This Code is a voluntary ethics code, which sets standards of good lending practice for Credit24 to follow when dealing with persons who are, or who may become, our customers.
Our key commitments to you
- We will promote better informed decisions about our lending products:
- by providing effective disclosure of product information;
- by explaining to you, when asked, the contents of our website and other written information about our lending products; and, should there be a dispute that we cannot resolve between us by referring you to appropriate external sources of advice or dispute resolution
- by providing general information about the rights and obligations that arise out of our relationship in relation to lending products;
- by providing information to you in plain language;
- by communicating with you or your representatives in a timely and responsible manner whether by written or electronic communications (including by telephone); and,
- by monitoring external developments relating to legislative changes and related issues.
- We will act fairly and reasonably towards you in a consistent and ethical manner. In doing so we will consider your conduct, our conduct and the contract between us.
- In meeting our key commitments to you, we will have regard to our responsible lending obligations.
Compliance with laws
We will comply with all relevant laws relating to our lending products business.
If this Code imposes an obligation on us, in addition to obligations applying under a relevant law, we will also comply with this Code except where doing so would lead to a breach of a law (for example, a privacy law).
Staff training & competency
We will ensure our staff are trained so that they:
- can competently and efficiently discharge their functions and provide the lending products that they are authorised to provide in compliance with this Code and Responsible Lending obligations; and
- have an adequate knowledge of the provisions of this Code and its application.
Terms and conditions
We will provide to you on request:
the terms and conditions of any lending product that we currently offer; and
particulars of the fees, charges, interest rates and repayment details applicable to any lending product we currently offer providing that they are ascertainable.
The terms and conditions of our lending products will:
- be distinguishable from marketing or promotional material;
- be in English;
- be consistent with this Code;
- be provided at the time of, or before the contract for our lending product is made, except where it is impracticable to do so, in which case they will be provided as soon as practicable afterward the request.
We will not make a loan where repayment of that loan results in substantial hardship for our customers. At the time that we make inquiries to our customers to determine whether a loan is not unsuitable for them we will ensure that:
- there is a reasonable surplus of income available to meet unforeseen circumstances before taking into consideration the repayment of our loan
- Centrelink payments are not their prime source of income i.e. greater than 50% of total income
- income is consistent and predictable over the course of the loan repayment term
- customer living costs and expenses are reasonably determined even if they are not disclosed to us voluntarily
- we take all of the customers existing financial obligations into consideration including debt and non-debt obligations
- repayment of our loan occurs from customer income only
- where customers come back to us for another loan and before approving another loan that;
- their circumstances have not adversely changed
- there is not a living cost dependence on our loan given the customer’s other financial commitments
- the previous loans have been repaid without undue financial hardship
Making reasonable inquiries of you
Before making a loan we will make reasonable inquiries of all of our customers, giving consideration to their individual circumstances, regarding;
- the purpose of the loan
- customers’ other expenses, costs and discretionary expenditure such as gambling
- debt refinance to ensure that there is a net benefit to the customer
- credit history with us and other lenders where this is ascertainable
- the number of Small Amount Loans made in the 90 days immediately preceding our loan application
- customers’ personal and family circumstances
- customers’ disclosed living costs, fixed and financial commitments.
To determine whether they are acceptable in terms of Credit24 lending policies and business rules and responsible lending requirements.