» Responsible Lending
The term ‘responsible lending’ refers to the concept of acting entirely within the best interest of a customer or client, ensuring that the terms they will be following are completely transparent and understandable, that the borrower is supported through problematic times and that they can completely afford to take out the loan they are applying for. Lenders have a responsibility to make sure that the people they are loaning money to understand the terms of their agreement. They should also carry out any necessary checks required on a lender to make sure that they are confident that the customers are suitable to take part in their service. Payday Loans Now has a responsibility to you as a customer to make sure that by lending money to us you do not simply get yourself into a deeper level of trouble. We will not lend you cash that you simply cannot afford to pay back, but that does not mean we will leave you stranded if you are in trouble, rather we are committed to helping you out, with the assistance of debt-related websites such as moneyadviceservice.org.uk and charities such as StepChange.
Managing affordability is of significant importance to the financial conduct authority and the assessment of responsible lending. Managing affordability has proven to be a challenge within the UK credit industry, and the FCA have demanded that any lending firm must be able to show that their customer’s ability to repay the money they have borrowed into account. Lenders must consider the anticipated income of the borrower when they reach a decision of whether they are eligible for a loan, short term or otherwise.
Unlike other lenders, here at Payday Loans Now we are committed to providing a flexible loan tailored to meet your needs without causing you any further financial distress. You simply choose the amount of money you need to borrow and how many days you need to borrow it for. You will never have to borrow more or less than you need, and you do not need to wait until your next payday to repay your loan if you have the cash available before-hand. Our loans are intended for short term use only, which means you should never try to use consistent payday loans as a way to deal with long-term problems. Our service terms are always completely transparent, and we will never attempt to trick you into anything that you haven’t fully understood. As soon as you apply for a loan with us, you will be shown the total amount you are expected to pay back, including any fees and interest before you decide whether taking out a payday loan with us is right for you.
No matter how you apply, we will assess your application on an individual basis, so you can rest assured that you will not simply be treat like any other customer. We are dedicated to ensuring that the only people we lend money to, are those who can comfortably afford to repay their loan within the time frame that they have selected. This means that even if you have used our service before, this will not guarantee approval, as we will need to check that your financial state has not changed. We are committed to building a relationship of trust and mutual respect with each and every one of our customers. We want you to feel comfortable with us, and you should never feel pressured into taking out a payday loan that isn’t right for you.
Remember, it is important to think very carefully about your circumstances before you commit yourself to taking out any form of credit, whether you’re choosing to take out a short-term loan with a payday lender such as Payday Loans Now, or considering traditional bank loan options. Once your application for a loan has been approved, you need to remember that the contract you are part of is a two way street. Just as we expect you to be able to trust us, we need to be able to trust you to keep your promise and pay back the amount you have borrowed on time. We want the relationship we share with you to be a trusting and happy one, so we lay out the facts for you to consider. Only you can make the final decision over whether you want to apply for a loan or not, but you should always ensure that you will have the funds to repay your chosen amount on the agreed-upon date.