Our Approach to Responsible Lending
Understand Your Needs
We take the time to understand your circumstances and what you need from your loan.
Assess Affordability
We consider your income, expenses and existing financial commitments when reviewing your application.
Informed Decisions
We want you to understand your loan repayments and commitments before proceeding.
Our Commitments to You
At Money3, responsible lending is about more than assessing an application.
We’re committed to:
- Lending responsibly - assessing each application based on your individual circumstances, needs and objectives.
- Treating you fairly - providing respectful and consistent service throughout your relationship with Money3.
- Communicating clearly - giving you information in plain language so you can make informed decisions.
- Supporting you if things get difficult - working with you sensitively if your financial circumstances change.
- Protecting your information - handling your personal and financial information securely and in accordance with our privacy obligations.
- Responding sensitively to vulnerability - recognising when additional support may be needed and considering your individual circumstances with care.
What We Consider When Assessing Your Application
Every application is different, so we look at your individual circumstances rather than relying on a single piece of information.
When assessing your application, we may consider:
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Your income – including the amount, source and regularity of your income.
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Your living expenses – such as housing, utilities, food, transport and other everyday costs.
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Your existing financial commitments – including other loans, credit cards and regular repayments.
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What you want to borrow – including the loan amount and what you need the loan for.
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Your overall circumstances – any other relevant information that helps us understand your current financial position.
Looking at these factors together helps us understand how the proposed repayments could fit within your budget and assess the loan based on your individual circumstances.
How We Assess Your Loan Application
Every application is assessed individually. We take the time to understand what you need, review your financial circumstances and verify the information provided before making a lending decision.
- 01.Tell Us What You Need
You’ll tell us how much you’d like to borrow, what the loan is for and provide some basic information about your circumstances.
- 02.Tell Us About Your Finances
We’ll ask about your income, regular living expenses and any existing loans or other financial commitments.
Having an accurate picture of your current financial situation helps us understand what repayments may be manageable for you.
- 03.We Verify Your Information
We’ll verify relevant financial information, including reviewing your bank statements, and may ask for additional documents or information where needed.
This helps us confirm that the information used to assess your application is accurate and up to date.
- 04.We Assess Your Application
We consider the information you’ve provided, the proposed loan, your financial circumstances and Money3’s lending criteria.
We’ll then let you know the outcome of your application. If we’re able to offer you a loan1, you’ll receive the relevant loan information and documents to review before deciding whether to proceed.
1. Subject to verification, suitability and affordability
Why We Verify Your Financial Information
To make a responsible lending decision, we need an accurate picture of your current financial situation.
As part of your application, we may review information such as your income, regular living expenses, existing financial commitments and recent bank statements. This helps us verify the information you’ve provided and understand how the proposed loan repayments could fit within your budget.
Money3 uses illion to securely process bank statement information as part of the application process.
Depending on the application, we may also use information from external sources, such as credit reporting bodies and verification providers. This may include information about your credit history and existing credit commitments, employment or income information, and patterns in transaction data such as regular income, expenses and repayments. We consider this alongside the information you provide to build a more complete picture of your financial circumstances.
Reviewing this information helps us make a more informed assessment based on your individual circumstances, rather than relying on your credit history alone.
We may also ask for additional information or supporting documents if we need to clarify anything before completing our assessment.
Understanding Your Loan Before You Proceed
Your Repayments
Understand how much your repayments will be, how often they are due and how they fit within your regular budget and other financial commitments.
Interest and Fees
Check the interest rate, fees and charges that apply so you understand the overall cost of your loan before deciding whether to proceed.
Your Loan Term
Know how long you’ll be repaying the loan. A longer term may reduce each repayment but can increase the total amount paid over time.
Your Loan Agreement
Read your loan agreement carefully before signing. It sets out your repayments, interest rate, fees, loan term and other important conditions.
Responsible Borrowing
Responsible lending is a shared responsibility. Before applying, take a moment to consider how a loan fits your budget, goals and current circumstances.
Some simple ways to borrow responsibly:
- Borrow only what you need for the purpose.
- Make sure the repayments fit comfortably within your budget. ASIC's Moneysmart budget planner is a free way to check.
