At IPF Digital, we take responsible lending seriously. Each loan application is thoroughly considered and assessed, and we only lend to customers who we believe can afford to repay. We’re committed to providing reliable, transparent, and trustworthy lending services so you know what you’re getting into, in a safe and secure way.
As a responsible lender, we:
Transparent and clear financial products
Our commitment to transparent and fair financial products and services is at the heart of everything we do. We make it our mission to provide customers with clear and concise information about our products, and we do so in accordance with legislation and best responsible lending practices.
Help you understanding your risks and obligations
We want our customers to understand the risks and obligations associated with taking out a loan, which is why we encourage you to reach out to our knowledgeable customer service team with any questions or concerns.
But we don’t just stop there. We understand that life can be unpredictable, and unexpected financial difficulties can arise. That’s why we take a proactive approach to help our customers in times of need. We have a dedicated team that is always ready to assist customers who may be struggling with repayments, and we offer a variety of solutions, such as grace periods and variations, to help alleviate the burden of debt.
Take actions that’ll help you in the long run
We believe that by taking prompt actions and working together with our customers, we can help them avoid late payment penalties and procedural fees, and maintain their credit opportunities for the future. And if a customer’s financial troubles go beyond their Credit24 loan, we can even provide guidance and support from debt counsellors.
At IPF Digital, we’re not just another lender – we’re a part of your financial journey.
IPF Digital is dedicated to treating all applicants with honesty and integrity, and providing fair and reasonable terms for borrowing. We understand that taking out a loan can be a big decision, which is why we only provide credit to applicants who we assess can afford to repay the loan.
We are committed to responsible lending and follow the rules in Chapter 3 of the National Consumer Credit Protection Act. Our goal is to provide a lending experience that is transparent, trustworthy, and fair to all parties involved.
Frequently Asked Questions
Under the National Consumer Credit Protection Act (NCCP), responsible lenders are required to:
· Make inquiries about a customer’s financial situation, and their requirements and objectives for a loan
· Take steps to verify the customer’s financial circumstances
· Complete an assessment to ensure the loan suits the customer’s needs
· Apply repayment limits on small amount credit contracts
When applying for a loan, it’s important that you provide us with accurate information about you financial situation and needs. This is to ensure we can assess your application accurately and promptly.
While responsible lending laws make it harder for you to get approved for a loan, it is there to protect you from taking out a loan that you may not be able to afford to pay back.
We ask a lot of questions. From your income and expenses to your credit history and defaults on repayments. We need to ask so that we have an accurate picture of your financial circumstances and needs.
If you're a customer of IPFD (Credit 24, Creditea) and having trouble repaying your loan, please reach out to our customer service immediately. We're here to help, and we'll work with you to find a solution that fits your unique situation. You may be eligible for options like a grace period or reduced monthly payments, or we can connect you with debt counsellors who specialise in helping people and families in financial distress.
When applying for a loan, it's important to consider both the amount of money you need and how quickly you can afford to repay it. As a general rule, the shorter the term the less you will end up paying to the lender. For small and moderate borrowing needs, an unsecured personal loan can be an appropriate option. If you anticipate needing occasional funds, a line of credit may be a good choice. Be sure to shop around and compare different loan providers to find the best fit for your needs, taking into account the overall cost of credit, including fees and interest.
In Australia, the consequences of non-compliance with a consumer credit agreement can include:
· Late Payment Fees: If you miss a payment, your lender may charge you a late payment fee. This fee can range from a few dollars to a significant percentage of the amount you owe, depending on your lender and the terms of your loan.
· Default: If you fail to make a payment for a significant period you will be in default. This can result in extra fees and interest charges, your entire debt balance can become immediately due payable and your account may be passed on to a debt collector.
· Legal action: If you are in default, your lender may also take legal action against you to recover the amount owed. This can result in a court order for you to pay the debt, as well as legal costs and other fees.
· Damaged credit score: If you fail to make payments or default on your loan, it can negatively impact your credit score. This can make it difficult to obtain credit in the future.
It's important to note that the consequences of non-compliance can vary depending on the terms of your loan agreement and the specific laws and regulations in your jurisdiction. It's always best to speak with your lender or a legal professional if you are having trouble making payments on your loan.
