The first principle of our socially responsible lending policy is to avoid placing members into financial hardship.
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We are concerned about the growing debt burden on families and we have prudent lending practices to guard against over commitment.
Here are some of the practices we adhere to:
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- We will base our lending decisions, including decisions to extend existing credit facilities, on a careful and prudent assessment of your financial position.
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- We will periodically review our credit assessment procedures and criteria for the products we issue.
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- We will only lend amounts to you that we believe, on the information available to us, you can reasonably afford to repay. However, different criteria will apply in the case of some products, such as bridging finance arrangements.
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- We expect you to provide honest and accurate information to us when applying for a loan or the extension of a credit facility. However, where it is prudent to do so, we will also undertake our own independent checks.
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- We will promote the responsible use of credit to our members using a range of approaches.
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If you have any questions regarding these responsible lending practices, please feel free to contact us.
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