1. About these Terms of Use
These Terms of Use ("Terms") govern your use of the Compo Pronto website at compopronto.com ("the website") and any service that we provide to you in connection with it.
"Compo Pronto", "we", "us" and "our" mean Mayfair Securities Pty Limited (ACN 635 437 946), trading as Compo Pronto. "You" means the person using this website or applying for one of our products.
By accessing or using this website, you agree to these Terms. If you don't agree, please don't use the site. Specific products (including any loan we provide) are governed by separate, signed agreements that prevail over these Terms in the event of any inconsistency.
2. The nature of our product
Compo Pronto provides cash advances against personal injury compensation claims in Australia. Our product is structured as a litigation funding arrangement. In plain terms:
- We advance you funds before your compensation claim has settled.
- Repayment of those funds is made out of your settlement when your claim resolves, by your solicitor, from monies held in their trust account.
- If your claim does not result in any settlement or judgment in your favour, you do not repay the advance. We bear that risk.
Because the advance is repaid only out of a successful claim, it is sometimes referred to as a "non-recourse" or "limited recourse" advance.
3. Our regulatory position
Compo Pronto's product is not a "credit product" under the National Consumer Credit Protection Act 2009 (Cth) (NCCPA) and is not regulated under the National Credit Code (NCC). We do not hold an Australian Credit Licence.
This means that some protections that would apply to a regulated credit product — including certain responsible-lending obligations, hardship-relief mechanisms, and access to the Australian Financial Complaints Authority (AFCA) — may not apply to you, or may apply differently.
We rely on regulatory relief granted by the Australian Securities and Investments Commission (ASIC) under ASIC Corporations (Litigation Funding Schemes) Instrument 2020/37 and ASIC Corporations (Litigation Funding Schemes — Class Action Companies) Instrument 2020/38, which permit certain litigation funding arrangements to be conducted without an Australian Financial Services Licence or registration as a managed investment scheme. We are subject to ASIC's general conduct obligations and to the Australian Consumer Law administered by the ACCC.
We strongly encourage you to read our Loan Terms Summary and to obtain independent advice from your solicitor before entering into any loan agreement with us.
4. Using this website
You may use this website for your own personal, non-commercial use, in connection with assessing or applying for our products. You agree not to:
- use the website in a way that breaches any law or regulation
- interfere with or attempt to gain unauthorised access to the website or its underlying systems
- copy, reproduce, modify or distribute material from the website except for your own personal records
- submit information that you know to be false, misleading or fraudulent
- impersonate any person, or submit an application on behalf of another person without their authority
We reserve the right to refuse access to the website, decline any application, or terminate your use of any service, where we reasonably suspect a breach of these Terms.
5. Applications and approvals
Submitting an application through this website does not create any obligation on us to provide you with an advance. We assess each application on its individual merits and we may decline applications without giving detailed reasons, including where:
- you do not meet our eligibility criteria
- your claim is not on our list of supported claim types
- your claim is, in our reasonable view, unlikely to result in a settlement sufficient to repay the advance
- your solicitor declines to provide the information or undertakings we require
- we are unable to verify your identity or the basics of your claim
- we suspect fraudulent or misleading information has been provided
If your application is approved, we will provide you with a written loan agreement and a Loan Terms Summary before any funds are advanced. You will have an opportunity to read those documents and to obtain independent advice. You are not obliged to proceed.
6. Your solicitor's involvement
You must be legally represented to apply for and receive a Compo Pronto advance. By applying, you authorise us to communicate directly with your solicitor about the basics of your claim.
If your application is approved, we will require your solicitor to sign an Irrevocable Repayment Authority. That document authorises and obliges your solicitor to repay the loan from your settlement, before any balance is paid to you. Your solicitor will review the Irrevocable Repayment Authority before signing it, and you will be provided with a copy.
If you change solicitors during the term of your loan, you must notify us promptly. We may require your new solicitor to acknowledge the existing Irrevocable Repayment Authority and to provide further undertakings consistent with it.
7. Accuracy of information
The information on this website is general in nature, and is provided to help you decide whether to apply for one of our products. It is not legal advice, financial advice, or a recommendation that you take any particular course of action.
You should not rely solely on information on this website in deciding whether to apply for a Compo Pronto advance. We recommend that you obtain independent advice from your solicitor or a financial adviser before signing a loan agreement.
8. Intellectual property
The Compo Pronto name, logo, trade marks and brand elements are owned by us or our related entities. The content of this website, including text, images, illustrations, layout, and code, is protected by copyright and other intellectual property laws.
You may save or print pages of this website for your own personal reference, but you may not reproduce, modify, distribute, or use any part of this website for commercial purposes without our prior written consent.
9. Third-party links
This website may contain links to third-party websites. We provide those links for convenience only. We do not endorse and are not responsible for the content of third-party sites, and we do not accept liability for any loss arising from your use of them.
10. Disclaimers and limits of liability
To the maximum extent permitted by law, the website and its content are provided "as is". We make no representation or warranty — express or implied — that the website will be uninterrupted, error-free, secure from unauthorised access, or that information on it is current, accurate, or complete.
To the maximum extent permitted by law, we will not be liable for any indirect, special, consequential, or incidental loss or damage (including loss of profits, loss of business, or loss of data) arising from or in connection with your use of, or inability to use, the website.
Nothing in these Terms excludes, restricts or modifies any guarantee, right or remedy you may have under the Australian Consumer Law that cannot lawfully be excluded, restricted or modified.
11. Governing law
These Terms and your use of this website are governed by the laws of the State of Queensland and the Commonwealth of Australia. You and we submit to the non-exclusive jurisdiction of the courts of that state.
12. Changes to these Terms
We may update these Terms from time to time. The current version will always be available on our website with the "Last updated" date at the top. Your continued use of the website after a change indicates your acceptance of the updated Terms.
13. How to contact us
If you have any questions about these Terms, please contact us:
Email: hello@compopronto.com.au
Post: Mayfair Securities Pty Limited
Level 2, 327 George Street
Brisbane QLD 4000
These Terms of Use are provided in good faith but do not constitute legal advice. For specific legal advice relating to your circumstances, please consult a lawyer.