Responsible Lending

The team at Linsa are committed to the practice of responsible lending and do not want to keep you in debt. We want you to repay your loan quickly and we aim to only lend to people who we believe can afford to repay us as agreed.

Our service is designed to put you in control of your cash flow, for those times when the occasional emergency or unexpected bill surprises you.

Assessing loan affordability

At Linsa we are firmly of the view that loans do not go bad, they start bad. Therefore we undertake reasonable enquiries to verify your financial situation. We do this in order to make a responsible assessment about the suitability of the contract for you and the affordability of the loan.

Flexible loans

Varying loan amounts are available with a Linsa short-term loan – up to $500. We only lend to those customers that we believe have the means to repay the loan as agreed.

Income

As part of our commitment to responsible lending, customers need to have stable income, either a permanent benefit or some form of employment in order to obtain a loan from Linsa.

The amount of money we can lend, and the term of the repayments is also based on your income. This is because we want you to be able to repay your Linsa short-term loan as soon as possible and it is important that you do not borrow more than you can afford.

We will ask you to complete a budget to enable us to assess your ability to meet the repayments without suffering hardship.  This process may also assist you to recognise and understand your current financial position.

Transparent service

At Linsa we provide accurate estimates of the total amount repayable for you upfront.  These examples are available [Here] – appendix C

We also make you aware of the ‘annual interest rate’ which is shown in the fees section of the FAQ’s.

You are entitled to ask at any time for information regarding your outstanding loan balance (ie. the amount that if paid today, would settle the loan) and how to repay the balance. You can repay early and, if you do, then you will save money.

If costs increase, it’s because you’ve failed to honour your Loan Agreement. Please see ‘What happens if I can’t meet the payments’ in the FAQ’s section for details of the consequences.

ID verification

Part of our responsible lending process includes collecting personal information.

New legislation means all Banks and Financial institutions must identify all new customers.

Credit check

At Linsa we reserve the right to run a credit check. We do this as part of our assessment of the suitability and affordability of a loan for you.

Our commitment to responsible lending practice means we aim to only lend to those who can afford to pay us back on their repayment date/s as agreed.

Are you a responsible borrower?

While it is important when applying for a line of credit to choose a company that practices responsible lending, it is just as important to make sure that you use a short-term loan responsibly. This is what we trust you will do with a loan from Linsa.

To help ensure you are a responsible borrower, you should never use a Linsa short-term for a long term financial challenge and you should never borrow more than you can comfortably afford to pay back on your scheduled repayment date/s.

Guidance

As part of the loan application we will ask you to read and accept a form with questions we feel it is important for you to consider before you apply for any loan.. We strongly advise that you think carefully before applying for a short-term loan from Linsa, or from any lender for that matter.

If you are concerned about long-term debt, then please do not apply. To help manage your debt you could contact the Citizens Advice Bureau.  If you have any questions regarding our Responsible Lending Policy, or you wish to discuss your financial situation further please feel free to contact us.

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