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Our Credit Standards and Policies at Okre.

We take our responsibilities as a lender seriously. This page contains:

  • Our Responsible Lending Policy

  • Our Credit Guide

  • Statutory Information for Our Credit Contracts;

  • Credit Reporting Policy; and

  • Target Market Determination for Our Products (1 October 2021)

for LSL Alternative Credit Pty Ltd (ABN 55 641 811 181 and Australian Credit Licence number 526970) trading as Okre. Please read these carefully if you are considering applying for credit with Okre, and feel free to contact us at any time. 

Our contact details are as follows:

Post:                 Level 1, 131 Clarence Street, Sydney NSW 2000
Phone:              +612 9000 1216
Email:               dental@okremoney.com
Website:           www.okremoney.com

Our Responsible Lending Policy


(Version 1.0  31 October 2021)

 

LSL Alternative Credit Pty Ltd trading as Okre (“Okre”) is a responsible lender and as such will always comply with the stringent laws and regulations that cover the Australian credit and financial services sector. Therefore, we will always strive to offer our efficient credit service in a responsible manner and lend only what we think you can afford to repay. We have no interest in providing credit that we believe can’t be repaid as that would jeopardise the welfare of the customer and is just not good business. Simultaneously, where we will always do our best to service the needs of our customers and get you the loan you need.

1. We are licensed and are regulated 

We are a registered business, (ABN 55 641 811 181) and we also hold an Australian Credit Licence (Number 526970). This licence is issued by the Australian Securities and Investments Commission (ASIC) and means we must comply with the National Consumer Credit Protection Act 2009 (Cth), as well as any and all related regulations. As such, Okre will always follow these requirements, including performing credit assessments and offering financial hardship variations. This also means that you can be sure you have access to internal and external dispute resolution processes to quickly and fairly resolve any issues or complaints that arise.

2. We make inquiries and conduct credit assessments prior to lending

Okre’s core business is to provide financing for non-discretionary bills in an easy and accessible way, so you can smooth out big lumpy bills into more manageable payments that suit you and your budget.

Okre must, before making a final assessment of whether a proposed credit contract is ‘not unsuitable’ for a consumer:

  • make reasonable inquiries about the consumer’s financial situation;

  • make reasonable inquiries about the consumer’s requirements and objectives; and

  • take reasonable steps to verify the consumer’s financial situation.

To this end, before any credit is approved, Okre will ask you for various information about you, your requirements and objectives, and then perform an assessment to determine the suitability of the loan. In making this assessment:

  • We will make inquiries about your requirements and objectives for the credit application, including looking at how much funding is requested, the time frame for repayments and the purpose of your loan.

  • We will make inquiries about your financial situation to understand your current circumstances, by asking questions such as your current employment status, income, credit scores, and other outstanding financial obligations.  

  • We will also take reasonable steps to verify the information provided about your financial situation. This means, depending on your stated circumstances, objectives and other information you have provided, we may also ask for documents to verify the information provided such as income slips, credit reports or ratings, or confirmation of employment from an employer (subject to the requirements of the Privacy Act (Cth) 1988)), or if you are self-employed, recent income tax returns or a Business Activity Statement.

  • We may ask you to provide bank statements or seek your permission to get data from other lenders or payment providers (subject to the requirements of the Privacy Act (Cth) 1988)). We use these both as a form of identification and a means to assess your finances. We may ask you for access your bank statements, with your permission, electronically, as this is a quick and effective way to accurately gather and analyse the information.

  • We may, before offering final approval, perform a credit enquiry to gain further insights into your financial situation.

 

This may seem like a lot of work, but don’t be put off by this. At Okre, we pride ourselves on not only being compliant but also highly efficient with processing applications. We are able to provide fast decisions on applications by using cutting edge and integrated technology that allow us to automate many of our processes. So rest assured that while we are quick in assessing you for a loan, we will still be acting as a responsible lender.

We will , however, assess the proposed credit contract as unsuitable for you if, at the time of the final assessment, it is likely that:

  • you will be unable to comply with your financial obligations under the proposed credit contract or could only comply with substantial hardship; or

  • the credit contract will not meet your requirements and objectives.

