Part A – Introduction

1. About This Code

1.1 This Code is the AFIA Online Small Business Lenders Code of Practice (the Code). The Code commenced on 30 June 2018 and version 2 became effective on 1 December 2022. This version is effective from 12 September 2024.

This Code:

a. Promotes a customer-centric approach to the design, marketing and distribution of Online Small Business Loan products;

b. Promotes high industry standards of service for customers and builds best practices across the industry;

c. Supports compliance with legal and industry obligations; and

d. Provides a benchmark for consistency within AFIA’s members who are online small business lenders about matters such as disclosure of comparable financial information to borrowers.

1.2 This Code is binding on AFIA members who have been approved as Code Compliant Members (Code Signatories) by the Online Small Business Lenders Code Compliance Committee. Code Signatories have joined the Code voluntarily because we acknowledge the importance of the adoption of high standards of service and business practices in the industry. A full list of signatories can be found here.

1.3 The words “we”, “us” and “our” are to be read as applying to a Code Signatory. Other words and phrases that have special meaning are identified with capital letters and are defined in Definitions and the Glossary of Terms.

1.4 This Code applies to Online Small Business Loans provided to you if we were a Code Signatory at the time the Loan Product was entered into.

1.5 Even if we cease to be code compliant, we will continue to be bound by this Code for the duration of your Online Small Business Loan.

1.6 If we entered into a loan with you before the time we became code compliant, we will comply with our obligations to the extent it is practicable to do so under the Key Commitments in relation to anything that occurred after the time we became code compliant, and in our future dealings with you.