WARNING: Late repayment can cause you serious money problems. For help and advice go to: moneyadviceservice.org.uk. | Representative 277.5% APR

 WARNING: Late repayment can cause you serious money problems. For help and advice go to: moneyadviceservice.org.uk. | Representative 277.5% APR

Responsible Lending

Responsible Lending

Responsible Lending

Responsible Lending

Our responsible lending policy

As a licensed credit broker and Financial Conduct Authority (hyperlined to www.fca.org.uk) authorised and regulated business, treating our customers fairly and facilitating responsible lending is vitally important to us. GetMyLoans hand selects, and works with the best, and most trusted direct lenders in the UK to provide flexible credit, short term and instalment loans that meet our customers needs, responsibly.


We aim to always operate transparently and with our customer’s financial wellbeing in mind.

We require our lending partners to have their own Responsible Lending Policy in order to protect our consumers. Some of these lenders belong to the BCCA (hyperlinked to www.bcca.co.uk), the trade association for firms providing alternative financial services. Others are members of the Consumer Finance Association, (hyperlinked to www.cfa-uk.co.uk), who represent the majority of short term lending businesses in the UK. This means all of our lenders must abide by a strict short term lending code of practice and 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 particular lender.

It’s important to fully understand that an instalment loan is by definition, a loan that is taken and repaid over 3 to 12 months. If you have taken out four or more of these types of loans within the last year, then we highly advise that you seek debt and budgeting advice (hyperlink to debt advice page) to help you manage your finances effectively.

The majority of our lending partners will not allow a borrower to receive more than 30% of their net income each month.

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

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

Our lending partners require customers to meet their minimum lending criteria and affordability checks. They do not offer their short term or instalment loan services to people who cannot afford an increase in monthly outgoings, or who will be unable to repay in time.

Short term and instalment loans are a short-term solution and not designed for everyday spending, holidays or leisure. Our lenders will not provide loans to customers looking to borrow for this purpose.

Our lenders will not lend to customers who are experiencing problems with debt. Customers with current debt issues should seek debt-counselling advice. 


Implications of a non-payment:

If you are experiencing financial difficulty, it’s important to talk to your lender so that they can help you as best they can.

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

Lenders are required to report all non-payments to Credit Reference Agencies. Late and missed payments have a negative impact on your credit rating, and may impact your ability to obtain credit in the future. If you are struggling to meet repayments, please contact your lender directly to make alternative arrangements. Or, get in touch with GetMyLoans™ and we will forward 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.

 

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