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In Australia, most private lenders who engage in lending activities covered by the National Consumer Credit Protection Act 2009 (NCCP) are required to hold an Australian Credit Licence (ACL).

This includes those offering loans to consumers for personal, domestic, or household purposes, such as home loans, personal loans, and credit cards.

If a private lender is involved in business lending or providing credit to corporations, the requirements may differ, and an ACL may not be necessary.

However, the specifics can depend on the nature of the lending activities and the types of loans offered. It’s always advisable for lenders to seek legal advice to ensure compliance with the relevant laws and regulations.

In this article, I’ve covered the licensing requirements for private lenders, exemptions, and the critical role of the Australian Securities and Investments Commission (ASIC) in overseeing these regulations.

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When you begin searching for a home, you can count on many opinions and advice you do not need. Among these are usually a few half-truths and false assumptions about the industry. One such topic is getting a home loan with bad credit. People often believe that their journey to homeownership is over if they have a poor credit history. However, where conventional banks fail, we might be able to find a solution for you.

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If you are looking for a loan, it is likely that your thoughts automatically turn to a traditional bank. You may already have a relationship with a bank that holds car loans, mortgages and the like. However, you are doing yourself a disservice if you maintain the status quo and do not explore the other options available in loan lending.

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Updated: 15/03/2023

While most people aren’t entirely clear on the differences between private lenders and traditional banks, private lending is hardly a new concept. Recent tighter regulations have made traditional loans from big banks and larger lending institutions difficult to nearly impossible to secure for some borrowers. For this reason, private lending in 2023 may be the right solution for your home, commercial, or development finance needs.

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If you are having difficulties securing a loan from banks and are ready to give up, it might be time to look into private lending sources. In the majority of cases, private lenders will say yes when banks and second-tier lending specialists refuse to approve the loan.

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