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Fintechs set fix lending code

A clutch of online small business lenders have released a Code of Lending Practice, to parallel the code used by banks.The Code is the handiwork of the lenders along with the Australian Finance Industry Association, the Australian Small Business and Family Enterprise Ombudsman, SME advocate, theBankDoctor.org and industry association FinTech Australia.Signatories to the Code are Capify, GetCapital, Moula, OnDeck, Prospa and Spotcap.The six said they were "committed to Code compliance by December 2018."Signatories must attest their compliance with the Code on an annual basis.

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