Frequently Asked Questions

This is the amount you have to pay if you decide to make a claim on your policy. Generally ranges between $500 and $3,000 and some policies provide $0 excess option.

• Visit for more information: http://understandinsurance.com.au/excess-and-how-it-applies-to-you

Majority of insurance companies allow changes to your insurance policy any time within the term. You can either use online customer portal of your insurance company or call.

• Generally, increasing insurance excess results in a discount and the insurance company will refund it back to you.

Below is the order of borrowing;

1. Your affinity group money pool
   • You pay 0%~5% p.a. interest per month depending on how your money pool group is configured
2. Other money pool allocated for lending
   • You pay ~8% p.a. interest paid monthly
3. Buddyjacket's fund
   • You pay ~8% p.a. interest paid monthly

Borrower pays up-front stop-loss fee which pays for the losses when a borrower fails to pay. Depending on how your money pool is configured, stop-loss covers 50% ~ 80% of the borrowed amount.

• Stop-loss fee is calculated based on the borrower's credit rating within Buddyjacket.
• Credit rating is based on the following;
  • Buddyjacket membership duration
  • Money pool contributions
  • Borrowings and repayments
  • Member vouches received

Yes, your contribution to the group fund is secure and regulated. You can get your portion of money pool when you want it; however, if someone borrowed from your money pool, you have three options;

• Wait for the payment term to complete and collect with interest
• Sell your lending terms to someone within Buddyjacket
• Sell your lending terms to Buddyjacket at a discounted rate and forego any future interest earned

Once you have enough fund in your money pool, your group money pool can be upgraded to lend to other Buddyjacket members who need help funding their group.
You or your group set the lending terms and requirements;

• Duration between 3 months and 3 years
• Interest rate between 0% p.a. and 8% p.a.
• Minimum borrower credit rating.

Yes, you can cancel your Buddyjacket membership at any time and withdraw your fund.

• Before you close your account, check your current lending agreements as you may need to sell them at a loss if you sell them prematurely.

Yes, you can move to a different group at any time. Your balance will be transferred to the new group. Money lent to others will be returned to your account when it matures.