RESPONSIBLE LENDING

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What is Responsible Lending?

Responsible lending refers to the practices carried out by lenders and brokers in the payday loan industry to ensure that they act in the customer’s best interests. The guidelines are provided by the Financial Conduct Authority who have been regulating the industry since 1st April 2014.

We regularly refer to responsible lending on our website because it is important that customers receive information which is clear, fair and not misleading and that any lenders we feature are compliant with their underwriting and collection practices, as explained in more detail below.

We Are Registered Comparison Site

In order to provide our customers with a list of payday lenders, we must have a license to do so. Quiddi Limited is a licensed credit brokerage business which is authorised and regulated by the Financial Conduct Authority Credit Act 1974.

Company number: 07677977
FCA Interim Permission Number: 645792
Data Protection: Z2787055

Your Details Are Secure

As part of our commitment to responsible lending, we ensure that any details that you provide on our website are secure. This is consolidated by our site being on a secure server (https) which encrypts any information entered on the site and makes it harder to access from outside sources.

In addition, whenever your details are entered on our site, mostly likely through our clever search tool, we ensure we will not pass on your details to any third parties without your permission and we will not debit your account.

Transparency

It is essential that our website and comparison tables show transparency and that the information is clear for the customer. This is why we make it very clear:

  • The name of the lender
  • Minimum and maximum amount you can borrow
  • Minimum and maximum time you can borrow for
  • Representative APR and example
  • Whether funds can be sent on the same day

This information should allow customers to make an informed decision on the cost of payday loan and be able to find the right product for them, without feeling obligated to apply with a specific lender.

The lenders shown on our website will be following the price cap to provide payday loans that are equal to or less than 0.8% per day or £124 per £100 borrowed.

The ‘Visit Website’ buttons allows users to click through to the lender’s website where you they can apply directly. We will not charge a fee for visiting a lender’s website or require any personal details. To keep the site free, we may receive an introductory fee from the lenders and this is highlighted by the buttons.

Clear Information About Lenders

We are committed to provide clear and simple information about the lenders we feature. So in addition to stating their criteria clearly on our comparison tables, we provide guides of useful information explaining how to interpret the costs of payday loans and how the application works.

We include a guide on the types of checks that lenders carry out. We only feature responsible lenders on our website who check each applicant accordingly.

Each lender has a basic criteria such as being over 18, in employment, earning a minimum take home, UK resident, mobile phone, email address and a working debit account. This allows the lenders to narrow down the most suitable applicants and avoid those borrowers that may apply for reasons that are not suitable.

When applying, each customer will undergo a credit check performed by a credit reference agency in the UK. This data will provide an insight into their repayment history for other financial product and indicate whether the applicant is the right person to lend to.

In addition, the responsible lenders we feature will need to conduct affordability checks to confirm how much customers earn. This can be achieved by requesting a bank statement, pay-slip or P45 – and it allows lenders to match the customer with a loan amount that they can afford to repay.

Lenders that fail to carry out affordability checks may lend money to a customer with too much outstanding debt or give funds to someone that is potentially unemployed or unable to afford the loan repayment.

Collection Practices

We ensure that the collection practices carried out by the lenders on our site are fully compliant. This means that:

  • Customers will receive a reminder up to 5 days before a repayment is due
  • Lenders will offer forbearance if a customer cannot repay a loan, such as freezing interest or offering a pay plan or arrangement
  • Late fees or default charges will be limited to a one-off fee of £15 maximum
  • Customers will be limited to two rollovers or less if they cannot repay

To help customers understand the collection practices of lenders and afford going into arrears, we provide helpful guides on our website including how repayments work and the implications of non-repayment.

We appreciate that the costs of missing payments can be quite high which is why we follow the guidelines to state the warning message on every page.

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.

What is Responsible Lending?

Responsible lending refers to the practices carried out by lenders and brokers in the payday loan industry to ensure that they act in the customer’s best interests. The guidelines are provided by the Financial Conduct Authority who have been regulating the industry since 1st April 2014.

We regularly refer to responsible lending on our website because it is important that customers receive information which is clear, fair and not misleading and that any lenders we feature are compliant with their underwriting and collection practices, as explained in more detail below.

We Are Registered Comparison Site

In order to provide our customers with a list of payday lenders, we must have a license to do so. Quiddi Limited is a licensed credit brokerage business which is authorised and regulated by the Financial Conduct Authority Credit Act 1974.

Company number: 07677977
FCA Interim Permission Number: 645792
Data Protection: Z2787055

Your Details Are Secure

As part of our commitment to responsible lending, we ensure that any details that you provide on our website are secure. This is consolidated by our site being on a secure server (https) which encrypts any information entered on the site and makes it harder to access from outside sources.

In addition, whenever your details are entered on our site, mostly likely through our clever search tool, we ensure we will not pass on your details to any third parties without your permission and we will not debit your account.

Transparency

It is essential that our website and comparison tables show transparency and that the information is clear for the customer. This is why we make it very clear:

  • The name of the lender
  • Minimum and maximum amount you can borrow
  • Minimum and maximum time you can borrow for
  • Representative APR and example
  • Whether funds can be sent on the same day

This information should allow customers to make an informed decision on the cost of payday loan and be able to find the right product for them, without feeling obligated to apply with a specific lender.

The lenders shown on our website will be following the price cap to provide payday loans that are equal to or less than 0.8% per day or £124 per £100 borrowed.

The ‘Visit Website’ buttons allows users to click through to the lender’s website where you they can apply directly. We will not charge a fee for visiting a lender’s website or require any personal details. To keep the site free, we may receive an introductory fee from the lenders and this is highlighted by the buttons.

Clear Information About Lenders

We are committed to provide clear and simple information about the lenders we feature. So in addition to stating their criteria clearly on our comparison tables, we provide guides of useful information explaining how to interpret the costs of payday loans and how the application works.

We include a guide on the types of checks that lenders carry out. We only feature responsible lenders on our website who check each applicant accordingly.

Each lender has a basic criteria such as being over 18, in employment, earning a minimum take home, UK resident, mobile phone, email address and a working debit account. This allows the lenders to narrow down the most suitable applicants and avoid those borrowers that may apply for reasons that are not suitable.

When applying, each customer will undergo a credit check performed by a credit reference agency in the UK. This data will provide an insight into their repayment history for other financial product and indicate whether the applicant is the right person to lend to.

In addition, the responsible lenders we feature will need to conduct affordability checks to confirm how much customers earn. This can be achieved by requesting a bank statement, pay-slip or P45 – and it allows lenders to match the customer with a loan amount that they can afford to repay.

Lenders that fail to carry out affordability checks may lend money to a customer with too much outstanding debt or give funds to someone that is potentially unemployed or unable to afford the loan repayment.

Collection Practices

We ensure that the collection practices carried out by the lenders on our site are fully compliant. This means that:

  • Customers will receive a reminder up to 5 days before a repayment is due
  • Lenders will offer forbearance if a customer cannot repay a loan, such as freezing interest or offering a pay plan or arrangement
  • Late fees or default charges will be limited to a one-off fee of £15 maximum
  • Customers will be limited to two rollovers or less if they cannot repay

To help customers understand the collection practices of lenders and afford going into arrears, we provide helpful guides on our website including how repayments work and the implications of non-repayment.

We appreciate that the costs of missing payments can be quite high which is why we follow the guidelines to state the warning message on every page.

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.

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