Introduction
This Credit Guide provides important information about the services provided by EdFin Pty Ltd ACN 627 221 292, Australian Credit License No. 549 660 (together, ‘we’ or ‘us’).
EdFin Pty Ltd holds an Australian credit license under the National Consumer Credit Protection Act 2009 (‘NCCP Act’). EdFin Pty Ltd is authorised as a credit representative of EdFin Australia under the NCCP Act.
Our services
EdFin Pty Ltd originates and manages education loans. We are authorised to assess loan applications, enter into loan agreements and manage loans on its behalf.
EdFin Pty Ltd sources individuals seeking personal education loans by first checking whether you meet certain preliminary lending criteria. If you satisfy the preliminary lending criteria, you will have the option of submitting a loan application to EdFin. If you do not meet the preliminary lending criteria, your application is denied. We may provide you information on alternatives if possible and if needed.
Responsible lending
Under the NCCP Act, we are obliged to ensure that we do not give you a loan if it is unsuitable for you. The law requires us to:
- make reasonable inquiries about your requirements and objectives;
- make reasonable inquiries about your financial situation; and
- take reasonable steps to verify your financial situation.
We will ask you to provide certain information to enable us to complete an assessment of your financial situation and your objectives in relation to the proposed loan. It is very important that the information you give us is accurate. You may obtain a copy of our assessment on request.
Fees and commission
Fees payable by you
EdFin Pty Ltd charges borrowers a loan establishment fee of up to 5% of the loan amount depending on credit quality of the loan and the borrower. This fee is charged at the time the loan is made and is added to the loan amount.
Fees we may pay to third parties
From time to time, EdFin may pay a referral fee to other parties who refer business to us. These fees are not payable by you. The amount we pay will vary but will usually be a small percentage of the loan amount and will not be known until a loan is provided. You may on request obtain an estimate of those fees and how they are calculated.
Dispute resolution
Our internal dispute resolution scheme
We hope you are delighted with our services, but if you have a complaint, you should notify us by by emailing us at complaints@edfin.com.au.
You should explain the details of your complaint as clearly as you can. You may do this verbally or in writing. When we receive a complaint, we will attempt to resolve it promptly. We aim to resolve all complaints within 30 calendar days and if this is not possible we will keep you informed of our progress.
Our external dispute resolution scheme
If you are not satisfied with our response to your complaint, or if you consider that we have not responded to you in a timely manner, you may contact the Australian Financial Complaints Authority:
Australian Financial Complaints Authority GPO Box 3
Melbourne VIC 3001
Telephone: 1800 931 678 Email: info@afca.org.au Website: www.afca.org.au
You can obtain further details about our dispute resolution procedures and obtain details of our privacy policy on request.
Other things you should know
No advice given
We don’t provide legal or financial advice in relation to credit contracts. It is important you understand your legal obligations under the proposed loan and the financial consequences. If you have any doubts, you should obtain independent legal or financial advice before you enter any Loan Facility Contract.
Electronic communications consent
By providing your email address with your loan application you consent to receiving any statements, notices and disclosure documents that we are required to give you in relation to your loan by electronic communication. You should note that paper documents may no longer be given and that you must check regularly for electronic communications. You may withdraw this consent at any time by notifying us using the contact details below.
