Financial Institution sets New Standard for Australasia

9 October 2012, 10.30am – For Immediate Release

Financial Institution sets New Standard for Australasia

A leading 3rd tier lender has developed a new industry-leading system that gives its customers real-time access and up-to-the-minute updates about the status of their loan, a first for Australasia.

“New Zealand borrowers can now have even more confidence in the level of disclosure when gaining short-term loans,” says Richard Yoon, Ferratum New Zealand’s Director and Country Manager.

With the Government looking at tighter regulations on the third-tier lending sector, Ferratum believes that this new system not only now sets a new standard for the lending sector, its disclosure regime is setting a new benchmark standard across Australasia,” said Mr Yoon.

Customers can now have real-time access and up-to-the-minute information about their cash & payday loans together with access to their Facility Disclosure Statement, Loan Disclosure Statement and Terms and Conditions that we can comply with New Zealand Acts & Regulations.

Ferratum believes that New Zealanders who are about to sign a contract for a personal loan, or other consumer credit should have confidence that loan providers are fully disclosing terms and conditions to applicants.

“What we are seeing is New Zealand borrowers wanting to know more about their loans and wanting the ability to check any charges being incurred on a given day. Ferratum provides that information,” said Mr Yoon.

This means our customers will have the ability to make financial choices based on full knowledge of the status of their loans.

“With Ferratum’s new system customers no longer have to wait until the end of month to see what charges they are incurring. We believe the Government should look at our system and would like to see this become a new standard in the disclosure regime,” said Mr Yoon.

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