zipMoney's Terms of Use

Money
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Was looking at a online store site who now have available for their clients zipMoney which is a credit provider that allows you to purchase goods from a store and then repay zipMoney “interest free” (they do charge a one off establishment fee +$4.95 a month while you have a balance outstanding +after 6 mths they currently charge 23.9% interest on the outstanding amount). I thought I would look at their, zipMoney’s, terms of use (https://zipmoney.com.au/terms-of-use/) and of course it says they will do all the normal credit providing stuff but in the warranty section of their terms I read this piece:
“Warranties
While we have made every effort to ensure that information is free from error, ZIP does not warrant the accuracy, adequacy, suitability or completeness of Material on the ZIP Website. Use of the ZIP Website is at your own risk.”

So you apply for Credit on their site but when doing so, they do not warrant that what they provide as information in and about that application is correct, suitable, complete or even adequate. How can you then make an informed decision about the application?

I now wonder about the other providers out there who are also providing these “buy it with our money and repay it over time” schemes and whether they don’t warrant the accuracy etc of the information they provide for a user to make an informed choice.

Is this something that needs investigation?

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After reading the terms of use link you posted @grahroll it would appear that it is all Zips way and the consumer has very little right of come back on them . Certainly does not inspire any confidence , at least on my part , to use their service .

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I have seen other offers of ‘no interest’ in various forms but that have establishment and fixed monthly fees. That $29.70 monthly fee over 6 months could equate to a pretty hefty annualised interest rate if it was interest. I wonder how many credit cards have higher interest than 23.9%? An ongoing monthly charge while there is a balance? Priceless!

This looks like a classic case of a bottom feeding finance company that is providing an extra service that facilitates sales for its business clients.

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Thanks for flagging the unruly term @grahroll. To my understanding, it’s the type of contract term that could be challenged under the Australian Consumer Law if it were to cause a problem. However, ideally businesses would not include these often bizarre catch-all statements.

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Totally agree with you Vax, it sounds like ZipMoney has the cornered the market and got everything all Zipped Up!

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