Chippit operates a platform which enables a group of people to come together to jointly save towards a set goal amount. It involves members of the group making serial loans to each other and then repaying them. By joining a group, you are committing to the agreed payment schedule. At the end of each savings round, a payday occurs and one member withdraws the payday amount. The savings rounds continue until each member has withdrawn the payday amount, and you may not leave the group until this time.

All loans made to you are made by other members of your group and not by Chippit. Loans provided to you are unregulated under the National Credit Code because your fellow group members are not in the business of providing credit and do not charge you for the loans they make.

Chippit only provides administrative services to support your savings group, including effecting payments in accordance with the group’s instructions. Chippit does not provide any regulated consumer credit services (because the credit you and your group members provide to each other is unregulated) and the platform is not any kind of regulated financial service.

You are responsible for making all necessary investigations to confirm that the group members will be able to meet the payment schedule. Chippit does not conduct any credit checks or other due diligence to confirm whether your group members will be able to make payments in accordance with the payment schedule. You should be aware that you could lose some or all of your money if members of your group do not contribute funds in accordance with the payment schedule. In the event that you lose some or all of your money, you acknowledge that Chippit is not liable to compensate you for your loss, and Chippit makes no guarantee, warrantee or promise that you will receive any of the money owed to you. Chippit does not provide any debt collection services and you are responsible for any debt recovery action and the associated costs.

If you do not understand any of the Terms and Conditions, how the platform works, or what you are required to do, please obtain independent advice or consider whether this service is suitable for you.

No commercial transactions occur on this Website. All transactions occur within the mobile application.

At Chippit Pty Ltd, we are committed to protecting your privacy in accordance with the Privacy Act 1988 (Cth). This Policy describes our policies and practices for collecting, handling, storing, using and disclosing personal information. It also deals with how you can complain about a breach of the privacy laws, access the personal information we hold about you and have that information corrected (where necessary).

What personal information do we collect and hold?

When we provide our mobile in-application services to you, we ask you for the information we need to enable you to send and receive money, and to verify your identity as part of our anti-money laundering obligations. We collect your information through our mobile application and website forms and when we interact with you via email or telephone. This can include a broad range of information from your name, address, contact details, national identification documentation (e.g. passport), age, and information about your personal affairs (e.g. bank statements) and address verification.

We may also collect your information from third parties e.g. our identity verification and payment partners.

We only collect sensitive information such as information about your race or health with your agreement and it is necessary for us to do so. These details may be reflected on your passport or national identity document that you may be required to provide when wanting to transact.

We use your personal information to identify you and contact you when using our services.

We also use your personal information to:

To verify your identity so that you have the ability to transact on our mobile application

To manage your account when you register with us so that we can give you access to the difference services that are available to you when you register with us

To provide, maintain and monitor our ongoing services to you

To manage your ongoing requirements and our relationships with you including contacting you by mail or electronically (unless you tell us you do not wish to receive electronic communications) and adequately responding to your queries

To keep you updated and informed from time to time we will use your contact details to send you offers, updates, articles, newsletters or other information about products and services that we believe will be of interest to you. We may also send you regular updates by email. We will always give you the option of electing not to receive these communications and you can unsubscribe at any time by notifying us that you wish to do so.

For other purposes such as data analysis, identifying trends, effectiveness of promotional campaigns, product improvement and your user experience

If our business is sold or is changing hands to ensure that the services can be continued to be provided.

What if you don’t provide information to us?

If you do not provide us with some or all the information that we ask for, we may not be able to proceed with your transaction request and/or continue to provide you with our services on our mobile application.

You can contact us without using your name or by using a pseudonym. However we may need your name or contact details to respond to you.

Via our mobile application and website, we collect personal information such as name, address, contact details, national identification documentation (e.g. passport), age, information about your personal affairs (e.g. bank statements), profile photo, address verification and device identifier. As mentioned above, this allows us to provide you with the relevant in-app transactional services and required customer support. Personal information related to customer on-boarding and verification is collected by our customer identity verification partner and disclosed and stored by our payment partner who supports our payment processes.

We may use technology such as cookies, beacons, tags, scripts and tracking pixels to collect, store and use anonymous data about how you use our website / mobile technology. This includes your server address, the date and time of your visit, the pages and links accessed, the type of browser used and other information about your browsing activities. This data is used to increase functionality and can also enable us to display information and content that is tailored to our understanding of your interests. This information alone cannot be used to discover your identity.

How do we store and protect your personal information?

We strive to maintain the relevance, accuracy and completeness and currency of the personal information we hold and to protect its privacy and security. We keep personal information only for as long as is reasonably necessary for the purpose for which it was collected or to comply with any applicable legal reporting or document retention requirements.

We hold the information we collect from you and ensure that it is safe in secure systems that are protected in controlled facilities by providers in Australia who are also regulated by the Privacy Act. Our employees and authorised agents are obliged to respect the confidentiality of any personal information held by us.

Will we disclose your personal information to anyone?

We do not sell, trade, or rent your personal information to others.

We will disclose your information to our business partners and suppliers (e.g. our identity verification partner and payment providers) and may need to provide your information to contractors. We do this , so that they can that support the product and services we provide to you

We will take all reasonable steps to ensure that they protect your information in the same way that we do.

We may provide your information to others (e.g. authorities, regulators and enforcement agencies) if we are required to do so by law or under some other unusual circumstances which the Privacy Act permits.

How can you check, update or change the information we are holding?

You may ask us for access to your personal information and to correct it at any time.

Upon receipt of enough information to allow us to identify the information, we will tell you what personal information we hold about you. We will also correct, amend or delete your personal information if we agree is inaccurate, irrelevant, out of date or incomplete.

We do not charge for receiving a request for access to personal information or complying with a correction request.

To access or correct your personal information, please write to our Privacy Officer at support@chippit.com.au.

We do not charge for providing access to personal information and may charge an administrative fee for providing a copy of your personal information.

In some limited situations, we may need to refuse access to your information or refuse a request for correction. We will advise you as soon as possible after your request if this is the case and the reasons for our refusal.

We welcome your questions and comments about how we manage your privacy. If you have any concerns about whether we have complied with the Privacy Act, the Australian Privacy Principles, or this Privacy Policy, please write to our Privacy Officer at support@chippit.com.au.

We will consider your complaint through our internal complaints resolution process, and we will try to respond with a decision within30 days of you making the complaint.

Please note we may request certain information from you upon receipt of your request in order to confirm your identity. If you are still not satisfied with the outcome upon conclusion of our investigation, you may escalate the matter to Office of the Australian Information Commissioner, GPO Box 5218, Sydney, NSW, 2001 or see 

By asking us to assist with your finance needs, you consent to the collection and use of the information you have provided to us for the purposes described above.

This Privacy Policy was prepared on 10 November 2022. We may update it at any time. The new version will be published on our website.