Warning: Late repayments can cause you serious money problems. For help, go to moneyadviceservice.org.uk. We provide a broking service and are not a lender.

Representative APR 1294.1% £200 payday loan for 28 days. Total repayable £244.80. Charge for credit £44.80 - interest only. Interest rate 0.8% per day, equal to 292% p/a (fixed)

Responsible lending

Our commitment to responsible lending is at the heart of everything we do

Responsible payday loans

We believe in doing things the right way. That’s why we only work with lenders that share our commitment to responsible lending. All of our lenders are fully regulated and based in the UK. Furthermore, we have vetted all lenders to make sure they only lend to people who can afford a payday loan.

When we say we are committed to responsible lending, we mean it.
That’s why we came up with our Responsible Lending Charter, so you know what we stand for.

Our Responsible Lending Charter

Our credit broking service is based on 3 core principles

No fee credit broker

1. Transparency

Making our processes totally clear to customers is very important for us.

Payday loan practices have come under scrutiny in recent times, but we pride ourselves on being absolutely upfront about how our service works for you. We don’t try to bamboozle you with complicated wording, and promise never to charge you any fees for our credit broking service.

Online lenders

Lending sensibly

We only work with lenders that follow our same high standards. This includes only lending to people who can afford to repay their loans.

Secure payday loan

Security

The security of you and your details is a responsiblity we take very seriously. We use cutting edge technology, including encryption techniques and secure servers, to ensure you are protected at every point.

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
  • financial advice
  • 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 Practice

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

Non-payment implications

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.