The Short term lending industry is highly regulated and Responsible Lending is a legal obligation for all the providers. Responsible Lending also makes good business sense as every Lender wishes to have loans repaid on time and without any hardship to the customer. There is no benefit to us providing you with loans you can’t afford to repay back. Simply it does not make any sense.
You need to remember that you, as a Customer, need to use the Cash loans in a responsible way and never borrow more than you can comfortably repay.
How do we meet our Responsible Lending Obligations?
• We provide loans to employed adults only and we do not serve Centre link recipients, overseas students or self employed individuals.
• We always relate the loan we offer to your net income to ensure you can afford the repayments. We establish your income by looking on your bank statement and payslips.
• We would like to know about other financial obligations of yours that might prohibit your proper repayment of your loan. If you share some information with us in a frank way we can assist you by offering suitable dates and payment installments.
• Life is unpredictable so If suddenly you lost your job or got sick please call us and we can organize a suitable payment plan.
• If you appear to struggle with the repayments we will review and might reduce your credit limit. In a similar way if you always pay on time we can approve higher limit.
• Our fees and charges are discussed with you before you apply for the loan. You know exactly how much your loan will cost you.
• We have the facilities for a reminder email or text with the cost to you of 33 cents if you need our help to remember your dates and amounts of repayments.
• We do not believe in joining fees or application fees and we will offer you full 30 to 45 days for your loan to be repaid. You can choose your dates and installments to accommodate the rest of your bills. Please check our fees here
• We are contactable 24 hours, 6 days a week for any urgent updates of your file so you will never feel unsupported.
How YOU can use Cash loans in a responsible way.
• Always use a Cash lender with a physical address and a telephone address not only an email. This way you know where to go if there is a problem.
• Make sure you are provided with a document called a “Credit Guide” that explains the terms and conditions of the loan and read the contract carefully.
• Please look at your budget in order to decide whether or not to take a Cash loan. If you can’t repay it on the agreed dates it will become a financial burden and will not provide the help it was intended to.
• Shop around for the best fees and the best timing to repay your loan. Be aware of discounted first loans and very expensive second ones. You need to be aware of fees that may apply if your payment defaults or if you want to postpone it for couple of days. Some Cash lenders apply fees to offer you a payment plan in case you face financial hardship. Check how soon you have to repay your loan. Do you have to pay it on your next Cash even if this is only 2 days away? Compare our fees now….
If at any stage you are not satisfied with our services please speak to our Complaints officer Ms Sunita Dabas.