LoanU for Brokers
Partnering with us is easy.
Start referring your clients to a reliable and affordable online lender today.
With nowhere else to go, many hard-working Australians turn to the short-term payday loan trap. Our goal is to help them break this cycle and take back control of their finances.
We are not your everyday lender. We care about rewarding good repayment history, and help our customers get on a path to financial freedom.
Our loans help your clients to:
• Improve their credit score
• Save on interest
• Pay off their loan faster
We are a funding option between pay day loans and the banks- a real alternative to high-cost, short term loans.
What are the benefits for your clients?
U know they’re in good hands
We look beyond a credit score. We understand that life events such as sickness, a marriage breakdown or loss of employment can cause financial stress. Circumstances outside of our control can negatively affect credit rating. That’s why we look at the bigger picture. We carefully assess your clients based on their financial circumstances today, rather than past events.
U can help them get back on track
We also reward clients who show a good repayment history. Automatic interest rate reductions are applied at six-month intervals for good payers. This means your clients pay off their loan sooner and we help them to rebuild their credit profile.
U can provide a seamless service
LoanU has a simple online application process. There is no need for printing, signing, scanning or faxing. If approved, your clients will generally have their funds available within 48 hours and your referral fee will be paid in one easy, online transaction.
Acceptable Borrower Type
|Individual and joint applicants (maximum of 2 borrowers)|
|18 years or older|
|Australian citizens or permanent residents or Visa holders|
|Holds a current and valid Australian Driver License and Medicare Card|
|Currently employed with over 50% of their income from employment and non-government benefits (such as Newstart, Austudy/Abstudy or similar)|
|Resides in Australia with an acceptable, locatable, fixed and verified address|
Unacceptable Borrower Type
|Full time students with no demonstrated or sustainable income outside of education allowances|
|Undischarged bankrupts or in a current debt agreement (Part 9 or 10)|
|Unemployed or applicants where majority of income is from Newstart, Austudy/Abstudy or similar|
What your clients need to apply:
- 3 months of personal bank statements
(sourced during application through an online third-party provider)
- Identification documents including a current Australian Drivers License and Medicare Card
- Most recent 3 payslips (computerised) showing:
- Gross and net year to date income
- Applicant name and employer name
- Tax Returns and Tax Notice of Assessments for the most recently completed financial year
- Contractors may provide:
- Copy of their contract; or
- 2 years of financial statements prepared by an accountant or registered tax agent.
How do I become a referrer with LoanU?
- Contact us for a copy of our referrers agreement
- Read and send it back to us
- We will send a confirmation of your agreement implementation
- You will also receive a unique link for your clients to lodge their applications.
- Each application is attributed to you
- Receive commission payments for every successful application
- Receive a monthly performance report
- Payments are made directly to your bank account
- It’s quick and easy for you and your clients.
Get started. Talk to a partnerships manager today.