More on Responsible Lending
We select our lenders based on their responsible lending policy to ensure the highest protection and
service for customers. Many of our lenders are signed up to a Code of Practice outlined by the
Consumer Finance Association and the BCCA ( ). All of our lenders are authorised and regulated by
the Financial Conduct Authority and adhere to the Data Protection Act.
We advise that you familiarise yourself with your matched lender’s responsible lending code of
practice before signing the loan agreement.
Things to bear in mind:
- Payday loans are, by their very nature, short term loans designed to be taken for a period of
a month or less.
- If you take out a payday loan more than four times in a year, we recommend that you seek
- Payday loans are not designed for ‘leisure’ and should not be taken out unless completely
necessary. Payday loans are designed to bridge the gap between paydays as a short term,
temporary solution to financial constraints.
- Always review both the Representative APR example that we provide and the APR example
provided by your lender. Our representative example may not be accurate and is designed
to present you with the potential cost of your loan. APR can differ depending on the lender.
- You should only apply for a payday loan if you are confident that you have the means to pay
it back. You should only apply for the amount you need since you will have to repay anything
you borrow, including an increased amount for interest.
- Before applying for a loan, you should ensure that the website you apply with has SSL
technology. This ensures privacy and security when inputting confidential details.
- You should ensure that the payday loan site that you use and the lender you are matched
with is regulated and authorised by the Financial Conduct Authority (FCA). Both the lender
and/or broker site should also be registered with the Data Protection Act. If a company does
not hold these titles, you cannot be sure that they practice responsible lending and you may
put yourself at risk.
- Lenders may only allow consumers to borrow no more than 30% of their net income each
month. We advise that you apply for 30% or less of your net income to prevent your
application from being dismissed.
- It is important to contact your lender directly if you are unable to meet your repayments.
You can find more code of practice information for the CFA here - CFA Code of
You can find out about the BCCA code of practice for short term lenders here -BCCA
Code of Practice
We will never:
- Encourage customers with a history of financial difficulty
- Lend to customers whom we do not believe can afford to meet the repayments
If you are unable to repay your loan, you must notify your lender as soon as you are aware. You
may agree upon a solution with your lender to prevent further action.
If you repay you fail to repay your loan or repay it late without giving prior notice, you may incur
a late/missed payment fee of up to £15. Charges will vary from lender to lender, so it is
important to understand which charges apply to you before agreeing to a loan.
You will also be charged interest on the outstanding loan amount. This will be at the same
interest rate as stated in your loan agreement.
If your lender cannot contact you to recover the debt, they may refer your case to a third party
debt collection agency or other organisation. You will often incur an additional charge to cover
the cost of referral and other attempts made by the lender to enforce their rights against you
under your loan agreement.
Your lender may report a late/missed payment to Credit Reference Agencies, resulting in a negative
effect on your credit score. This could prevent you from applying for credit in the future.
Responsible lending is a core pillar of our business. We ensure a high level of customer protection by
working with reputable lenders who each adhere to responsible lending practices.
A payday loan is not the best option for you if:
- You experience financial difficulty on a monthly basis
- You are having trouble repaying current creditors
- You wish to repay existing debt
If you are experiencing any of the above, we advise that you seek financial help through the
moneyadviceservice.co.uk and the nationaldebtline.org.