You can ask for a copy of your assessment to be provided to you.

3. We are clear about our fees and charges

Don’t worry, we won’t hide anything from you. You will be given a Credit Guide, and we will show you a full breakdown of any fees and charges before you agree to a loan, and these will be fully displayed and easily readable in your contract.

4. We can help if financial hardship arises

Financial hardship can arise at the most unexpected times and here at Okre, we understand this. It can be caused by life events such as the loss of your job, chronic illness, accidents, relationship breakdowns, emergencies or other factors beyond your control. We encourage any customers facing financial hardship to contact us at the earliest possible opportunity. The earlier you let us know, the earlier we can try to assist you. For more information about our hardship processes and who to contact, you can refer to the relevant section of the Credit Guide which has been provided to you already, and is also available further down on this page.

5. Everyone at Okre follows this policy

This policy has been adopted to ensure that Okre meets its regulatory and licencing obligations, so it applies to all Okre employees and representatives.

Okre’s Responsible Manager has responsibility for this policy and the Compliance Officer is responsible for its day-to-day management. If you have any questions about this or feel it has not been followed to your satisfaction, please contact us immediately through this website or through the contact details listed above.

Phone

(02) 9000 1216

Email 

Post

Level 1, 131 Clarence Street, Sydney NSW 2000

Our Credit Guide

Credit Guide

This is the credit guide of LSL Alternative Credit Pty Ltd ABN 55 641 811 181 Australian Credit Licence number 526970 trading as Okre. This credit guide has information about us, our responsible lending obligations under the National Consumer Credit Protection Act, and what you can do if you have a complaint.

Our contact details are as follows:

Mail:                 Level 1, 131 Clarence Street, Sydney NSW 2000
Phone:            +612 9000 1216
Email:              dental@okremoney.com
Website:         www.okremoney.com

 

Responsible lending

Under the National Consumer Credit Protection Act, we must not enter into a credit contract with you, or increase the credit limit of a credit contract with you, if the contract is unsuitable for you. The contract will be unsuitable for you if, at the time the contract is entered into or the credit limit is increased, it is likely that you will be unable to comply with your financial obligations under the contract, or could only comply with substantial hardship, or the contract does not meet your requirements or objectives.

We must make an assessment whether the contract will be unsuitable for you before entering into a credit contract with you or increasing the limit of an existing credit contract.

We must give you a copy of our assessment (at no charge to you) if you request it:

  • before entering the credit contract or before the credit limit is increased, if you make the request before then;

  • within 7 business days, if your request is made within 2 years of entering into the contract or the credit limit increase; and

  • otherwise, within 21 business days.

We do not need to give you a copy of the assessment if your request is made more than 7 years after entering into the contract or the credit limit increase, or if the credit contract is not entered into or the credit limit is not increased.

 

Complaints

We have a dispute resolution procedure. If you have a complaint, you should contact us first, by using any of the contact details shown above.

If an issue has not been resolved to your satisfaction, you can lodge a complaint with the Australian Financial Complaints Authority (AFCA). AFCA provides fair and independent financial services complaint resolution that is free to consumers.

Website:           www.afca.org.au
Telephone:        1800 931 678 (free call)
Email:               info@afca.org.au
In writing to:      Australian Financial Complaints Authority, GPO Box 3, Melbourne VIC 3001

Statutory Information - Form 5

Form 5 - Information statement paragraph 16(1)(b) of the Code regulation 70 of the Regulations

Things you should know about your proposed credit contract

This statement tells you about some of the rights and obligations of yourself and your credit provider. It does not state the terms and conditions of your contract.

If you have any concerns about your contract, contact the credit provider and, if you still have concerns, the AFCA scheme, or get legal advice.

The contract


1      How can I get details of my proposed credit contract?


Your credit provider must give you a precontractual statement containing certain information about your contract. The precontractual statement, and this document, must be given to you before—

  • your contract is entered into; or

  • you make an offer to enter into the contract;

whichever happens first.

