Responsible Lending

All of our associated lenders are required to have a Responsible Lending Policy in order to protect the consumers. Some of these lenders belong to the BCCA, which means that they must abide by a strict code of practice that pertains specifically to short term lending. Others are members of the Consumer Finance Association. Either way, these lenders have specific operational and ethical guidelines in which they must operate. Prior to accepting any loan, be sure to check the responsible lending codes of practice for that lender.

It's important to fully understand that a payday loan is by definition, a short term loan that is taken over the timeframe of a month or less. If you have taken out four or more payday loans within the last year, then we highly advise that you seek some debt and budgeting advice.

Most lenders will not allow a borrower to receive more than 30% of their net income each month. So if your application was denied, then perhaps try again for a lower amount.

Short term loans are never recommended for holidays or items that are considered 'leisure'. They are intended for individuals to mitigate any issues that they may have financially until the next payday is reached.

Be sure that the short term loan site that you use has an application that is secure such as SSL technology.

It is important that you fully comprehend the APR that the lender is offering prior to accepting a loan.

Be sure that you are able to pay back your loan when payday comes. Never borrow more than you can afford to pay back. If you believe you will miss your payment, then you must contact your lender immediately in order to come to an appropriate solution.

What lenders do not do:

Lenders do not offer funds to people whom they believe will be unable to repay their short term loans or for those seeking funding simply for holidays and 'leisure'.

Lenders do not target those that have current debt issues.

Implications of a non-payment:

It's important to talk to your lenders so that they can help you as best they can

Never borrow money that you do not believe you will be able to repay

All non-payments will result in the lender contacting the Credit Reference Agencies, which often times can have a negative impact on future credit ratings. If you believe you will miss a payment, it is imperative that you reach out to your lender and explain your situation by going to the 'contact us' page on the lender's website, or contact us. And we will return the details for you.
Some lenders may charge a missed payment / late fee of up to £15

Every lender has their own individual policy regarding non-payment or late payments. Please refer to their website for details

To find out more about the BCCA code of practice - go here