suppliers, and other types of professional associates.

It is not mandatory for you to provide us with the personal information that we request – however if you do not do so it may affect the products and services that we can provide to you or our ability to interact with you.

The types of information we may collect includes:

Key personal information such as your name, residential and business addresses, telephone numbers, email and other electronic addresses, identity documents, biometric information including a photo of your face;
Financial and related information, such as your occupation, financial records, bank account information and transaction history, assets, expenses, income, revenue, dependents, and regarding your employment, financial and business dealings and other relevant events;
Your transaction history (with us and our associates or relevant third-parties), which may include information about products you have used with us in the past, your payment history, and the capacity in which you have dealt or deal with us; and
Other relevant information, which, depending on the circumstances, may also include invoicing information, accounting information, your gender, your marital status, tax file number information, director identification number and other government identifiers.

Sensitive information

We may inadvertently collect sensitive information such as your health information whilst assisting you with a hardship application, debt recovery or a complaint. Sensitive information is used only for the purpose for which it was collected.

Bank statement information

If you agree to use bank statements and third-party account aggregation service providers in connection with our assessment of your application and loan management, you permit such third-party services to access your banking transaction data linked to the online banking credentials you provide. The third-party service provider may access transactional data from any account that is associated with the login credentials that you submit. This may include personal accounts as well as business accounts.

Through the use of such third-party service providers, we will obtain up to the last twelve (12) months of bank transactions when you apply for a product or service with us. We may also obtain further ongoing bank transactions during the term of the product or service we provide. This information is used for the purposes of assessing your application, administering our products and services, making future offers to you, meeting our audit, legal and regulatory obligations, and data analytics.

Your provision of banking login credentials to utilise such third-party service providers does not provide us with your login credentials or passwords or the ability to access your internet banking (other than as stated above). We note that your bank’s terms may prohibit you from sharing your login, so you agree to appoint our third-party service provider as your agent to access your internet banking on your behalf solely for this purpose, and you consent to our ongoing access to this information.

Should you agree to the use of such a third-party service provider, you will be subject to their terms and conditions and privacy policy which will govern any act or omission of that third-party service provider in connection with your use of that service.

When you use our website or mobile applications, we may collect information about your location or activity including your IP address, telephone number and whether you’ve accessed third-party sites. Some of this website information we collect using cookies. We also use cookies to improve your user experience when using our website and to learn how you interact with our content.

Using your information

We use your information to:

Establish your identity and consider your applications for products and services;
Price and design our products and services current, and future;
Administer products and services offered or managed by us, including for purposes such as assessing whether to make any future offer to you, loan management including debt collection, communicating with you, complaint management, facilitating payments, generally carrying out our business functions and activities such as staff training, system monitoring, system development, credit scoring and audits;
Establish and manage our relationship with you, including fulfilling our obligations and exercising our rights under any agreement with you;
Conduct and improve our businesses and improve our customers’ experience;
Direct marketing, including by email or other electronic means;
Manage our risks and help identify and investigate illegal activity, such as fraud;
Assess applications for employment and complete background checks for prospective staff, contractors or suppliers;
Comply with our legal & regulatory obligations (including obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) and the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (NZ)) and assist government and law enforcement agencies or regulators; and
For identification and provision of products or services offered by us, any of our Group members or any third-parties that may reasonably be of interest to you (refer to section 3.1 below).

We may also collect, use and share your information in other ways where you have authorised us to do so or where permitted by law.

Data insights
Improvements in technology enable organisations to collect and use information to get a more integrated view of customers and provide better products and services. We may combine our customer information with information available from a wide variety of external sources (for example census or Bureau of Statistics data). We are able to analyse the data in order to gain useful insights which can be used for any of the purposes mentioned in this policy. In addition, Group members may provide data insights or related reports to others, for example, to help them understand their customers better. These insights and reports are based on aggregated information and do not contain any information that identifies you.

Sharing your information

We may share your information with Group members and third-parties where this is permitted or required by law, or for any of the purposes mentioned in section 3.

