Borrowing from fintech lenders is a guide produced by the ASBFEO and theBankDoctor.org for small to medium enterprises (SMEs) to help improve their awareness and understanding of business financing options, including fintech lenders. A pdf copy of the guide is available for download from the list below.
Fintech lending report
On 28 February 2018, former Australian Small Business and Family Enterprise Ombudsman Kate Carnell, FinTech Australia and theBankDoctor.org released a report, outlining steps to be taken by fintech lenders to increase transparency and disclosure.
The report analyses the different approaches to disclosure across the fintech industry, recommends best practice and identifies commitments to action.
Completed action items:
- An industry Code of Conduct covering fintech balance sheet lenders that offer unsecured business loans. The code includes what a customer can expect in transparency and disclosure from a lender
- A guide to help small business owners to better understand the borrowing process from a fintech lender.
Items for action:
- Expand the Code of Conduct to other fintech lending and finance products over time.
- Develop an easy-to-understand contract summary page that will include a common set of measures when making loan offers to customers.