2      How can I get a copy of the final contract?


If the contract document is to be signed by you and returned to your credit provider, you must be given a copy to keep. Also, the credit provider must give you a copy of the final contract within 14 days after it is made. This rule does not, however, apply if the credit provider has previously given you a copy of the contract document to keep.

 

If you want another copy of your contract, write to your credit provider and ask for one. Your credit provider may charge you a fee. Your credit provider has to give you a copy—

  • within 14 days of your written request if the original contract came into existence 1 year or less before your request; or

  • otherwise within 30 days of your written request.

 

3      Can I terminate the contract?

 

Yes. You can terminate the contract by writing to the credit provider so long as—

  • you have not obtained any credit under the contract; or

  • a card or other means of obtaining credit given to you by your credit provider has not been used to acquire goods or services for which credit is to be provided under the contract.


However, you will still have to pay any fees or charges incurred before you terminated the contract.

 

4      Can I pay my credit contract out early?

 

Yes. Pay your credit provider the amount required to pay out your credit contract on the day you wish to end your contract.

 

5      How can I find out the pay out figure?

 

You can write to your credit provider at any time and ask for a statement of the pay out figure as at any date you specify. You can also ask for details of how the amount is made up.

Your credit provider must give you the statement within 7 days after you give your request to the credit provider. You may be charged a fee for the statement.

 

6      Will I pay less interest if I pay out my contract early?

 

Yes. The interest you can be charged depends on the actual time money is owing. However, you may have to pay an early termination charge (if your contract permits your credit provider to charge one) and other fees.

 

7      Can my contract be changed by my credit provider?

 

Yes, but only if your contract says so.

 

8      Will I be told in advance if my credit provider is going to make a change in the contract?

 

That depends on the type of change. For example—

  • you get at least same day notice for a change to an annual percentage rate. That notice may be a written notice to you or a notice published in a newspaper.

  • you get 20 days advance written notice for—

  • a change in the way in which interest is calculated; or

  • a change in credit fees and charges; or

  • any other changes by your credit provider;

except where the change reduces what you have to pay or the change happens automatically under the contract.

 

9      Is there anything I can do if I think that my contract is unjust?

 

Yes. You should first talk to your credit provider. Discuss the matter and see if you can come to some arrangement.

 

If that is not successful, you may contact the AFCA scheme. The AFCA scheme is a free service established to provide you with an independent mechanism to resolve specific complaints. The AFCA scheme can be contacted at

Website:                www.afca.org.au
Telephone:             1800 931 678 (free call)
Email:                    info@afca.org.au

In writing to:      Australian Financial Complaints Authority

GPO Box 3, Melbourne VIC 3001

 

Alternatively, you can go to court. You may wish to get legal advice, for example from your community legal centre or Legal Aid.

 

You can also contact ASIC, the regulator, for information on 1300 300 630 or through ASIC’s website at http://www.asic.gov.au.

 

Insurance

 

10      Do I have to take out insurance?

 

Your credit provider can insist you take out or pay the cost of types of insurance specifically allowed by law. These are compulsory third party personal injury insurance, mortgage indemnity insurance or insurance over property covered by any mortgage. Otherwise, you can decide if you want to take out insurance or not. If you take out insurance, the credit provider can not insist that you use any particular insurance company.

 

11      Will I get details of my insurance cover?

 

Yes, if you have taken out insurance over mortgaged property or consumer credit insurance and the premium is financed by your credit provider. In that case the insurer must give you a copy of the policy within 14 days after the insurer has accepted the insurance proposal.

 

Also, if you acquire an interest in any such insurance policy which is taken out by your credit provider then, within 14 days of that happening, your credit provider must ensure you have a written notice of the particulars of that insurance.

 

You can always ask the insurer for details of your insurance contract. If you ask in writing, your insurer must give you a statement containing all the provisions of the contract.

 

12      If the insurer does not accept my proposal, will I be told?

 

Yes, if the insurance was to be financed by the credit contract. The insurer will inform you if the proposal is rejected.

 

13      In that case, what happens to the premiums?

 

Your credit provider must give you a refund or credit unless the insurance is to be arranged with another insurer.