Third-parties include but are not limited to:

Your co-applicant(s) (if any) and Guarantors or any person providing security for any service or product we provide;
Entities that provide services to us and other service providers including funders, investors, rating agencies, auditors, advisors, identity verification providers, direct marketing providers, mailing house, call centre operators, information technology and software providers, debt recovery agents, law firms, market research / data providers, loyalty program redemption partners, dispute resolution services, and other entities that provide products and services to us;
Brokers, agents and advisers and other persons acting on your behalf, for example guardians or persons holding power of attorney;
References that you provide to us, for example landlord details or trade references;
Other financial institutions such as banks and credit providers or their authorised representatives or partners, or another third-party organisation or partner, including where such entities provide products and/or services that may reasonably be of interest to you;
Employers or former employers;
Recruitment agencies and partners that assist with recruitment and background checks;
Government and law enforcement agencies or regulators;
Credit reporting bodies;
Third-parties that provide identity verification services using government records such as name, address, date of birth, unique identifiers and identity document details;
Entities established to help identify illegal activities and prevent fraud;
Third-parties on a strictly confidential basis in the event we offer to sell our business or assets; and
Any other parties that you authorise or that we are required or permitted by law to share information with.

Information sharing with an introducer
If you were introduced or applied to us through a partner, broker or other agent, we will provide them with information about each application you make with us and each product or service which we provide to you. Your account will be linked to that agent, and we will continue to provide them your information for each application or request you make with us whether that application or request is made through that agent or direct with us. If you do not wish us to provide your information to the agent, you must advise us by contacting us using the details set out in section 8.

Overseas disclosure

We use customer service teams located within Australia, New Zealand and the Philippines. We may send your information overseas, including to overseas Group members and to service providers or other third-parties who operate or hold data outside Australia and New Zealand. Where we do this, we take reasonable steps to ensure that appropriate data handling and security arrangements are in place.

Where we send your information overseas, it is likely to be to Canada, Hong Kong, India, the Philippines, Singapore, South Africa, Vietnam, United Kingdom and/or United States of America.

Credit reporting policy

If you apply to us for credit or propose to be a guarantor, we need to know if you’re able to meet repayments under your agreement with us. We also want to avoid giving you further credit if this would put you in financial difficulty. One of our checks involves obtaining a credit report about you.

5.1 Credit reports
A credit report contains information about your credit history that helps credit providers assess your credit applications, verify your identity and manage accounts you hold with them. Credit reporting bodies collect and share this information with credit providers like us and other service providers such as phone companies.

Credit reports include information about the types of credit accounts you have had or enquired about, your credit limits, payment history and certain other information such as bankruptcies and court proceedings. We also ask the credit reporting body to provide us with an overall assessment score of your creditworthiness and other comprehensive credit information as necessary.

The Privacy Act and Credit Reporting Privacy Code limit the information that credit providers can disclose about you to credit reporting bodies, as well as the ways in which credit providers can use credit reports.

We may use one or more of the following credit reporting bodies:

Name

Contact details – Australia

Contact details – New Zealand

Equifax

www.equifax.com.au
13 8332

www.equifax.co.nz
publicaccess.nz@equifax.com
0800 692 733

Illion

www.illion.com.au
1300 734 806pacaustral@illion.com.au

www.illion.co.nz
0800 733 707pacnz@illion.co.nz

Creditorwatch

www.creditorwatch.com.au
GPO Box 276
Sydney, NSW 2001
1300 50 13 12privacy@creditorwatch.com.au

Centrix

www.centrix.co.nz
PO Box 62512
Greenlane, Auckland 1546
0800 236 874

5.2 Information shared with credit reporting bodies

If you are in Australia, the information we can share with credit reporting bodies includes:

your identification details;
the type of credit products you have or enquired about;
how much you’ve borrowed or enquired about;
how many accounts you’ve had or currently have;
whether or not you’ve met your scheduled repayment obligations; and
if you have committed a serious credit infringement (such as fraud).

If you are in New Zealand, we may share credit information with credit reporters and we also ask the credit reporters to provide us with an overall assessment score of your creditworthiness.

