As a trusted lender used by Australians, responsible lending practices underpin everything we do. This means that every step of the loan process with Trusty Finance is clear, transparent, and easy to understand.
What does responsible lending mean?
Responsible lending means that we will make every effort to review your circumstances accurately to ensure we only suggest a loan that is not unsuitable for you. We take into account your financial situation, requirements and objectives. We will make reasonable inquiries about your circumstances and may take reasonable steps to verify this information. It’s one of the reasons our customers trust us. Our commitment to responsible lending means that we will:
We ask you about what your loan is for
When you apply for a loan online, in the application form, we will ask what you need the loan for. This helps us to understand your reason for the loan and to ensure that we lend you just the right amount — not too little, not too much.
We ask about and verify your financial situation
Your loan application form includes details about your employment — at Trusty Finance, we look to see that you have consistent income for the past 90 days. You’ll also be asked to upload your recent banking history, which can easily be done through a secure online platform.
This step assists us in confirming your ability to comfortably repay the loan without undue financial hardship. It also ensures that the banking details provided match the loan applicant’s information, an important step in preventing fraud.
We communicate clearly and consistently
When you take out a loan from a responsible lender, you should be confident about the terms and conditions of the loan, the repayments and whether you can pay early. Clear, consistent communication that outlines these details is something you can expect from Trusty Finance — there’s no hidden fees, ever.
We support customers facing financial difficulties
Life has its ups and downs, and sometimes events in your professional or personal life, or events outside your control, like a natural disaster, can impact your income and financial well-being. Our aim is to help our customers navigate these changes to return to financial health.
If a life event alters your ability to repay your loan, reach out to the Trusty Finance support team for a confidential conversation to find a path forward.
At Trusty Finance we’re committed to responsible lending and complying with our obligations under the National Consumer Credit Protection Act 2009 (Cth).
If you have any questions or concerns, our team can be contacted on (02) 8053 7350 or emailed at info@trustyfinance.com.au
Responsible Lending FAQ
What is responsible lending in Australia?
Responsible lending is legislated in Australia and requires all lenders to make reasonable enquiries about a customer’s financial situation, their goals, and objectives.
What are the benefits of responsible lending for customers?
Responsible lending benefits customers by preventing fraud and ensuring customers are protected from high levels of debt and financial hardship.
What is the meaning of responsible borrowing?
Borrowing responsibly means: evaluating whether you need the loan or if you have an alternative; and ensuring you have adequate discretionary income to repay the loan.