 

14      What happens if my credit contract ends before any insurance contract over mortgaged property?

 

You can end the insurance contract and get a proportionate rebate of any premium from the insurer.

 

Mortgages

 

15      If my contract says I have to give a mortgage, what does this mean?

 

A mortgage means that you give your credit provider certain rights over any property you mortgage. If you default under your contract, you can lose that property and you might still owe money to the credit provider.

 

16      Should I get a copy of my mortgage?

 

Yes. It can be part of your credit contract or, if it is a separate document, you will be given a copy of the mortgage within 14 days after your mortgage is entered into.

 

However, you need not be given a copy if the credit provider has previously given you a copy of the mortgage document to keep.

 

17      Is there anything that I am not allowed to do with the property I have mortgaged?

 

The law says you can not assign or dispose of the property unless you have your credit provider’s, or the court’s, permission. You must also look after the property. Read the mortgage document as well. It will usually have other terms and conditions about what you can or can not do with the property.

 

18      What can I do if I find that I can not afford my repayments and there is a mortgage over property?

 

See the answers to questions 22 and 23.

 

Otherwise you may—

  • if the mortgaged property is goods — give the property back to your credit provider, together with a letter saying you want the credit provider to sell the property for you;

  • sell the property, but only if your credit provider gives permission first;

OR

  • give the property to someone who may then take over the repayments, but only if your credit provider gives permission first.

 

If your credit provider won’t give permission, you can contact the AFCA scheme for help.

If you have a guarantor, talk to the guarantor who may be able to help you.

You should understand that you may owe money to your credit provider even after the mortgaged property is sold.

 

19      Can my credit provider take or sell the mortgaged property?

 

Yes, if you have not carried out all of your obligations under your contract.

 

20      If my credit provider writes asking me where the mortgaged goods are, do I have to say where they are?

 

Yes. You have 7 days after receiving your credit provider’s request to tell your credit provider. If you do not have the goods you must give your credit provider all the information you have so they can be traced.

 

21      When can my credit provider or its agent come into a residence to take possession of mortgaged goods?

 

Your credit provider can only do so if it has the court’s approval or the written consent of the occupier which is given after the occupier is informed in writing of the relevant section in the National Credit Code.

 

General

 

22      What do I do if I can not make a repayment?

 

Get in touch with your credit provider immediately. Discuss the matter and see if you can come to some arrangement. You can ask your credit provider to change your contract in a number of ways—

  • to extend the term of your contract and reduce payments; or

  • to extend the term of your contract and delay payments for a set time; or

  • to delay payments for a set time.

 

23      What if my credit provider and I can not agree on a suitable arrangement?

 

If the credit provider refuses your request to change the repayments, you can ask the credit provider to review this decision if you think it is wrong.

 

If the credit provider still refuses your request you can complain to the AFCA scheme. Further details about this scheme are set out below in question 25.

 

24      Can my credit provider take action against me?

 

Yes, if you are in default under your contract. But the law says that you cannot be unduly harassed or threatened for repayments. If you think you are being unduly harassed or threatened, contact the AFCA scheme or ASIC, or get legal advice.

 

25      Do I have any other rights and obligations?

 

Yes. The law will give you other rights and obligations. You should also

 

READ YOUR CONTRACT carefully.

 

 IF YOU HAVE ANY COMPLAINTS ABOUT YOUR CREDIT CONTRACT, OR WANT MORE INFORMATION, CONTACT YOUR CREDIT PROVIDER. YOU MUST ATTEMPT TO RESOLVE YOUR COMPLAINT WITH YOUR CREDIT PROVIDER BEFORE CONTACTING THE AFCA SCHEME. IF YOU HAVE A COMPLAINT WHICH REMAINS UNRESOLVED AFTER SPEAKING TO YOUR CREDIT PROVIDER YOU CAN CONTACT THE AFCA SCHEME OR GET LEGAL ADVICE.