The credit reporting bodies we use will hold your personal information on their terms and treat your information in accordance with their own privacy policies.

5.3 Use of credit-related information
We use information from credit reporting bodies to confirm your identity, assess applications for commercial credit, provide quotes, manage our relationship with you, protect our legitimate interests and collect overdue payments. We also use this information as part of arriving at our own internal assessment of your creditworthiness.

We store credit-related information with your other information. We may combine this information with other insights such as risk ratings and credit scores as set out in section 3 above.

We may disclose credit-related information within the Group and to debt collection agents, your guarantors, our external dispute resolution scheme, government and law enforcement agencies or regulators or any other parties that you authorise or that we are required or permitted by law to share information with.

You can access credit-related information we hold about you, request us to correct the information and make a complaint to us about your credit-related information as set out in section 8 of this policy.

5.4 Other rights you have
Credit providers may ask credit-reporting bodies to use their credit-related information to pre-screen you for direct marketing. You can ask a credit reporting body not to do this. Also, if you’ve been, or have reason to believe that you’re likely to become, a victim of fraud (including identity fraud), you can ask the credit reporting body not to use or disclose the credit-related information it holds about you.

Keeping your information secure

We store your hard-copy or electronic records on our premises and systems or offsite using trusted third-parties. We use reasonable endeavours to keep your personal information secure, however, this security cannot be guaranteed. Our security safeguards include staff education, data handling and security arrangements when sending information overseas or to third-parties; encryption and other security protocols.

You must keep your log-in details private and confidential. Your log-in details are your responsibility and you should not share those details with anyone else.

Accessing, updating and correcting your information

7.1 Access to information
You can ask for access to your basic information (for example what transactions you’ve made) by accessing Prospa Online or Prospa App or calling us. To obtain a copy of current credit-related information we hold about you, you can call or email us using the details in section 9.

7.2 Information access fee
There is no fee for making the initial request. However, in some cases, where permitted by law, there may be an access charge to cover the time we spend locating, compiling and explaining the information you ask for. If there is an access charge, we’ll give you an estimate up front and confirm that you’d like us to proceed. Generally, the access charge is based on an hourly rate plus any photocopying or reproduction costs or other out-of-pocket expenses. You’ll need to make the payment before we start unless you’ve authorised us to debit your account.

In certain circumstances we’re allowed to deny your request or limit the access we provide. For example, we might not provide you access to commercially sensitive information. Whatever the outcome, we’ll write to you explaining our decision.

7.3 Correction requests

It’s important that we have your correct details, such as your current address and telephone number. You can check or update your information by going online, emailing or phoning us.

You can ask us to correct any inaccurate information we hold or have provided to others (including credit-related information) by contacting us. If the information that is corrected is information we have provided to others, you can ask us to notify them of the correction. If your request relates to credit-related information provided by others, we may need to consult with credit reporting bodies or other credit providers.

If we’re able to correct your information, we’ll inform you when the process is complete. We don’t charge a fee for these requests.

If we disagree with you that information should be corrected, we’ll let you know in writing our reasons. You can ask us to include a statement with the relevant information, indicating your view that the information is inaccurate, misleading, incomplete, irrelevant or out-of-date. We will take reasonable steps to comply with such a request.

We try to respond to access or correct requests within twenty (20) business days; and process these requests within thirty (30) business days. If we can’t complete the request within thirty (30) business days, we’ll let you know the reason for the delay within twenty (20) business days and try to agree a timeframe with you to extend the period.

Contacting us or making a complaint

For privacy related queries including access and correction requests, complaints, to request a printed version of this policy or if you no longer want to receive direct marketing, please contact us on details below.

We’ll review your situation and try to resolve it straight away. However, if we’re unable to provide a final response within thirty (30) days we’ll contact you to explain why and discuss a timeframe to resolve the complaint.

Australia

New Zealand

Phone 1300 882 867 or email privacy@prospa.com.

Our customer service representatives are available Monday to Friday. See hours of operation.

