Code of Practice
We operate a rigorous code of practice In order to ensure that we act as responsibly in our loan as a loans broker. Part of this means that we aim to make our service as clear and easy to understand as possible in all of our marketing materials, without engaging in any hard sell or misleading practices. We do not, for instance, target those who are unable to afford our loans and attempt only to lend to those who are likely to be able to repay the loan within the agreed period.
A key part of our code of practice involves offering you flexibility. Traditional loans were harder to repay because it was only possible to loan set amounts, regardless of whether these were higher or lower than the exact amount you needed. With our system, borrowing the exact amount you need becomes easier making it more likely that our customers will be able to stay within their means when they take out a pay day loan. The usefulness of this is not to be underestimated – few things can help people repay their loans more easily than helping them to borrow the right amount.
Furthermore, we pride ourselves on offering a transparent service which contains no hidden charges or fees. All customers are made aware of exactly what fees are expected of them when they sign up. The main one to bear in mind is the late/missed payment fee. Failing to repay one of your loan installments on time can mean that you incur this fee on top of the interest that you are paying on the amount you loaned. Doing this repeatedly can mean repaying significantly more than you originally intended.
If you are struggling to meet your payments it is often possible to roll over payments in order to avoid paying the missed or late payment fee. In order to roll over payments all you have to do is contact us in a timely manner before the time when you expect to have trouble paying. We may then decide to defer charging a late fee although interest will continue to accrue on the principle at the pre-agreed rate.
If at any point you feel you are no longer able to meet the terms of your loan agreement or repay the loan at all it is important that you contact us as soon as possible in order to make arrangements. Like the majority of lenders we co-operate with debt management counsellors and when necessary will happily agree a more suitable debt repayment schedule with you.
However, it is part of our code of practice to make sure that this happens as little as possible and in general we attempt to lend only to those who we feel are likely to be able to repay within 31 days. This is another part of what it means to be a responsible lender. As such, it is crucial that you give us accurate information about your monthly earnings when you fill in an application form.