Is cashfaster.com.au Legit?

Yes, cashfaster.com.au appears to be a legitimate operation in the sense that it is a registered business operating within the legal framework for lending in Australia. It provides explicit company details, holds an Australian Credit Licence, and adheres to regulatory requirements for transparency regarding fees and comparison rates. However, “legitimate” in this context does not equate to “ethical” or “financially beneficial” for the consumer.

Regulatory Compliance and Licensing

CashFaster operates under the umbrella of Australian financial regulations, which provides a degree of oversight.

• Australian Credit Licence (ACL): The website proudly states its association with “Faster Financial Pty Ltd (ABN: 47 651 975 932, Credit Representative CRN 549460 of Australian Credit Licence 492775).” An ACL is mandatory for entities engaging in credit activities in Australia, granted by the Australian Securities and Investments Commission (ASIC). This confirms they are officially sanctioned to provide credit services.
• Corporate Entity: The ABN (Australian Business Number) confirms that Faster Financial Pty Ltd is a registered Australian company. This allows for public verification of the entity.
• Required Disclosures: The presence of a “Credit Guide,” “Target Market Determination,” “Terms & Conditions,” and “Privacy Policy” on their website indicates compliance with legal obligations to inform consumers about their rights, the product’s suitability, and how their data is handled. This transparency is a key aspect of legitimate operation in a regulated industry.
• Comparison Rate: The display of a comparison rate (up to 199.43%) is a legal requirement under the National Credit Code in Australia, designed to give consumers a true understanding of the total cost of a loan, including fees and charges. Its inclusion indicates adherence to these consumer protection laws.
• ISO 27001 Certification: The mention of “ISO 27001 Certified by Lloyds Register for Information Security Management Minimum Requirements” is a significant indicator of a commitment to cybersecurity and data protection. This international standard demonstrates that they have established robust processes for managing sensitive customer information.

Operational Transparency

While the product itself is ethically problematic, the website is relatively transparent about its processes and costs.

• Clear Fee Structure: The exact fees (20% establishment, 4% monthly) and an example repayment schedule are clearly laid out on the homepage. This level of detail, though revealing high costs, is transparent.
• Eligibility Criteria: The detailed list of “Minimum Requirements” for applicants (age, citizenship, income, bankruptcy status, etc.) provides clarity on who can apply and serves as a pre-screening tool for potential borrowers.
• Direct Application Process: The online application is designed to be straightforward, indicating a professional setup aimed at efficient processing. This reflects a functioning and operational business.
• Contact Information: While not immediately obvious as a direct phone number on the homepage, the presence of social media links (Facebook, LinkedIn, Instagram) and the implication of online customer support channels suggest avenues for communication. The WHOIS data provides an abuse contact email and phone number for the registrar, further solidifying their operational presence.
• Website Functionality: The website is well-designed, loads quickly, and all links appear to be functional, leading to relevant pages. This suggests a well-maintained and professionally managed online platform.

Distinction Between Legality and Ethicality

It is crucial to differentiate between legal legitimacy and ethical acceptability.

• Legal vs. Ethical: CashFaster operates legally within Australia’s credit regulatory framework. However, the nature of its high-cost, short-term loans aligns with riba (usury), which is considered unethical. The high comparison rates demonstrate the exploitative potential of such loans.
• Consumer Vulnerability: Despite its legitimacy, the service caters to individuals in immediate financial need, who may be vulnerable and unable to access traditional, lower-cost credit. This targeting of vulnerable populations, while legal, raises ethical concerns about responsible lending.
• Risk of Debt Spiralling: While the company complies with regulations that aim to prevent severe hardship, the inherent structure of high-fee, short-term loans often leads to borrowers needing to reborrow or extend loans, pushing them into a cycle of debt. This outcome, though a consequence of legal operations, is deeply problematic.
• Market Perception: Payday lenders, even those operating legitimately, often face negative public perception due to their association with high-interest loans and the financial distress they can cause for some borrowers.

In conclusion, cashfaster.com.au is a legitimate business from a legal and operational standpoint in Australia, meaning it’s a real company, registered, and licensed to provide credit services. However, its business model, built on high-fee, short-term loans, is ethically problematic due to the interest (riba) involved and the significant financial burden it places on borrowers.

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