 

THE AFCA SCHEME IS A FREE SERVICE ESTABLISHED TO PROVIDE YOU WITH AN INDEPENDENT MECHANISM TO RESOLVE SPECIFIC COMPLAINTS. THE AFCA SCHEME CAN BE CONTACTED AT

 

Website:                  www.afca.org.au
Telephone:              1800 931 678 (free call)
Email:                      info@afca.org.au
In writing to:           
Australian Financial Complaints Authority

GPO Box 3, Melbourne VIC 3001


PLEASE KEEP THIS INFORMATION STATEMENT. YOU MAY WANT SOME INFORMATION FROM IT AT A LATER DATE.

Our Credit Reporting Policy

Credit Reporting Policy

Introduction

 

This is the credit reporting policy of LSL Alternative Credit Pty Ltd ABN 55 641 811 181 Australian credit licence number 526970 trading as Okre (“we “us” and “our”).

 

Words defined in the Privacy Act (Cth) 1988 (“Privacy Act”), the Australian Privacy Principles (“APPs”) and the Privacy (Credit Reporting) Code (“CR Code”) have the same meaning when used in this policy.

 

We also have a privacy policy which is available at www.okremoney.com/privacy.

 

Credit information that we collect

 

The kinds of credit information that we collect about an individual includes information (other than sensitive information) that may be provided to us from a credit reporting body (“CRB”), including:

  • identification information such as name, any alias or previous name, date of birth, gender, current or last known address and 2 previous addresses, and driver licence number;

  • information about consumer credit provided to an individual including the name of the credit provider, whether the credit provider is an Australian credit licensee, the type of consumer credit, the day on which the consumer credit is entered into, the terms or conditions of the consumer credit that relate to repayment, the maximum amount of credit available under the consumer credit, and the day in which the consumer credit is terminated or otherwise ceases to be in force;

  • information about whether or not an individual has met an obligation to make a monthly payment of consumer credit, the day on which the payment is due, and the day on which the payment is made;

  • a statement that an information request has been made to a credit reporting body in relation to the individual by a credit provider;

  • the type of consumer credit or commercial credit, and the amount of credit, sought in an application made by the individual to a credit provider and in connection with which a credit provider has made an information request in relation to the individual;

  • information about payments that are at least 60 days overdue for consumer credit and more than $150, where the credit provider has requested payment and recovery is not prevented by a statute of limitations;

  • information that an overdue payment has been paid;

  • information about arrangements with credit providers;

  • information about court judgments (but not for criminal proceedings) against an individual that relate to credit applied for or given to an individual;

  • personal insolvency information;

  • publicly available information that relates to the individual’s activities and the individual’s credit worthiness and that is not court proceedings information about the individual or information about the individual that is entered or recorded on the National Personal Insolvency Index; and

  • the opinion of a credit provider that the individual has committed, in circumstances specified by the provider, a serious credit infringement in relation to consumer credit.

 

Credit eligibility information

 

If we obtain credit reporting information on an individual from a CRB, or we derive information from it that has any bearing on the individual’s credit worthiness and could be used in establishing the individual’s eligibility for consumer credit, we refer to this information as “credit eligibility information” in this policy.

The types of credit eligibility information that we hold includes the credit information listed above. It may also include information such as credit scores and assessments which we generate from this information.

 

How we collect and hold credit information and credit eligibility information

 

We collect credit information from customers either by telephone, in person or in documentation such as an application form (which may be an online application). We may also collect credit information when you make a request or enquiry of us.

 

We also collect credit information from publicly available sources or third parties, such as a referee provided by you, a CRB or other credit provider, an insurer of your property, or a person selling your debt to us or engaging us to collect the debt.

 

We will hold credit information and credit eligibility information in secure electronic and physical files.

 

Why we collect hold, use and disclose credit information and credit eligibility information

 

We may collect, use, hold and disclose credit information and credit eligibility information when permitted by law:

  • to assess an application for credit or a guarantor;

  • to use a credit reporting body;

  • to manage credit that we provide;

  • to assist customers avoid defaulting;

  • to collect debts;

  • to comply with laws;

  • to deal with complaints;

  • to assist other credit providers to do these things; and

  • for other lawful purposes.

