A group of leading online small business lenders have released a Code of Lending Practice Australia (the Code) outlining a series of best practice principles that will standardise transparency and disclosure in relation to the unsecured small business loans they offer.
The Code provides principles and best practice guidelines to improve transparency and disclosure in the industry. The goal is to help small businesses clearly identify if an online loan from a lender is compliant with the new Code, is right for their needs, exactly how much it is going to cost, and if it is the best solution available to them.
GetCapital is proud to be a signatory to the Code, which was developed through extensive collaboration with the Australian Finance Industry Association (AFIA), the Australian Small Business and Family Enterprise Ombudsman (the Ombudsman), SME advocate, theBankDoctor.org and industry association FinTech Australia.
In a joint statement, the six CEOs of the signatories to the Code – GetCapital, Capify, Moula, OnDeck, Prospa and Spotcap – commented that, “we’re proud to be working together to take proactive steps to bring transparency to the market, and ensure we’re doing what’s best for Australian small business owners”.