The Lending Application on Lending Hub is safe, secure and simple to complete. The following indicates the steps of the process and the information you will need to supply to us so that we can process your details and get you started depositing funds and bidding on loans.
Security of Information
When you interact with Lending Hub and provide us information about yourself and your personal situation we ensure that your data is kept secure and cannot be accessed by any other member. We keep your profile as a lender or borrower in anonymous form. For further details on how we treat your personal data please read through our privacy policies.
Consent to Doing Business Electronically
When you first access the application you will be required to consent to our "Disclaimer and Consent to Doing Business Electronically" which means that we will provide all forms, agreements, communication and notices to you either via the website or in an email. You also agree to sign agreements electronically (i.e. no physical signatures are required).
Who can Apply to Become a Lender on Lending Hub
To be able to start and complete a Lending Application on Lending Hub you must confirm that you meet the following criteria:
- That you at least 18 years of age
- That you an Australian resident
- You have an Australian bank account
Lending Application - Step 1
Step 1 of the application will allow you to start creating your loan listing and here you state how much you want to borrow, the purpose of your loan and your financial status. You should provide us with details on:
- Your salary, wage and any other income
- Your expenses and existing debt repayments
- Any loans, debts, credit card limits you have
- Any assets you own and your home ownership status
Lending Application - Steps 1 to 2
To complete Steps 1 and 2 of the application you will need to provide us with the following:
- Personal details such as full name, date of birth and driver's licence
- Residential details (previous and current)
- Details for an Australian bank account
Your bank details are kept private and confidential and are neccessary so that we may arrange for repayments to your bank from any loans you have actively invested in.
Lending Application - Step 3
At this step you will have the opportunity to review the information you provided in previous steps and modify or amend anything prior to submission.
At this step you agree to us submitting your information to an agency so that we may identify you. You also have the opportunity to read the various agreements you must sign electronically prior to submitting your information.
Note: Please ensure that your details are entered correctly. If you enter the wrong details we may not be able to process your application. You should read all the agreements carefully at this stage as these agreements are legally binding.
Lending Application - Depositing Funds
If we successfully process your application you will be able to start bidding on active loan listings. To start bidding you will need to deposit funds into your Lending Hub Account which you can do either through direct bank transfer or PayPal.