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SAAC Loans

Learn about Small Amount Credit Contract loans

A Small Amount Credit Contract (SAAC) loan is a type of short-term loan product for up to $2000, repaid over a duration that is between 16 days and 12 months, and is regulated under the National Consumer Credit Protection Act since 2009.

They differ from payday loans, as they can be repaid over longer periods of time, as opposed to being repaid within one or more employer pay cycles.

Updated by Steve Stemp on 18/4/23

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Reasons for a SAAC loan

SAAC loans are designed to help meet unexpected expenses. They are a convenient and economical way to manage a temporary cash flow problem, such as an unexpected car repair bill, household repairs or any unforeseen expenses in everyday life.

It is important to remember that these loans are only for short-term pitfalls and are not suited for long-term or ongoing financial needs.

SAAC Loan Fees & Charges

The fees associated with a SACC loan are a 20% establishment fee and a 4% per month fee based on the loan amount and duration of the loan term.

Lender responsibilities

Government regulation requires that your loan provider carry out “responsible lending obligations” to ensure you can afford the loan you are asking for.

Lenders should not lend without first confirming that you have sufficient disposable income to service your loan amount over a time frame that meets your specific requirements. 

Different lenders have different ways of carrying out these checks when you apply for a loan.  Each will assess 90 days of your bank statements and reference your income and expenses reflect your finance application.

Applicant responsibilities

All SACC loans are unsecured, which means that you don’t have to pledge any asset that you own such as a vehicle or your home to take out the loan.

Should you experience any difficulties in meeting your loan repayments, you should contact your loan provider immediately.  It is most likely that your loan provider will change your loan repayments under its financial-hardship responsibility to you. 

A SACC loan should only be considered and used as a “one off” loan for emergency situations and should not be continuously used as a source of credit.

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