Online Small Business Lenders Code


AFIA and Australia’s leading online small business lenders (OSBL) have come together to release a Code of best practice lending principles. The AFIA OSBL Code has been developed with support from the Australian Small Business and Family Enterprise Ombudsman, theBankDoctor.org and FinTech Australia.

The AFIA OSBL Code can be found here.

The AFIA Members having a code-compliant online small
business loan product are Capify, Shift, Lumi, Moula, OnDeck and Prospa.

Launched by AFIA in June 2018, the customer-centric Code supports small business borrowers by giving them a tool (the SMART Box™) to easily compare different online lenders’ small business loan product pricing using several metrics standardised in calculation and presentation and providing a clear and concise loan summary sheet before a loan is accepted so they can see the key features of a product.

The level of pricing transparency and disclosure provided by the internationally recognised SMART Box™ tool establishes a new
level of industry best practice in the small business finance segment. This proactive step was taken by the AFIA online lenders as they play an increasingly important role in the Australian economy by
providing much-needed access to credit for small businesses.

For more information about the Code email codes@afia.asn.au.

Code compliant members

Featured
Capify Australia

Capify Australia understand that running a business can be hard enough, you shouldn’t have to worry about your cash flow as well.

Lumi

Lumi takes the guesswork out of small business funding. We offer small business loans from $5k - $500k with 3 – 36 month terms.

Moula Money

Moula was founded in 2013 to help hard-working business owners in Australia access the business finance they need to grow.

OnDeck

OnDeck is the proven leader in transparent online lending to small business.

Prospa

Prospa is a multi-award winning financial technology company and Australia’s #1 online lender to small businesses.

Shift

Shift is one of Australia’s fastest-growing technology companies, changing the way Australian businesses access finance, get paid, and transact.

Reporting a breach of the Code

If you have a complaint against an OSBL Member you must have first fully exhausted their own internal complaints procedures and those of the Australia Financial Complaints Authority (AFCA) or the ‘Ombudsman’ and received their final adjudications on the matter before you can report a breach of the Code to the Code Compliance Committee. If you’ve done this, please provide the details in the form below.

Supporting Complaint Material
If you have any documentation to submit with this form, please send them direct to CCC-OSBL@afia.asn.au with the subject line – Complaint - (your last name/your first name).  

Financial difficulty

If you are experiencing difficulty in meeting your financial obligations to your lender, you should contact them as soon as possible.

If you tell your lender that you are experiencing difficulty in meeting your financial obligations to them, they will work with you in good faith and in accordance with our policies to assist you to meet your ongoing financial obligations to us.

Our OSBL members will treat you fairly, respectfully and consider your specific circumstances. They may also initiate contact to discuss your financial situation. Your lender may do this by negotiating a new and mutually acceptable repayment arrangement with you, having regard to your financial circumstances as a whole at the relevant time as well as your obligations to us. They are not obliged, however, to do so.

If your lender cannot provide you with hardship assistance, they will advise you of your right to take the matter to AFCA.