Responsible Lending Policy
Important note: this policy pertains to consumer lending only, not loans or financial advances to businesses for business related purposes.
As a lender we have an obligation to lend responsibly. Take a look at the Responsible Lending Guidelines to understand what you should expect from your lender when you are borrowing money. In New Zealand, lenders are regulated by the Credit Contracts and Consumer Finance Act and guided by the Responsible Lending Code. Fifo Capital takes its obligations as a Responsible Lender seriously and abides by The Responsible Lending Code. The Code can be viewed here: Responsible Lending Code (June 2017).
When you apply for a loan we have some responsibilities to you, these include that we understand your needs and your situation. This will allow you to make an informed decision about your loan and rest assured all information provided will be kept confidential. Depending on your circumstances the sort of information we may request from you is as follows:
- Your personal circumstances including your age
- What existing loans you have and whether they will be repaid with this loan
- Recent bank statements to confirm your income and expenses
- Whether your employment is full, part time or casual
- What assets you have and their value
- Details of your credit history and your consent to a Credit Check
- Requesting to see your identity documents (drivers licence / passport etc)
To understand your needs, we may also ask the following
- The amount you would like to borrow
- When you require the funds
- The purpose of the loan
- The loan term that best suits your needs / budget.
It is very important to us that you understand your contract and we endeavor to do the following
- Make sure you know your rights and responsibilities before you sign the Contract
- Have clear terms and conditions that are easy to understand
- Ensure you understand the Interest Rate & Fees that apply to your Contract
- Clearly specify any security being used and ensure you are aware of this
- That you understand what may happen in the event of non payment (repossession or sale of any property that you have provided as security)
- Give you this information at the time you apply and have details on our Website.