- Provide complete and accurate information in your application.
- Tell us about any expected changes to your finances, such as reduced work hours, parental leave or major expenses.
- Avoid applying with multiple lenders at the same time.
If you're borrowing for a vehicle
A vehicle loan is secured against the vehicle, so it’s worth thinking about the full cost of owning it, not just the loan repayment. Insurance, registration, fuel, servicing and tyres all come from the same budget.
Choosing a vehicle that you can comfortably afford, rather than simply borrowing the maximum available to you, can leave more room for these ongoing costs and unexpected expenses.
Use our Car Loan Calculator to get an indication of what your repayments could look like at different loan amounts and terms.
If you're taking a personal loan
Borrow for a clear purpose and consider the total cost of the loan, not just the repayment amount.
Taking on several loans at the same time can make repayments harder to manage, so consider how a new loan will fit alongside your existing financial commitments.
Use our Personal Loan Calculator to estimate repayments and see how different loan amounts and terms could affect your budget.
Calculator results are estimates only and do not represent an offer of credit. Any loan remains subject to Money3’s verification, suitability, affordability and lending criteria.
Taking these steps can help you make a more informed borrowing decision and support a smoother application process.
Our Commitment to Responsible Finance
Money3 is part of Solvar Limited, an accredited member of the AFIA Finance Industry Code of Practice.
The Code sets standards for fair treatment, clear and transparent communication, responsible conduct and support for customers experiencing financial difficulty or vulnerability. These commitments complement our responsible lending obligations and help guide how we support customers throughout their relationship with us.
If Your Circumstances Change
We understand that financial circumstances can change. Illness, job loss, relationship breakdown or other unexpected events can sometimes make repayments difficult to manage.
If you’re experiencing financial hardship, you can ask us for assistance. Depending on your circumstances, support options may include reduced repayments, a short repayment pause or extending your loan term.
Please contact us as early as possible. Our Member Support team will take the time to understand your situation and discuss the options that may be available. We’ll respond to your hardship request within the required timeframe, generally within 21 days once we have the information needed to assess it.
While we’re assessing your hardship request, collection activity may be paused where appropriate. You can also ask an authorised representative, such as a financial counsellor, lawyer, family member or another trusted person, to speak with us on your behalf.
You can request hardship support whether or not you have made a complaint, and asking for support will not prevent you from raising or continuing a complaint about your loan or our service.
Call Member Support on 1300 014 870 during office hours (9am - 5.30pm AEST, Monday to Friday) or visit Member Support.
For free and confidential independent help, call the National Debt Helpline on 1800 007 007 or visit ndh.org.au to speak with a financial counsellor.
Support for Vulnerable Customers
Some customers need more help than others, and that's fine.
If you're experiencing family or domestic violence, financial abuse, serious illness, the loss of a loved one, or other difficult circumstances, please let us know. We'll work with you sensitively and consider the support options available to help you manage your loan.
Our team receives specialised training to recognise and respond to vulnerability with care and sensitivity. Where we’re aware of your circumstances, we’ll aim to record relevant information appropriately, so you don’t have to repeatedly explain difficult or traumatic experiences. We may also take indicators of vulnerability into account when assessing your application or considering what support may be appropriate for you.
If English isn't your first language, you can use the free Translating and Interpreting Service (TIS National) on 131 450 to communicate with us.
If you're deaf or have difficulty hearing or speaking, you can contact us through the National Relay Service and ask to be connected to Money3.
You can also authorise a financial counsellor, lawyer, family member or another trusted person to speak with us on your behalf.
Responsible Lending FAQs
Responsible lending means taking reasonable steps to understand a customer's circumstances before approving a loan1.
This includes assessing information provided during the application process and considering whether a loan appears suitable and affordable based on the customer's individual situation.
Responsible lending obligations are set out in the National Consumer Credit Protection Act and regulated by the Australian Securities and Investments Commission (ASIC).
As a licensed credit provider, Money3 (Australian Credit Licence 389067) must assess whether a loan is suitable before it can be approved.
If you're unhappy with a lending decision, or any aspect of our service, we'd like the opportunity to resolve the issue first. You can contact our Resolutions Team on 03 9093 8211 or at resolutions@money3.com.au, or read how we handle complaints.
