ASIC enforcement – Responsible lending

The Federal Court has found that Money3 failed to make reasonable inquiries about the living expenses of the consumers, including failing to verify their living expenses, in a judgement from September 2025. Money3 is a provider of car finance that ASIC alleged breached responsible lending laws.

Money3 offered "Micro Motor" loans which involved lending a maximum of $8,000 to consumers for the purposes of purchasing second-hand vehicles. Money3 utilised internal documents, such as a matrix and guide, which set out the features, conditions and lending criteria of the Micro Motor loan product, and included knockout criteria to help Money3 determine whether an applicant was eligible for the product.