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Lenders must assess your ability to repay

14/07/2010

Anyone involved in selling credit or loan products now has to be licensed or work for someone who is licensed under the new national credit protection regime. Loans, credit cards, lines of credit and overdrafts are all included in the new laws that are policed by ASIC.

The lender must now assess the borrower’s capacity to repay the loan, not offer products that are unsuitable for the borrower and the lender must verify the borrower’s income. Consumer advocates said lenders could still get around the laws by asked the borrower to state that the loan is business purposes.

Source: The Daily Telegraph



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