If you're not satisfied with our response, you may be able to lodge a complaint with the Australian Financial Complaints Authority (AFCA). AFCA is a free, independent external dispute resolution service that helps consumers and financial firms resolve complaints fairly.
You can contact AFCA by visiting AFCA's website, calling 1800 931 678, emailing info@afca.org.au, or writing to GPO Box 3, Melbourne VIC 3001.
Every application is assessed individually. We consider a range of information that may include income, existing financial commitments, regular expenses and other relevant circumstances.
Our goal is to help ensure customers can meet their repayments without experiencing substantial financial hardship.
Every application is subject to Money3's lending criteria, verification, suitability and affordability.
Understanding your income and expenses helps us assess whether a loan may be suitable and affordable for your circumstances.
Providing accurate information also helps us make a more informed lending decision and may reduce the need for additional questions later in the assessment process.
Your bank statements help us understand and verify your current financial situation, including your income, regular expenses and existing commitments.
Money3 generally asks for your most recent 90 days of bank statements. These can be provided securely through our bank statement partner, illion, using read-only access.
Reviewing verified information allows us to make more informed lending decisions and helps support our responsible lending obligations.
We may use credit reporting information as part of our assessment process.
For online applications, we generally assess affordability and review bank statements before conducting a credit check.
If your application is unlikely to proceed based on these initial checks, a credit check will generally not be required. If your application remains suitable and progresses towards funding, a credit check may be completed before the loan is finalised.
Credit information helps us understand your current credit commitments and repayment history, which may assist us in determining whether a loan is suitable for your circumstances.
When we carry out a credit check, an enquiry is recorded on your credit report. Multiple credit enquiries over a short period can affect your credit score.
For online applications, we generally review your bank statements, income, expenses and affordability first. We would usually only carry out a credit check if your application is progressing through our assessment process.
That means simply starting an application does not necessarily mean a credit enquiry will be recorded straight away.
Money3 is required to comply with Australian privacy laws when collecting, using and storing personal information.
We are also ISO/IEC 27001 certified, an internationally recognised standard for information security management systems that helps organisations manage information security risks.
We only collect information needed to assess and manage your application and handle it in accordance with our Privacy Policy.
Under responsible lending laws, we must not approve a loan that is unsuitable for a customer. A loan may be unsuitable if:
- you're unlikely to be able to make the repayments;
- you could only make the repayments with substantial financial hardship; or
- the loan doesn't meet your needs and objectives.
If we determine that a loan isn't suitable, we won't approve the application. This helps ensure customers are not provided with credit that may place them under financial stress.
If we can’t approve your application, we’ll let you know the outcome and, where we can, explain the main reason.
A declined application doesn’t necessarily mean you can never apply again. If your circumstances change, you may be able to apply again in the future.
In the meantime, it’s a good idea to avoid making several credit applications at once, as multiple credit enquiries over a short period can affect your credit score.
If money is tight, you can speak with a free financial counsellor through the National Debt Helpline on 1800 007 007.
For essential goods and services, a No Interest Loan (NILS) may also be an option: nils.com.au.
Yes. If we approve your loan, you can ask for a free written copy of our suitability assessment.
If you request a copy before your loan starts, we'll provide it as soon as practicable. Requests made within 2 years of the loan starting will be provided within 7 business days, and requests made between 2 and 7 years after the loan starts will be provided within 21 business days.
To request a copy, contact our Customer Service team on 1300 014 870 or email customercare@money3.com.au.
If you believe we have made an error or would like further information about a lending decision, you can contact us to discuss your application. We will review any additional information you provide and explain the reasons for our decision where appropriate.
1. Subject to verification, suitability and affordability
Learn More About Borrowing Responsibly
Credit Guide
Understand your rights and our obligations as a licensed credit provider, including fees, complaints and responsible lending information.
Member Support
Access hardship assistance, payment support options and helpful resources if your circumstances change.
How it Works
Learn about our application process, what information we may request and how we assess applications.
Is this loan right for me?
See who our loan products are designed for and the customers they're intended to suit.
