HASS yr8- Choice magazine's Shonky Awards (VetPay) Flashcards
What does Shonky mean
Poor/questionable quality
What is Vetpay
quick access loan product
What does it market itself as
“Affordable” for caring animal owners who find themselves unable to cover the cost of vet bills
How much is the deposit
10%
When does the user make repayments
fortnightly and they have to hand over an array of fees in the process
What is the yearly fee to access the service
$49 and $2.50 every time you make a repayment
On top of ‘extra costs’ what is the annual interest rate
18.4%
What is a common thing customers are saying
“Costs more than the actual vet bills”
Why is VetPay considered a shonky service
1.limited information about the product and customer fees on the FAQ
2.Costs more than vet bills
3.further information is only available once the user applies for a loan
4.Expensive
What is so bad about the interest rate
it’s higher than that of a low-rate credit card from 1 of the major banks which is (13%/yr)
What’s a word to describe VetPay’s interest rate
Exorbitant
What is VetPay doing
Preying on investors
What’s so wrong about numerous fees for VetPay
unjustifiably high
What are the legal rights a consumer can take if a product of theirs is shonky
1.repair
2.replacement
3.refund
4.contract cancellation
What do these rights apply to
1.-New and secondhand items
2.products on sale
3.online purchases
4.gifts with proof of purchase
