Code of Conduct
How We Treat Enquiries and Applications
We will make reasonable inquiries to verify your financial and personal situation before assessing whether you are eligible for a Limba Loan.
We require every Director and major Shareholder to be identified prior to completing Credit Checks.
We will not complete Credit Checks without first holding your signed authority via completion of a Limba Application Form.
We will not collect or charge an Application Fee until your Limba Loan is funded.
In An Industry that Lacks Transparency…
Being transparent is very important to us at Limba. We don’t charge hidden fees, we speak in plain English and we do our very best to ensure you understand what’s happening throughout.
We will provide an obligation free Quote stating all the setup costs and fees associated with a Limba Loan on request and will honour this during the available period noted within each Quote.
Our Loan Contracts include an easy-to-understand Summary Page and meet the regulators requirements around Unfair Terms & Conditions on Small Business Contracts, having been reviewed by an external Solicitor.
What’s in your best interest?
Here at Limba we don’t presume to know where your business is at, so we will actively engage in conversation with you to get an understanding around what your lending needs are.
We are proud to be a responsible lender and as such we will advise you whether we feel a different type of business loan or financing arrangement would be a better fit with what your lending needs are, even if that means recommending another type of Lender or Financier.
It is not in your best interest (or ours) for us to offer you a loan that we didn’t feel was affordable. We look for evidence to ensure that you can comfortably meet our repayments.
When Things Go Wrong…
Even with the best intentions and well laid out plans, things can go wrong from time to time. If things take a turn for the worse, let us know straightaway. We will do everything we can to work with your situation to give your business the chance to trade through the headwinds.
We will always treat you with respect and courtesy, regardless of your financial situation.
A lack of communication in these circumstances helps nobody and usually increases stress levels for both you and us, hence we will endeavour to reach out to you, whichever way we can, to gauge whether we can provide assistance or guidance.
If your loan falls behind and we are unable to establish contact with you to agree on a payment plan, at a minimum, we will follow the Debt Collection Guidelines as set out by ASIC and the ACCC with a view to recovery. Further to this, we will always advise you in advance before we start charging Default Fees.
When We Make Mistakes…
Here at Limba we are a people-business, where computers don’t decide if you’re a worthy credit-risk. As such, we can make mistakes.
We promise to honour any offer made where our mistake benefits you, conversely if our mistake disadvantages you, we will rectify this as soon as possible after it’s been identified.
We adopt a “Maximum Recoverable” policy
Although we’re not regulated or licenced like consumer lending, we think adopting a “Maximum Recoverable Policy” is a responsible thing to do, as it is with a Consumer Credit Licence.
With a Limba Loan contracted up to 12 months, we will collect a maximum of 2 times the Contracted Loan Amount.
With a Limba Loan contracted longer than 12 months, we will collect a maximum of 3 times the Contracted Loan Amount.
Commissions and Referral Fees
Where Limba Loans pays a Commission or Referral Fee for the introduction of a loan, this fee will be paid by City Finance Business Lending Pty Ltd trading as Limba Loans. As our client you do not pay for these fees.