See our feedback page for more information.

Phone 0800 005 797 or email privacy@prospa.co.nz

Our customer service representatives are available Monday to Friday. See hours of operation.

See our feedback page for more information.

8.2 External review of privacy complaints
If you’re not satisfied with our handling of your matter, you can refer your complaint to external dispute resolution scheme or Government body noted below. We suggest you do this only once you’ve first followed our internal complaint processes set out above.

Australia

New Zealand

Prospa is a member of Australia Financial Complaints Authority (AFCA). AFCA can be contacted by calling them on 1800 931 678 or online www.afca.org.au.

Prospa is a member of the Financial Services Complaints Ltd (FSCL). FSCL can be contacted by calling them on 0800 347 257 or online at www.fscl.org.nz.

The Office of the Australian Information Commissioner by calling them at 1300 363 992, online at www.oaic.gov.au or writing to the Office of the Australian Information Commissioner (OAIC), GPO Box 5218 Sydney NSW 2001.

The Office of the Privacy Commissioner by sending them a complaint using the online complaint form, or by writing to the Office of the New Zealand Privacy Commissioner, PO Box 10094, Wellington 6143, New Zealand.

Amendments to this Privacy Policy

We may change this Privacy Policy at any time by changing or removing existing terms, adding new terms or publishing a new Privacy Policy in replacement of the previous version. We will tell you about any changes by posting an updated Privacy Policy on our website: www.prospa.com and www.prospa.co.nz. Any change we make apply from the date posted on the website. By continuing to use our products or services you will be deemed to agree to our updated Privacy Policy.

Last updated – August 2024

Online Terms

Updated March 2025

1. General terms

Prospa Advance Pty Ltd and Prospa NZ Limited (as applicable), and their subsidiaries and affiliates (“Prospa”) require you to comply with these online terms and conditions (the “Online Terms”) when accessing the Website and online and mobile sites and applications (including the Prospa App, Partner Portal and Prospa Online), services and tools (together with the Website, the “Digital Channels”).

In the Online Terms, “you”, “your”, and “yours” refers to the person using the Digital Channels and “we”, “us” and “our” refers to Prospa.

1.1 Acknowledgment & Acceptance

Please read this document carefully as it sets out the terms under which you access and use the Digital Channels. Each time you use the Digital Channels, your use indicates your acknowledgement and acceptance of these Online Terms.

The terms and conditions applicable to products and services offered by Prospa, or terms of any other agreement between you and Prospa apply in addition to these Online Terms. To the extent there is any inconsistency between these Online Terms and the terms of the product or service or other agreements, the terms of the specific product or service or other agreement will prevail.

These Online Terms irrevocably govern the access and use of the Digital Channels. Any reference to other terms & conditions about the access and use of Digital Channels should be interpreted as a reference to these Terms.

1.2 User obligations

By using the Digital Channels, you agree that you must:

not provide Prospa with any information that is false, misleading or incomplete, including, without limitation, in relation to your identity, your financial position or trading information or that of your business;
provide Prospa with your current and complete contact information and ensure that you advise Prospa promptly if any of these details change;
not use the Digital Channels for any activity that is fraudulent, improper or illegal;
immediately contact Prospa if you believe that your Account has been compromised or improperly accessed through the Digital Channels, or there have been any fraudulent or improper transactions or a security breach in relation to your Account.

1.3 About the Digital Channels

Digital Channels can be used to access your Account. Account means the unique, personalised access point associated with your email address created for you upon registration with Prospa. Depending on the type of your Account, the Digital Channels may allow you to:

access specific information in connection to past and current Prospa products including viewing your balance, and performing transactions
apply for Prospa or affiliate products
refer leads or submit applications to Prospa, view draft and submitted applications, view commission details and view & access training materials and other important documents
update your information
communicate with Prospa, or
access information about Prospa products and services.

Not all products and services offered by Prospa, or all features of such products and services, are available through the Digital Channels or in each jurisdiction. The Prospa App offers additional functionality tailored to mobile devices.

You must only use the Digital Channels for its intended purpose.

