As a lender we have an obligation to lend responsibly. In New Zealand, lenders are regulated by the Credit Contracts and Consumer Finance Act (CCCFA) and the CCCFA regulations. Lenders are guided by the Responsible Lending Code in relation to the lender responsibility principles set out in the CCCFA. We take our obligations as a responsible lender seriously.
We regularly monitor our policies, processes, and training to ensure ongoing compliance with the lender responsibility principles.
When you apply for a Loan from us
When you apply for a loan, we have responsibilities to you. These include that we understand your requirements and objectives and that you can make payments of your loan without suffering substantial hardship. This will allow you to make an informed decision about your loan and rest assured all information provided will be kept confidential. To meet the requirements, we may request from you include:
- Your personal details (e.g., your age and dependents)
- Your Next of Kin
- The type of Unit you want the loan for, site details of where the Unit will be placed and details of the owners of the site.
- Work / Income/Benefit information
- Your existing loans and other debts Evidence of your income, expenses, and debts (e.g. bank statements, tax returns)
- What assets you have and their value (e.g. your car)
- Your consent for us to check the information you give us (e.g. getting a credit report about your credit history, talking to your employer)
- Your identity documents (Drivers Licence / Passport etc)
It is very important to us that you understand all about the loan at the time you apply for the loan. We will:
- Do our best to make sure you understand all about the loan, that the Unit is used as security for the loan and that you know your rights and responsibilities before you sign our loan agreement
- That our loan agreement is clear and easy to understand (including our fees and interest rate)
- That you understand what may happen if you default under the loan agreement. For e.g. we might repossess and sell the Unit.
If you have a complaint:
Ufinance has a formal system in place to recognise and record non-conformance service which could result in a customer complaint. If at any time you wish to make a complaint, please email us on firstname.lastname@example.org. If we do not meet your expectations, UFinance is a member of FDR which is an independent dispute resolution scheme to help consumers and financial service providers to resolve disputes.
If you need some financial support during the term of your loan:
Ufinance recommend. FinCap, who offers an online financial mentoring service and acts in the interests of New Zealanders seeking budgeting support and financial advice. If you feel at any time, you are struggling or to make payments or just need a little financial help, please do not hesitate to contact your closest support service centre at https://www.fincap.org.nz/ .