Responsible Lending

New Money Lender Pty Ltd trading as Myloans 360 ABN 19 653 707 138 Australian Credit Licence 536096 (‘Myloans 360’) is committed to the practice of responsible lending. We ensure that we only lend to customers when we know they can comfortably afford our products.

Our service is designed to assist you with your cash flow.

Assess loan affordability

At Myloans 360, we understand the importance of accurately assessing an applicant's affordability and suitability situation for one of our products. We see affordability as a measure of an applicant's capacity to fund new and outstanding debts currently, as well as in the future. Therefore, we undertake reasonable enquiries to verify your financial situation and ensure you can comfortably repay your loan now and in the future.

Flexible loans

We have one core loan product at Myloans 360 for loan amounts between $2001 and $5,000.

Income

As part of our commitment to responsible lending, customers need to have regular income from an employer going into a personal bank account.

The basic eligibility criteria you must meet before submitting an application:

  • Be at least 18 years of age.
  • Be employed on a permanent or casual basis.
  • Have a consistent income going into your own bank account for the last 90 days.
  • Be in control of your finances and be handling existing financial commitments comfortably.
  • Be an Australian citizen or permanent resident with a fixed address.
  • Have an active email address, phone number, and online banking account in your name that belongs to you.

We accept a wider range of credit history than a bank or a prime lender, but we do not recommend submitting an application if:

  • You are currently or recently bankrupt (you must be three years discharged and in control of your finances)
  • You are not comfortably repaying your existing financial obligations

Transparent service

Myloans 360 complies with all relevant Commonwealth and State legislation. There are no hidden fees or charges. We are very transparent, and all of the costs associated with our loan products are described in detail within your loan contract once approved. There is no obligation to take us up on an approved loan. If you are not happy with what is on offer you may withdraw your request at no cost.

ID verification

Part of our responsible lending process includes collecting personal information. We take fraud very seriously. Identification information you provide us when you fill out an application will be used to conduct verifications and checks. This may include an e-verification (an online identity verification). We will specifically seek your consent for these verifications and checks to be conducted.

Ultimately, we want to ensure it is really you who is taking out the loan and that the funds are sent to the correct bank account.

Credit check

As a responsible lender, we do carry out a credit check on eligible applicants. We are more lenient than traditional institutions such as banks; however, we too have credit standards to follow. As long as your current financial situation is looking good, we will happily consider your loan application. Our loans are based on your capacity to meet your loan repayments and future credit worthiness.

Are you a responsible borrower?

While it is important when applying for finance to choose a company that practices responsible lending, it is just as important to make sure that you use a personal loan responsibly. This is what we trust you will do with a Myloans 360 loan. Manage your money wisely.

Guidance and Warning About Borrowing

Please consider: Fees, credit criteria and terms and conditions apply. Your loan offer may vary once your details are captured and verified and an assessment is completed. Consider getting advice from a licensed financial adviser or a free community based financial counsellor if you need it.

It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.

CHECK YOUR OPTIONS BEFORE YOU BORROW:

  • For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
  • Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
  • If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94

The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.