The following information must be listed:
- Disclaimer: Your full financial needs and requirements need to be assessed prior to any offer or acceptance of a loan product.
- Additional disclaimer: Subject to lender terms and conditions.
- Licensing Statement: Credit Representative (insert number) is authorised under Australian Credit Licence 389328. Note: If you are advertising under a company banner, then the Corporate Credit Representative number is to be used in your Licensing Statement, not your individual credit representative number
- If there are interest rates, then comparison rates need to be listed. Refer to Advertising Interest Rates or Loan Repayments.
- Review for words that ASIC do not like. Refer to ASIC Guidelines to Advertising Terminology and Disclaimers.
- There should be a disclaimer along the lines of "Refer to full Terms and Conditions" (and then a link to the T&Cs).
- Furthermore, subject to terms and conditions should at least consist of:
Your application for finance must be submitted to the recommended lender by .............. (end date)
Your new loan must be settled prior to .................. (end date)
Your new loan amount must exceed $........ (amount financed) in obtaining rebate / gift card
Limit of 1 rebate / gift card for loan transaction (example shown)
(x payment) will be paid for settled loans (method) within (x days of settlement)
Other things to also consider for future campaigns:
Make sure that the Terms and Conditions match what you are advertising. For example, you may have "enter as many times as you like" as part of the promotion, however, there may be limitations in the fine print saying "you get one entry for every $100,000 you borrow, therefore a $300,000 loan equals 3 entries only". The Terms and Conditions of entry must match the advertisement
If you are advertising based on the number of referrals, think about what this means. If a customer refers 5 clients, but three of them would clearly not qualify for a loan does that mean 5 referrals or 2 referrals? Must the referral end with a successful loan application?
Think about how and when the competition will be drawn and how the winners will be announced. What happens if you cannot get in contact with the winner? Second prize draws etc.
There are many different variables that could arise, so please check with the compliance team for approval.
Please send over your competition campaigns to firstname.lastname@example.org for review and approval