Preparation checklist

Preparation checklist. This is not an eligibility or credit assessment and does not predict whether any lender will lend.

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Questions to be able to answer

What the funds are for, in one or two sentences
How much you need, and the smallest amount that would work
How the loan will be repaid, and what happens if that is delayed
Who the borrower and any guarantors will be
Any arrears, defaults or tax debts, disclosed up front

Questions to ask every provider

The total of all fees, in writing, including exit and early repayment fees
The default interest rate and when it applies
Extension fees and how extensions are decided
Whether interest is paid monthly, capitalised or prepaid
Whether the provider holds an Australian Credit Licence, and its AFCA membership

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Preparation checklist

Documents

Questions to be able to answer

Questions to ask every provider