Responsible Lending Policy
We are proud to be a responsible credit broker. We think that Short Term Loans can be a great product, but have to be used appropriately. This is why we always do our best to live up to these aims:
- We won’t encourage you to take out a Short Term loan if we are aware it is not suitable for you.
- We won’t target you with our advertising if we are aware that you have long term financial issues, unemployed or under 18.
- We won’t encourage anyone directly to borrow more than they will be able to repay.
- We won’t charge you a fee to apply.
- aim to give you a clear, full, understanding of our services through our website
- follow legal and ethical marketing practices.
If you feel we are doing anything that doesn’t live up to these aims, please contact us and tell us.
We ask that anyone wishing to apply for credit via our website considers the re-payment cost and ensures that they will be able to meet this re-payment cost in full and on time, so that they may avoid any added fees or penalties.
A Short Term Loan is only ever intended to be utilised as a short-term option and therefore if you require a larger sum of money to be re-paid over a longer period of time, please do not apply for a loan via our website.
If you are experiencing financial hardship or if you are unsure about how to best manage the arrears you already have, please contact the Citizens Advice Bureau for help and support:
Where to get free debt advice
If you’re experiencing serious issues with debt, Short Term Loans may not be the right option for you. You’ll be able to find lots of advice that is both free and easily available. We suggest you start at the Citizens Advice Bureau , or the Government debt advice site. You can also go to an independent debt advice charity. All of these should offer free advice – be wary of anywhere that offers to help you with debt in return for a fee. If you are unable to resolve debt issues, you can contact the Financial Ombudsman for free on 0300 123 9123.
It’s definitely worth taking the time to take a serious look at your budget if you haven’t already. You’ll be able to find plenty of good budgeting information online. Before taking out a Short Term Loan, do work out if you can afford to repay it at the end of the month, as they can be far more expensive if you don’t repay when you should.
Implications of Non-Payment
We always recommend repaying on time and our representative examples assume that you will. If you are unable to pay on time, each lender has their own policies with regards to fees and interest, and how they collect outstanding debts. Some lenders may pursue claimants by legal means in the event of repeated non-payment. Most will contact you by phone or letter in order to rearrange payment. Non-payment may result in charges and/or raised interest and may affect your credit score.
If you wish to renew your loan, you should contact your lender in advance. Most lenders will charge the same rate of interest and fees for another month on the entire amount owed. In the event of non-payment, a loan renewal/extension could be automatic and further interest and/or charges may be added to your account.
You may have the opportunity to roll over your loan, which means paying off the interest earned to date and continuing to gain interest on the original loan amount over an extended term. This interest will most likely be at the same rate of interest that the original loan was charged at. Some lenders may insist on a rollover as opposed to a renewal.
It is important to keep track of what you’re doing with Short Term Loans. If you’re continually taking them out, and for more money each time, you may be misusing them and costing yourself more money than you need to. If this is the case, please consider independent advice and take a serious look at your budget.
Short term loans
It’s important to realise that Short Term Loans are short term products, not solutions to long term financial problems. If you are taking out Short Term Loans regularly in order to cover normal monthly expenses, you may need some advice or help.
- You must be over 18 years old
- You must be in permanent employment
- You must earn more than £750 net per month
- You must have a bank account with a valid debit card
- You must be paid monthly