Put your money where your trust is

Put your money where your trust is

Why Nifty Personal Loans is the lender for you.

In light of the recent fine laid down to the Commonwealth Bank of Australia for breaching anti-money laundering and counter terrorism laws, the credibility of Australian lenders has once again come under scrutiny. The massive $700 million settlement, the largest ever civil penalty in Australian corporate history, was agreed upon by CBA and the Australian Transaction Reports and Analysis Centre (AUSTRAC) earlier last week.

It is said that CBA’s breach of anti-money laundering laws allowed large crime syndicates to launder funds through the bank’s ATM’s and Intelligent Deposit Machines (IDM’s). The bank and trusted lender failed to carry out appropriate assessment of the risks of the IDM’s and failed to report suspicious matters on time, or at all, involving transactions in the tens of millions of dollars. These are just part of a long list of breaches that CBA has now admitted to carrying out on 53,750 separate occasions.

Managing director of Nifty Personal Loans, Andrew Bell, thinks it’s time that the big banks are held accountable for abuses of power. “As financial lenders, our main job is to provide a service to our customers that ensures that their money, privacy and trust are 100% safe at all times. In this industry, the rules are there for a reason. Compliance is king in our company, and our processes are designed to ensure the consumer always, always comes first,” Bell stated.

Along with the Commonwealth Bank’s indiscretions, ANZ has also found itself caught up in ongoing legal proceedings after the bank was knowingly involved in alleged cartel conduct by the lead managers. The Australian Competition and Consumer Commission (ACCC) are hoping to charge ANZ, along with Citigroup, Deutsche Bank and JP Morgan with criminal action relating to ANZ’s institutional share placement.

“The big banks are generally trusted because of their size, client base and wide variety of services. However, when 2 of the big 4 banks are currently tied up in legal proceedings relating to criminal activity, perhaps it’s time to go back and look at what it means to be a trustworthy and legitimate money lender,” Bell said.

“The finance services industry already receives so much slack because of dodgey lenders and greedy loan sharks. With the big banks putting their credibility in question, Australian consumers are left wondering where to turn. That’s where Nifty Personal Loans comes in.”

Nifty Personal Loans is a small alternative lender that has been making waves in the finance sector with its fast approval times, easy processes and responsible lending. The Brisbane-based lender has been making strong efforts to show Australian consumers what a responsible financial institution looks like and what warning signs to look out for when it comes to putting their trust, information and money, in the hands of someone else.

“With such a heavy presence of online scams floating around on the internet, consumers are becoming more and more wary of who to trust, and rightly so. We’re all about trust and transparency and we would never want any Australian to find themselves a victim of a scam,” added Mr Bell.

Bell also provided his top tips for detecting and avoiding online loan scams.

  • You’re asked to make upfront payments before you’ve received your loan
  • You’re asked to make a payment to an Australian or overseas bank account, a cryptocurrency wallet or a gift card for them to redeem
  • The company contacts you from a generic email address, such as gmail, hotmail or outlook
  • You’re approved for a loan amount that is much higher than what you applied for
  • The company contacts you without you ever submitting an application or enquiry

“If you experience any of these warning signs, report it straight away. It’s wrong to just stand idly by while criminal activity takes place under your nose. Whether it’s happening to you, to someone you know or within your own company, you could be saving someone from having their life crumble around them, just by speaking up,” Bell said.

“Our goal at Nifty Personal Loans is to provide a helpful, trustworthy and legitimate service to all Australians. We take our responsible lending obligations very seriously and we would never do anything to jeopardize the trust of our customers. We’re a company built on family values and it’s not in our nature to hurt our family members. That’s the Nifty promise.”

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