1.4 You need to contact us

If you need to contact us or there’s anything in this document that you’d like to clarify or know more about, simply contact us at:

Australia	New Zealand
In Australia: 1300 882 867 info@prospa.com Monday – Friday: 7:30am – 7pm (AEST) Level 1 / 4-16 Yurong Street SYDNEY, NSW 2000	In New Zealand: 0800 005 797 info@prospa.co.nz Monday – Friday: 9am – 7pm PO Box 331431, Takapuna, Auckland 0740

2. Changes to the Online Terms

We may vary the Online Terms from time to time. We may give you notice of these changes by publishing the new Online Terms on the Prospa website, www.prospa.com or www.prospa.co.nz (in Australia and New Zealand respectively) (the “Website”), making them available through the Digital Channels or by an electronic communication.

We do not have to give you prior notice of a change other than where we make any changes which impose fees and charges for use of the Digital Channels, in which case you will be provided with written notice no less than 20 days prior to such change taking effect. Your continued access and use of the Digital Channels following any such changes will be deemed to signify and confirm your acceptance of any such changes.

3. Jurisdictional limitations

Not all products and services offered by Prospa are available in all geographical locations. You acknowledge and accept that accessing Digital Channels in a geographical location other than your own may result in your receiving information in respect of products and services which are not available in that location and that Prospa is under no obligation to provide you with such products and services.

4. Intellectual Property

The content of the Digital Channels is the exclusive property of Prospa or is used by Prospa under licence from another party. Users of the Digital Channels are prohibited from using any intellectual property, including any trademarks, logos and marks (“Digital Channels IP”) for any purpose without the prior written permission of Prospa or such third party which may own the relevant Digital Channels IP.

All information and content available on or through the Digital Channels (including any software tools or programs) (“Content”) is protected by copyright. You are prohibited from modifying, copying, distributing, transmitting, displaying, publishing, selling, licensing, creating derivative works or using any Content for any commercial or public purpose. Prospa reserves the right to change, remove or add to the Content; or to limit access or cease providing Content.

The Digital Channels may contain hyperlinks to third-party sites and materials (“Links”). These Links are provided for information purposes only and Prospa does not thereby endorse or authorise the content of such Links or imply any ownership or control over such Links. You should assess the risks and consider the reliability of the content of such Links before relying upon or retrieving information from such Links.

5. Costs

Subject to any change notified in accordance with section 2, the Digital Channels are provided to, and can be used by, Prospa customers and Partners free of charge however at all times standard fees and charges for using Prospa products and services still apply regardless of how such use is effected. If you are downloading or accessing the Digital Channels (including the Prospa App) through your mobile service provider or through Wi-Fi, you may incur internet data charges from your mobile or internet service provider.

You agree that, by downloading and signing in to the Prospa App or signing in to Prospa Online or Partner Portal, Prospa may send messages to your nominated mobile number. Prospa is not liable for any loss or damage you suffer as a result of any person other than you accessing those messages. You may incur charges from your mobile or internet service provider as a result of such message. Any such charges are your responsibility.

6. Security

6.1 Your security responsibilities

You must, without limiting any other obligation to Prospa, take all reasonable steps to:

safeguard any information, software and equipment required for your operation of any Digital Channel;
ensure the integrity and proper operation of your own security procedures and your connection to Prospa;
keep the Access Methods secure;
not share or disclose the Access Methods with anyone;
regularly log into your Account to check for any unusual activity including unauthorised access or transactions;
immediately report any unusual activity to us; and
prevent unauthorised access to your Account. This may include (without limitation) ensuring you have adequate anti-virus and device security measures in place.

If your mobile device has been “jailbroken”, the security of your device operating system may have been compromised. This makes you susceptible to third-party applications that may contain malware or the ability for third parties to harvest your information, including information available through applications on your mobile device. Prospa will not be liable for any loss arising from your use of the Digital Channels or any other loss that may arise in connection with the Digital Channels as a result of your device being jailbroken.

