Changes to your Business Loan Agreement
Last updated: 17 May 2023
From time to time, we make changes to your Business Loan Agreement (BLA) in accordance with our rights under the BLA. We have set out the complete list of updated terms to your BLA below.
Capitalised terms not otherwise defined in this Addendum have the meaning given to them in the BLA.
1. Late Payment Fee Charge Frequency
- We have replaced the word, “month” to “week” in the Other Fees section under the Loan Schedule, in respect to the Late Payment Fee. The clause now reads: Late Payment Fee: $10.00 payable each week where a Payment Amount is, or remains, outstanding.
- We have replaced the word, “month” to “week” in clause 6, the clause now reads: If a payment is late, we will be entitled to charge you with a Late Payment Fee, in addition to the additional interest that will accrue under clause 3 on the late payment. No more than one Late Payment Fee will be payable in respect of a single week.
This change will be effective on 18 July 2023.
2. Proactive Debit
We have inserted the following clauses to the BLA:
- If a payment request is refused because your Nominated Account has insufficient funds, we may seek payment of any outstanding amount you owe under this Loan Agreement at any time and in any number of requests at our discretion. For example, we may seek repayment of an outstanding Payment Amount in two or more payments from your Nominated Account, and those payments may be attempted on the same day or over multiple days. Also, if there are multiple outstanding Payment Amounts, we may seek repayment in one payment from your Nominated Account.
- Where we seek payment in the manner set out in clause 2(a) above, we will not charge you a Returned Payment Fee where a payment request is refused because there are insufficient funds in your Nominated Account.
This change will be effective on 18 June 2023.
Things you should know
The terms set out in your Business Loan Agreement remain in full force and effect. The changes to your Business Loan Agreement set out in this webpage is to be read in conjunction with the terms of your Business Loan Agreement.
On Deck Capital Australia Pty Ltd cannot provide you with legal, financial or tax advice. You are responsible to seek your own independent legal, financial and tax advice in relation to the BLA, including changes to your BLA.
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