Our company code of practice is based on three pillars: transparency, flexibility, and understanding. In terms of transparency, we are careful to make sure that all of our charges are visible to our customers upfront. This means that if a charge is not explained to you during the application process then it does not exist. It also means that we make sure our marketing materials give an accurate picture of what we charge and when. To be clear, we only charge interest and then additional fees for those who have missed their payments or who are making them late. This is a necessity in order to make sure that our loans, sold on the basis that they are for a short term only, are paid back in the period given.
Another aspect of our policy on payments is that we never charge an application fee. There are many reasons why this is important to us, not least because it helps differentiate us from the many illegal companies who attempt to scam consumers by charging for an “application” that is never successful. All of our loan applications are free of charge and always will be in order to help our customers be able to put their trust in us as a company as well as to avoid unnecessarily burdening those who may already be in financial difficulty.
When it comes to flexibility, we are proud of our ability to offer many different loan amounts between £100 and £2000 for people with different means and in different situations. In the past, traditional loan brokers only offered fixed amounts which were miles apart and this would often mean that in order to cover their obligations people would have to borrow more than they needed. Borrowing exactly the amount you need, however, makes it much easier to pay off a loan on time and without over stretching. By being a flexible loan broker we therefore increase the likelihood that our customers will be able to pay back what they borrow.
Importantly, we also offer a service that is understanding of our customers individual circumstances. When a customer is struggling to pay their loan we always encourage them to get in touch with us so that we can renegotiate the terms of their agreement with us. And, on occasion, when for unforeseen reasons a customer misses a payment or makes it late we will occasionally roll that payment over so that they can avoid paying the normally obligatory charges. Part of our company policy involves not deliberately targeting those customers who are likely to end up paying missed payment fees in order to profit from them. When a customer is completely unable to repay what they have borrowed we will also co-operate with debt counsellors although it is in the best interests of everyone involved to ensure that people do not usually reach that state.
Our code of practice only works, however, when our customers endeavour to provide us with accurate information about their income and employment status and attempt to pay us back on time. Without a co-operative customer no amount of goodwill on our part will make the relationship work effectively.