Consumer Credit Application
This Consumer Credit Application provides both an application form and terms and conditions for services to be provided on credit.
5.0 (2 reviews)
Last updated February 24, 2025
Under 10 minutes
Suitable for Australia
Written by
Edwin Montoya Zorrilla
Reviewed by
Damin Murdock
Document Overview
This form is designed to be provided as an option for business customers and should not provide the basis for carrying on a financial services business. Doing so would require you to obtain an AFSL and use different terms for credit applications.
The Legal Risk Score of a Consumer Credit Application Template
Our legal team have marked this document as medium risk considering:
- The document allows the Creditor to unilaterally change credit terms and suspend or terminate the credit account, which could disrupt the Applicant's business operations without much prior notice.
- The Creditor requires personal guarantees from directors, which means personal assets could be at risk if the business fails to meet its credit obligations.
- The document imposes strict compliance with payment terms and includes provisions for the Creditor to charge interest and recover costs on overdue payments, potentially increasing financial liability significantly if payments are delayed.
Consumer Credit Application Checklist
Complete your free Consumer Credit Application with our checklist
Verify Information Accuracy
Ensure that all information provided in the application is true, complete, and correct, as the Applicant must "ensure that all information provided in this application is true, complete and correct at all times."
Obtain Necessary Signatures
Secure a properly signed and witnessed personal guarantee from the directors, as required when the Applicant is a company, to comply with the document's stipulation that "the Applicant must provide a properly signed and witnessed personal guarantee from the directors of the Applicant."
Submit Required Financial Documents
Provide a copy of the latest Balance Statement and Profit/Loss Statement as part of the application process to support the credit assessment.
Notify of Changes
Promptly inform the Creditor of any changes in the Applicant’s solvency or other significant alterations in business status, as the Applicant "will immediately inform the Creditor if the Applicant becomes insolvent or becomes subject of a statutory demand or there is an application for a winding up order made against the Applicant.
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Here's what people say about Lawpath’s Consumer Credit Application
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