FlexiPay is a service provided by Agility Finance (Australian Credit License Number 448045) to members of the Co-op Bookshop, which allows them to make purchases in-store through an approved credit limit.
You can apply for credit amounts of $500, $1000, $1,500, $2000 or $3000. Please note that you do not have to use the entirety of the credit limit, and you will only be charged for the amount of credit you have used.
Simply go to our website, flexipay.finance, fill out the application form and submit. It’s that easy! Please refer to our Application FAQs for more information.
Yes. You must spend at least $250 per transaction for FlexiPay.
FlexiPay does not have an interest rate, like most other credit services; instead, FlexiPay is structured as a rental agreement over goods you purchase at Co-op with your FlexiPay credit. As a rental agreement, you repay the credit extended to you over an agreed period of time in regular instalments. Please refer to our Repayment FAQs for more information.
We understand that the amount that everyone can afford to repay differs from person to person. We offer options to repay over a term of 6, 12, 18, 24 or 36 months, in your choice of weekly, fortnightly or monthly instalments. Please consult our Repayment Schedule Table for a guide as to what your rental repayments might be for various credit amounts.
We will check the credit history of all applicants before approval. Having bad credit does not disqualify an applicant, but approval will be subject to the nature of any arrears or defaults.
Please consult the remainder of our FAQs for a more in-depth explanation of the process, service and support available. We also have some documents available for download on our website, flexipay.finance, which may help you understand FlexiPay. For other enquiries, please send us an e-mail through email@example.com, or contact our support line on (02) 8014 5851.
Yes. There will be an opportunity to enter your Centapay or Ezidebit details into the application form.
We require a 100 point identification check, and provide two options;
Option 1 (International Students Only) – Your Visa or Passport + 1 Photo ID (Student Card or Government-Issued ID)
Option 2 (Domestic Students) – 2 Photo IDs + 1 Auxilary Card (Medicare Card, Credit Card or EFTPOS Card)
After entering your income and expenses, we require you to have at least 20% of your total income as surplus after deducting the payments outlined in your preferred repayment schedule. Please note that our servicing calculator uses certain minimum estimates for expenses and has some buffering. You will also be subject to a credit enquiry.
Our credit assessment team will review your application, and will inform you of the status of your application. Most applications are approved in less than 24 business hours. In the event that we have insufficient information to proceed with your application, we will contact you by e-mail for more information.
Our team will be in contact by phone within 24 business hours. Once your credit limit is approved the Co-op will be notified and your account will be opened with the Co-op. You will receive an email from the Co-op confirming your account details and credit limit. When you go to any Co-op store present your unique account number and you are ready to shop up to the approved limit. When making the purchase you will also be asked to present identification so that we can make sure we are giving the good to the correct person.
If you have been approved, we will send you a rental agreement contact for your review, completion and return. It will include the details of your FlexiPay credit amount, repayment options and repayment schedule. It will also provide you with options for payment, and request that you nominate a third party to gift your purchase to after. Please return the completed rental agreement to firstname.lastname@example.org and retain a copy for your records. Please refer to our Rental Agreement FAQs for more information.
RENTAL AGREEMENT FAQ
FlexiPay is structured as a rental agreement. This means that after you purchase goods from Co-op using FlexiPay credit, Agility Finance is invoiced for your purchase and retains ownership of the goods for the rental period, during which you will make rental repayments as specified in your rental agreement.
Don’t worry! You are entitled to keep possession of your purchase, and use it as you please.
Like our name suggests, Agility finance specialise in being fast and flexible with our lending. Using a rental agreement structure allows FlexiPay to remain a simple product for students to understand, without too much complexity or delay in issuing credit. One simple repayment amount payable as you select.
Your goods must be gifted to a third party following the conclusion of your rental agreement, so as to preserve the contract as a rental agreement. We recommend nominating a family member or close friend so at the end of your term, you can easily retain possession of the goods.
We will charge you a token amount of $1, in order to “buyout” your rental agreement.
We understand that everyone goes through a rough patch now and then. If you wish to request amendments to your rental agreement, please contact our support team by e-mail at email@example.com and we will see what we can do to help. Please consult our Repayment FAQs for more information
We will offer renters with a good repayment history the option to renew their FlexiPay contract at the end of their rental agreement. Alternatively, if you would like additional credit, call us on (02) 8014 5851 and we can vary your rental agreement to give you a top-up.
Your repayments will be outlined in the rental agreement sent to you. Every time Agility Finance receives an invoice from Co-op using your FlexiPay Account number, we will amend your rental repayments and issue you with an updated rental schedule.
Repayments are calculated on a simple interest basis from the principle amount of credit you have borrowed. The total principle and interest is then divided into equal repayments, based on the term of your rental agreement and your chosen frequency of repayments. Your initial drawdown will include a small fee added to the principle amount in order to enable the facility.
Your rental agreement will specify the timing of your first repayment. This will typically be one week after receiving your invoice, and subsequent payments will fall due on the date one period after, depending on the frequency of your repayments.
You will be able to specify repayments when returning your completed rental agreement. You will have the option to pay by credit card or direct debit. If you would like to change the method with which you pay, please contact our support desk at (02) 8014 5851 so we may change the nature of your payments as soon as possible.
Yes, you have the option to suspend rental payments for a period of up to 3 months during your contract. Simply contact our support desk at (02) 8014 5851 and let them know the period for which you would like to stop repayments.
Yes, you can make prepayments, up to the total amount remaining on your rental agreement.
The responsibility lies with you to ensure that you do not fall into arrears on your rental payments. If you miss a payment, our team will be in contact with you, but we will have to mark your account in arrears, which may affect your credit rating. If you believe you will fall behind in repayments, please contact (02) 8014 5851 as soon as possible so that we can work out a solution for you.
FlexiPay is an approved credit limit, which is only usable with the Co-op Bookshop. It is provided by Agility Finance, and enables you to purchase goods from Co-op up to the value mentioned in your rental agreement. Ownership of the goods will be retained by Agility Finance for the remainder of your rental agreement.
A credit score is a rating provided by third parties who assess individuals and companies on their creditworthiness. A credit score measures how reliably you have repaid your obligations and what risk you pose to a prospective lender.
Being a credit providing service, FlexiPay can be a great way for students, who often lack credit history, to build a strong reputation and show their responsibility. By using FlexiPay and making repayments, you can show future creditors that you are a good investment, which can help with making important purchases, such as a car or your first home.
As a student, it can be difficult to know what the best way to spend your credit is. You should give thought as to what you need to purchase prior to drawing down your credit, and anticipate what future purchases you may need to make from Co-op. Remember, you are not charged until your first drawdown, so there is no need to be hasty.