Responsible Lending Policy
Effective as of January 1, 2024
At LottoLend, our integrity and reputation depend heavily on our ability to act ethically and honestly. We take this responsibility very seriously. To guide our employees and directors in the highest standards of ethical business activities, we have developed the following Code of Conduct.
This Code of Conduct is a collection of rules and principles based on responsible lending practices currently present in Europe and Australia. With an underlying fundamental understanding that we are individually and collectively responsible for conducting business ethically and with integrity.
1.0 Compliance
We meet or exceed all legal requirements for lending in Canada. We are fully licensed in every province of operation. We conform to all rules and regulations pertaining to our regulatory environment. We are fully engaged in offering our clients credit solutions that totally comply with applicable federal and provincial laws and we will not take any actions that conflict with these regulations. This engagement applies to both the loan underwriting as well as any collection operations.
2.0 Security
We treat customer data with respect and concern. We do not resell customer information, and we take all necessary precautions to prevent it from being accidentally disclosed, using state-of-the-art encryption and business processes.
3.0 Transparency
In full compliance with applicable rules and regulations, we provide clear and comprehensive information about all rates, fees, and any other costs. We will not directly or indirectly mislead, manipulate or fraudulently influence our customers. Our employees will offer transparent and honest answers to any questions regarding the fees associated with our loans.
4.0 Sustainability
It is our goal to improve our customers' finances. We commit to voluntarily not lending more than 50% of a borrower's paycheque, including in regions where there are no legal limits on the amount of a loan. We, in good faith and with integrity, will only provide loans that are within our customer’s capacity for repayment. Using due care and diligence, and exercising our best independent judgment, we will provide loans that are inside of this repayment capability.
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