 

Disclosing credit information to a credit reporting body

 

We may disclose credit information about you to a CRB. The CRBs that we are likely to disclose your credit information to are as follows:

 

If we disclose your credit information to a CRB:

  • the CRB may include the information in reports provided to credit providers to assist them to assess your credit worthiness; and

  • if you fail to meet your payment obligations in relation to consumer credit or commit a serious credit infringement, we may be entitled to disclose this to the CRB.

 

Each CRB has a policy about the management of credit-related personal information. You can get a copy of the policy by contacting the CRB using its contact details above.

Your rights under the Privacy Act in relation to credit-related information

 

Your rights under the Privacy Act in relation to credit-related information include the following:

  • You may obtain the CRB's policy about the management of credit-related personal information by contacting the CRB. See contact details above.

  • You have the right to access credit-related information that we hold about you from us, to request us to correct the information, and to make a complaint to us.

  • You have the right to request a CRB not to use credit reporting information about you for the purposes of pre-screening of direct marketing by a credit provider.

  • You have the right to request the CRB not to use or disclose credit reporting information about you if you believe on reasonable grounds that you have been or are likely to be a victim of fraud.

 

Overseas recipients

 

We are likely to disclose credit information or credit eligibility information about you to overseas recipients who provide services to us and who do not have an Australian link. Those recipients are likely to be located in the United States of America, India, Philippines, or Hong Kong, China.

 

How to access credit eligibility information

 

On request from you we will provide details of the credit eligibility information we hold about you. The release of information is subject to some exceptions such as information relating to existing or any anticipated legal proceedings, together with exceptions provided by the Privacy Act.

 

Unless unusual circumstances apply, we should provide access to you within 30 days of the request.

 

We reserve the right to charge a fee for providing access to your information when permitted by law.

 

To protect your personal information, the request to us must be in writing and can be sent by letter or email. All correspondence should be addressed to:

 

Mail:     The Privacy Officer, Level 1, 131 Clarence Street, Sydney NSW 2000

Email:   privacyofficer@okremoney.com

 

Our objective is to respond to any request within a reasonable timeframe.

 

How to seek correction of credit information or credit eligibility information

 

We aim to ensure that credit information and credit eligibility information about you is accurate, up to date and complete. Amendment of information will be conducted upon written or verbal request from you. You can contact us on +612 9000 1216 or write to the Privacy Officer to do this.

 

Complaints

 

Under the Privacy Act you have the right to make a complaint to us about an act or practice engaged in by us as a credit provider that may be a breach of Part IIIA of the Privacy Act (which deals with credit reporting) or the CR Code (a “Credit Privacy Complaint”). 

 

If you make a Credit Privacy Complaint, you must specify the nature of the complaint. It may relate to personal information that has been destroyed or de-identified. We will not charge you for making or dealing with the complaint. Within 7 days we will give you a written notice that acknowledges the making of the complaint and sets out how we will deal with the complaint, and we will then investigate the complaint. If we think it is necessary we may consult with a CRB or another credit provider. After investigating the complaint we will within 30 days (or any longer period agreed by you in writing) give you a written notice setting out our decision.

If you are not satisfied with our decision you may access our external dispute resolution scheme, the Australian Financial Complaints Authority (“AFCA”). AFCA provides fair and independent financial services complaint resolution that is free to consumers.

 

Website:           www.afca.org.au
Telephone:        1800 931 678 (free call)
Email:               info@afca.org.au
In writing to:      Australian Financial Complaints Authority, GPO Box 3, Melbourne VIC 3001

 

Alternatively, you may make a complaint to the Office of the Australian Information Commissioner.

 

Changes to this policy

This policy is subject to change over time without prior notice. We may amend this policy by updating this posting.

 

Copies of this policy

 

You can ask us to provide you with a copy of this policy, including a hard copy, by contacting us using the contact details above.

 

Date published: 1 October 2021

Target Market Determination

Other Notes:

Changes to these documents

Please check this site regularly as we amend and update these documents from time to time. 

Copies of these documents

If you are an existing customer, you can ask us to provide you with a copy of any of these documents , including a hard copy, by contacting us using the contact details above.

 

 

 

 

Date published: 28 January 2022

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