What Is Irresponsible Lending?
Irresponsible lending wears many masks and comes in all different shapes and sizes, for instance, through various forms of neglect of the consumer or sneaky sales tactics with ulterior motives of gaining staff commissions. These are some of the reasons why irresponsible lending has been given particular ongoing attention by the Australian Securities & Investments Commission.
For many Australians, taking a home loan or any other loan is a massive financial responsibility filled with complex terms and obligations. And unfortunately, many borrowers don’t fully understand their rights when entering into an agreement with their lender, increasing the potential risks for irresponsible lending.
The impact of irresponsible lending
To be ‘irresponsible,’ especially within the finance business, is not something you want to hear. The lending professionals you work with have a duty of care to act in your best interests and to ensure that they understand your current financial obligations before giving you new ones! But this does not always happen.
Whether meaningful or not, application inaccuracies can lead to incorrect calculations for further borrowing. It means the money can be lent to you without you being able to repay it comfortably. And if the assessment is not done correctly, you may end up paying more than you need.
If you’ve experienced difficulty repaying your current loan, including missed payments, you may be at risk of defaulting! However, with Get My Refund, you can assess whether a lender has oversold your loan.
Here are a few common tell-tale warning signs of irresponsible lending to be aware of:
Irresponsible lending can occur at any point during the loan application process or even after, making it difficult for the average Australian to pick up on the financial red flags — that’s where we come in. If these points describe you, you may be entitled to irresponsible lending compensation or a junk insurance refund.
What kind of compensation could I receive for irresponsible lending?
The team at Get My Refund specialise in reclaiming money for everyday consumers who may have been misled by their lender or sold a product they didn’t need or qualify for. Our role is to analyse the product or service you have been sold and determine whether you are entitled to a junk insurance refund.
The amount you could receive due to irresponsible lending will depend on how long you have been making repayments to your loan, the type of loan you have and other personal circumstances.
Do you think you have experienced irresponsible lending?
If you have been misled by your lender, you may be entitled to irresponsible lending compensation. With our industry knowledge, we can ask those questions for you and at the same time help to get you an insurance refund if this is also found! We look at your application and contact the required parties to help you find this out! We take care of the entire claims process for you, so you won’t have to lift a finger. All you need to do is:
- Provide us with your details, including loan contracts, if you can (this just speeds things up for you, if not, we can get from your lender, although your lender could delay this).
- We analyse these details and call you to finalise your claim.
- We submit your refund claim(s)
- We confirm reductions or money towards you or your loan.