It is our goal to protect consumers from lenders who participate in poor lending practices. As such, we require our lenders to adhere to federal laws and state regulations as it applies to the short term lending industry. We provide information throughout this website so that you can better understand the short term lending industry and make better decisions regarding your finances.
Debt Collection Practices in Australia. The Australian Competition and Consumer Commission (ACCC).
We strictly insist that our lenders follow the guidelines put in place by the ACCC. We are not a lender, so we will never make any attempt to collect a debt from you. However, our lenders have the right to use all lawful means available to them to collect your debt if your loan is unpaid. They must follow the guidelines of the Debt Collection Practices when doing so. Both the Trade Practices Act and the ASIC Act include provisions prohibiting:
• the use of physical force, undue harassment and coercion
• misleading or deceptive conduct
• unconscionable conduct.
Any lender within our network found to be in violation of these guidelines will be immediately removed from our network and reported to law enforcement.
National Consumer Credit Protection Act 2009
The key concept is that credit licensees must not enter into a credit contract with a consumer, suggest a credit contract to a consumer or assist a consumer to apply for a credit contract if the credit contract is unsuitable for the consumer.
As a credit licensee, lender must decide how you will meet the responsible lending obligations.
RG 209 sets out our expectations for compliance.
Meeting lender’s responsible lending obligations will require taking three steps:
• make reasonable inquiries about the consumer’s financial situation, and their requirements and objectives;
• take reasonable steps to verify the consumer’s financial situation; and
• make a preliminary assessment (if lender is providing credit assistance) or final assessment about whether the credit contract is ‘not unsuitable’ for the consumer (based on the inquiries and information obtained in the first two steps).
In addition, if the consumer requests it, lender must be able to provide them with a written copy of the preliminary assessment or final assessment (as relevant).
We have made it a priority to educate consumers about short term lending. Our experts have worked diligently to provide information about various aspects of the industry on this website in a manner that is easy to read and understand. This will allow you to better understand the laws and your options when it comes to obtaining credit. You may also find out the information about the alternatives to short term loans that may work better for your exact financial situation.