Fair Go Finance is a responsible lender. We act in the best interests of our customers by ensuring that every loan Fair Go Finance offers is affordable to our customers.
We are committed to responsible lending practices and follow 4 guiding principles.
- To make reasonable inquiries about the customer’s financial situation, and their requirements and objectives.
- To take reasonable steps to verify the customer’s financial situation.
- To make a preliminary assessment (when providing credit assistance) and final assessment (if we are the credit provider) about whether the credit contract is ‘not unsuitable’ for the customer (based on the inquiries and information obtained in the first two steps).
- To encourage our customers to notify us if they find themselves in financial difficulty.
Credit Licence and Membership Information
Fair Go Finance holds an Australian Credit Licence (ACL 387995) and complies with the responsible lending conduct obligations in Chapter 3 of the National Consumer Credit Protection Act 2009.
We also hold memberships in several industry bodies listed below. Some are through regulatory requirement and others through ethical choice and corporate responsibility.
The National Credit Providers Association
The National Credit Providers Association is the peak industry body of the micro-lending industry. The Association’s aim is to promote the enhancement of customer service and build greater government and community understanding of the micro and alternate finance industry throughout Australia. Members include small businesses, medium size companies with several lending outlets and large companies with outlets and/or representatives, in a number of states and territories. For further information visit http://ncpa.net.au/
Credit Ombudsman Service
Approved by the Australian Securities and Investments Commission (ASIC), the Credit Ombudsman Service Limited (COSL) is the external dispute resolution scheme for the financial services industry.
COSL provides accessible and impartial support that is often used as an alternative to legal proceedings for resolving disputes with a participating financial service provider. This service is free to consumers.
If you have a complaint about a financial service or product such as a home loan, personal loan, financial planning or managed investment, or life insurance then COSL may be able to help. For further information call 1800 138 422 or visit www.cosl.com.au
Mortgage & Finance Association of Australia
The Mortgage & Finance Association of Australia (MFAA) is the peak national body providing service and representation to over 12 000 professional credit advisers (mortgage and finance brokers, mortgage managers and aggregators) to assist them to develop, foster, and promote the mortgage and finance industry in Australia. For further information, please visit www.mfaa.com.au.