We recommend that you keep the operating system and security software for your mobile device updated with any releases issued by the manufacturer of the mobile device or your system provider.

6.2 You must let us know about any security breaches

You must advise us as soon as possible of the loss, theft, misuse of Access Methods or electronic equipment used to access the Digital Channels. You must also report as soon as possible if you believe there has been unauthorised access to your Account.

If you need to contact us outside of our available contact hours, please leave a message or send an email and we will contact you as soon as possible. Our contact details are located at section 1.4 of these Online Terms.

7. Accessing the Digital Channels

Access to the Digital Channel may occasionally be limited or unavailable due to hardware or software failures or defects or other matters outside of Prospa’s control. From time-to-time access to the Digital Channels may also be limited or unavailable due to routine or ad hoc system upgrades or testing. Access to and use of a Digital Channel is offered on an “as is, as available basis” only. You are responsible for ensuring that you have adequate contingency plans to enable you to transact by other means in the event of an interruption or unusual delay in respect of the operation of a Digital Channel. To the extent permitted by law, Prospa will not be liable for any loss or damage incurred as a result of the Digital Channels being unavailable or limited for any reason.

To access your Account via the Prospa App, simply download the Prospa App from the iOS App Store or Google Play Store (as applicable for your mobile device). Follow the prompts in the Prospa App to complete the initial sign in process and you will see your products in the Prospa App. Prospa Online & Partner Portal are browser-based service so all you need is a compatible browser.

For security reasons, you will be automatically signed out of the Digital Channels after 5 minutes of inactivity.

8. Authentication

There are different authentication methods for the Prospa App, Partner Portal and Prospa Online.

If you use the Partner Portal or Prospa Online, access to your Account is authenticated through email and password and a verification code may be sent to your registered mobile number.

If you use the Prospa App, you will be prompted to:

authenticate your access through email and password for the first time;
select a passcode; and
if you would like to, set up biometric information such as the fingerprints or facial data you store on your chosen mobile device for accessing the Prospa App.

If you choose to use biometric information to log into the Prospa App, you should ensure that only your biometric information is stored on the mobile device. Each time the mobile device registers a use of biometric information to authorise any transactions through Prospa App, you instruct us to perform those transactions. If another person’s biometric identifiers are stored on your mobile device, you acknowledge that they will be able to access your Account through the Prospa App.

8.1 It is your responsibility to keep your Access Methods secure

You must ensure your passcode, password and/or biometric identifiers (collectively, Access Methods”) remain secure. As keys to your Account, Access Methods allow anybody using them to conduct operations on your Account. You authorise us to allow any transaction or act on any instructions received on an Account for which the correct Access Methods have been provided.

8.2 Two-factor authentication

SMS code is an additional layer of security to protect your Account. For certain transactions on the Digital Channels, you’ll be sent an SMS code to your mobile number, which you will need to input to complete the transaction.

We don’t charge you a fee for sending a SMS code to your mobile number. However, your mobile phone service provider may impose fees and charges, including fees and charges for sending and receiving SMS messages. The payment of any such fees is the responsibility of the mobile phone account holder. If you have any concerns regarding such fees and charges, please speak to your mobile service provider.

9. No warranty

All Content provided or displayed through the Digital Channels is provided on an “as is” basis. Prospa does not warrant the results that may be obtained from the use of the Digital Channels, or the accuracy, adequacy or reliability of any Content obtained through the Digital Channels, regardless of whether the Content is from Prospa or any other third party, and Prospa expressly disclaims liability for errors or omissions in the content. Notwithstanding any other provision of the Online Terms, no warranty of any kind, implied, express or statutory, including but not limited to the warranties of non-infringement of third-party rights, title, satisfactory quality, merchantability, fitness for a particular purpose and freedom from computer virus or other invasive or damaging code, is given in conjunction with the Digital Channels.

Balances – Whilst we endeavour to provide you with an accurate balance for your Accounts through the Digital Channels, transactions on your Accounts, howsoever effected, may not be reflected until up to 3 business days after the transaction is processed. Should you require confirmation of receipt of funds or payments made from or to your Account please contact Prospa.

