Responsible Lending
At Tofu Finance, responsible lending is at the core of everything we do. We're committed to ensuring that any credit we recommend is suitable and sustainable for you.
Our Commitment to You
We follow strict responsible lending practices to protect your financial wellbeing and ensure you can comfortably meet your loan obligations.
Fair Assessment
We thoroughly assess your financial situation to ensure any credit we recommend is suitable and affordable for you.
Customer Wellbeing
Your financial wellbeing is our priority. We will not recommend products that could cause you financial hardship.
Transparent Process
We provide clear information about loan terms, fees, and your obligations so you can make informed decisions.
Support & Guidance
Our team is here to help you understand your options and guide you through every step of the process.
Our Assessment Process
Understanding Your Situation
We gather detailed information about your income, expenses, assets, liabilities, and financial commitments to understand your complete financial picture.
Assessing Your Needs
We discuss your requirements and objectives to ensure we understand why you need finance and what you're trying to achieve.
Verifying Information
We verify the information you provide and conduct credit checks to assess your credit history and current credit commitments.
Affordability Assessment
We calculate whether you can afford the loan repayments while maintaining your essential living expenses and existing commitments.
Suitability Determination
We determine if the credit is suitable for you based on all the information gathered. We will only recommend credit that meets your needs and is affordable.
When We Won't Recommend Credit
We will not recommend or arrange credit in the following circumstances:
Financial Hardship
If taking out this loan would cause you substantial hardship in meeting your essential living expenses.
Unaffordable Repayments
If you cannot reasonably afford the repayments based on your current financial circumstances.
Unsuitable Purpose
If the loan does not meet your actual requirements and objectives.
Better Alternatives
If there are more suitable alternatives available that better meet your needs.
Your interests come first. We are legally and ethically obligated to act in your best interests when providing credit assistance.
Your Rights & Responsibilities
Your Rights
- •To receive clear information about loan terms, fees, and your obligations
- •To have your financial situation properly assessed before credit is recommended
- •To receive credit assistance that is not unsuitable for you
- •To access our internal complaints process and external dispute resolution
- •To withdraw from a loan agreement during the cooling-off period (where applicable)
Your Responsibilities
- •Provide accurate and complete information about your financial situation
- •Update us if your circumstances change during the application process
- •Read and understand all loan documentation before signing
- •Make repayments on time according to your loan agreement
- •Contact your lender immediately if you experience financial difficulty
Need Financial Hardship Assistance?
If you're experiencing financial difficulty or are concerned about meeting your repayments, we're here to help.
For more information about responsible lending and your rights, visit the Australian Securities and Investments Commission (ASIC) website or contact AFCA on 1800 931 678.