Lend Assess is certainly a unique system! A common approach to assessing affordability is to look at what someone receives in income and then minus all of their expenses to see what amount (if any) disposable income is left over. What if you are dealing with customers that spend all their disposable income because its available to them and they aren't great at saving? What if what they spend it on is just random expenses that aren't important or critical to their day to day living and your contract is? Basically the old way rejects people that might otherwise be valid customers. Lend Assess takes on a new approach. We instead look at WHAT the customers spend their money on - not IF they spend it or not.
By looking at what the expenses are we can determine if discretionary items can be forgone in order to afford a contract - meaning those otherwise rejected applications could very well be written. We have also made sure that outcomes from various industry studies and reports, such as the Banking Royal Commission - are also implemented within Lend Assess to cover all bases. Sounds simple right? Well that's because we have done all the hard thinking for you and created a user friendly system where you plug in data and it spits out an answer. Leave the complicated math theories or 'Why does this need to do this?' questions to us and enjoy the simplicity of knowing the system works.
Scared by the though of ASIC looking through your contracts?
Scared of what boxes you haven't ticked or which policy isn't in place that will protect the customer from the big, bad, nasty credit contracts?
Had an investigation by ASIC already and are shocked by the intricacies that they found and the errors that you didn't even know existed?
Looking to enter the Credit Industry and want to make sure you avoid the wrath of the regulators from the very start?
Fret no more! Lend Assess is the system that you need to reduce that worry!
Lend Assess is a complete customer affordability assessment program that does all of the hard work for you in terms of calculations in relation to affordability. You simply upload the customers bank statement and apply transactions into set categories and then watch the system produce the answer. Because each element of the customer's income and expenses has been taken into account their is nothing left unseen or not included in the calculations that could create doubt about the customers's ability to afford your contract. This means you have a much stronger connection to your Responsible Lending Obligations. You don't have to worry about the complicated math or the human error that comes from individually assessing each transaction on your own and adding them up. Lend Assess does that all for you and gives you piece of mind that you are working inside the requirements of your Responsible Lending Obligations.