Credit Guide – Business, Asset & Private Finance
This Credit Guide applies to commercial, asset and equipment finance and private funding services provided by Papara Pty Ltd trading as Stratium Finance. It sets out important information to help you decide whether to accept our assistance in obtaining a credit contract or consumer lease. We will also give you a copy as soon as practicable after it becomes apparent we are likely to provide credit assistance to you.
Who we are
Corporate Credit Representative: Papara Pty Ltd trading as Stratium Finance (ABN 63 666 308 943), Corporate Credit Representative Number 571077
2/197 Rocky Point Road, Sans Souci NSW 2219 · 0415 319 443 · info@stratiumfinance.com.au
Australian Credit Licensee: COG Aggregation Pty Ltd (ABN 99 124 319 857), Australian Credit Licence 389527
Level 1, 2 Roche Street, Hawthorn VIC 3122 · 1300 88 77 54 · info@cogaggregation.com.au
What is credit assistance?
We provide credit assistance when we suggest or assist you to apply for a particular credit contract with a particular credit provider, suggest or assist you to apply for an increase to the credit limit of a particular credit contract, or suggest you remain in a particular credit contract. You engage us to arrange a loan on your behalf, and we act as an independent contractor to help you obtain and negotiate it.
Fees payable by you
We sometimes charge a fee for our services. Details of any fee will be set out in a Quote we give you before a finance application is lodged. No commission is payable by you to us; commissions are paid by the credit provider.
How we are paid
We are paid commissions by credit providers for introducing customers, usually based on the size of the loan and the loan product selected. We only receive a commission if your loan settles, paid either directly by the lender or through our aggregator.
- Commission/brokerage (paid shortly after settlement): ranges from 0% to 5% depending on the type of finance, calculated on the net amount financed plus GST.
- Volume bonus: we have volume bonus arrangements with the majority of our credit providers. If volume targets are met, the credit provider may pay us additional commission.
If you would like a detailed estimate of the commission a particular credit provider would pay us, we will provide it.
Referrers and referral fees
Your business may have been referred to us by third parties such as accountants, financial planners or motor dealers, and we may pay them a referral fee. If so, they should already have told you, and we will disclose the fee or a reasonable estimate in our Proposal Disclosure Document. You can also ask us how much was paid and how it was worked out.
Preliminary assessment
We must only recommend credit products that are not unsuitable for you. To do this we complete a preliminary assessment of your requirements and objectives, your financial and relevant personal situation, and your ability to repay the loan. We are required to take reasonable steps to verify information you provide, which may include asking for documents about your financial situation and contacting third parties.
You may request a copy of your preliminary assessment at no charge. We must provide it within 7 business days if requested within 2 years of the assessment, or within 21 business days if requested between 2 and 7 years after it.
Credit providers we use most
We source credit products from a range of banks, lenders and other credit providers. At present we write a greater percentage of loans with: Resimac Asset Finance, Plenti, Pepper, Angle Finance, Shift and OnDeck. These lenders do not necessarily represent all lenders offering credit of the nature you seek.
Complaints
Internal dispute resolution: if you have a complaint, please contact us using the details above and we will try to resolve it quickly and fairly. You can also contact COG Aggregation on 1300 88 77 54 or info@cogaggregation.com.au.
External dispute resolution: if we cannot resolve your complaint satisfactorily, or you have not received a response within 30 days, you can escalate it to the Australian Financial Complaints Authority (AFCA), a free and independent service: 1800 931 678, info@afca.org.au, www.afca.org.au.
Based on COG Aggregation Credit Guide V17 202307.
