Who is really lending you money?

Elizabeth Barry 10 November 2016

borrowing from a lender

Your loan funds probably aren't coming from who you think they are. Welcome to the complicated world of lending.

Lenders are joined to other lenders in ways you wouldn't imagine. While you might think that you're being approved for a loan with Lender A, it's Lender B that's really sending you the money.

Want to know who is actually lending you money? We've investigated so you can know.

Who you think you're borrowing fromWho you're actually borrowing from
Spotter LoansRate Detective
Loans EasyEasy Financing
MyOzMoneyMoneyMe
Cash at CallThe Personal Loan Store
Loans By PhoneSafe Financial Group
Absolute Financial ServicesMarcoo
Perfect PaydayPingtree
cashonyourmobile.net.auFish4Loans
Capfin DirectFundco
Purple PaydayPingtree
Cash TodaySwift Financial Services Credit Provider
Viva Payday LoansPingtree

How can you make sure of who you're borrowing from?

Brand names can make borrowing confusing, but there are a few simple tricks to find out exactly what financial institution you're borrowing from:

  • Check the website footer. At the bottom of a lender's website will be information on whether or not the lender's name is a trading name, as well as its credit licence. You can also check the lender's "about us" page for this information.
  • Confirm with ASIC. The Australian Securities and Investments Commission has various registers that allow you to check on companies. You can search ASIC Connect's Professional Register to ensure a lender is licenced and operating as it says it is. You can also check the list of Authorised Deposit-Taking Institutions if you want to search for a bank, credit union or building society.
  • Check the physical address. You can also search a company's physical address to see if it is listed as belonging to another lender.

Image: Shutterstock

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