10. No advice

Any information provided in the Digital Channels is general in nature and, unless expressly stated otherwise, does not constitute an offer or invitation for finance or to enter into a legally binding arrangement for any of Prospa’s products or services. All applications for finance through Prospa’s products and services are subject to standard credit approval, fees, terms and conditions.

Prospa does not make any representation that the Digital Channels or its products and services are appropriate or suitable for you or your circumstances. You acknowledge that your use of the Digital Channels and any enquiries or application for any products or services offered by Prospa is not made as a result of any inducement by Prospa and that any information available through the Digital Channels is not to be treated as and does not constitute financial advice.

11. Personal information

Prospa will collect information about your use of the Digital Channels. We will manage this information in accordance with our Privacy Policy. Such information may also be used for the purposes of analytics, research, and improvement of our products and services.

12. Stopping access or use

Prospa may change, suspend or terminate any of the Digital Channels at any time, in its absolute discretion.

Despite any right contained in these Online Terms, we can suspend, block or terminate your access to the Account, any associated features or the Digital Channels without telling you if:

Prospa suspects fraud or an unauthorised transaction has occurred;
Prospa reasonably considers that the Account or Digital Channels are being used for a purpose other than its intended purpose or in a manner inconsistent with these Terms or any other agreement between you and Prospa;
you do not provide us with information we reasonably request;
your Account is cancelled, blocked or suspended;
Prospa is required by applicable laws, a court order or a direction of a regulator;
we think it’s reasonably necessary to do so, for example, to comply with laws or to protect our legitimate business interests; or
you have not accessed the Account for six months (you may contact us to unlock your access).

The suspension, blockage or termination of your access to the Account or the Digital Channels does not affect the conditions in these Online Terms including relating to your obligation to indemnify Prospa and limitations on Prospa’s liabilities.

13. Governing Law

If you are domiciled in Australia, these Online Terms are governed in accordance with the laws in force in New South Wales, Australia and the parties submit to the exclusive jurisdiction of the courts of New South Wales, Australia.

If you are domiciled in New Zealand, these Online Terms are governed in accordance with the laws in force in New Zealand and the parties submit to the exclusive jurisdiction of the courts of New Zealand.

14. Limitation of Liability

To the extent permitted by law, Prospa is not liable to you for any loss or liability arising from or in connection with the Account, Digital Channels. This may include, without limitation, loss or liability arising from:

Content on the Digital Channels;
your use of the Digital Channels, including any damage to your mobile device or electronic systems resulting from your access or use of the Digital Channels;
your improper use of the Account or the Digital Channels. This includes losses arising as a result of a security breach, any fraudulent act by you or any loss which is caused by or contributed to by you, including failure to comply with these Online Terms or other policies on our Website;
your inability to access your Account through the Digital Channels;
any modification, suspension or discontinuance of the Digital Channels; or
any costs, charges or expenses you incur as a result of using the Digital Channels, such as mobile carrier charges.

You agree to indemnify Prospa and all other users of the Digital Channels against any claim, loss, cost, damage, action or expense which Prospa or any other user may experience arising from your use of the Digital Channels, your failure to keep your Access Methods secure, the use of the Digital Channels by any person on your behalf or the use of your Access Methods by any other person, including any use not approved or contemplated by you.

15. Responsibility for mistaken and unauthorised payments

15.1 Mistaken payments

It is important to enter the correct BSB and account information when authorising payments from your Account. We rely on the BSB and account number entered by you to process the payments. We do not verify the account name provided with the BSB and account number. Where you enter the wrong BSB and/or account number:

funds may be credited to the account of an unintended recipient; and
it may not be possible to recover funds from an unintended recipient.

15.2 Unauthorised payments

You will not be responsible for an unauthorised payment where in our reasonable opinion you didn’t contribute to the unauthorised payment.

We may consider that you have contributed to unauthorised payment where:

you have not kept your Account or Access Methods reasonably secure; or
there was an unreasonable delay in reporting that the security of your Account or Access Method has been breached