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Responsible Lending

Result of Non-Payment:

If you are not able to pay the installments for your loan, you should contact your lender as soon as possible. If you miss payments, it can result in repeated phone calls, letters or texts from your lender to arrange for a renewed payment schedule. If you are still not able to pay that can result in fines/ more interest rate or even reporting to credit reference agencies, that can result in your credit score to be lowered. That stays on your file for a long time. Always think carefully before securing any kind of loan through us or any other lender.


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

Collection Practices

Lenders are also human at the end of the day. They have lent you money in good faith and want it back with interest that was agreed at the beginning. If you miss your payments or are unable to pay for whatever reason please do not hesitate to contact on the first occasion and discuss your circumstances. Non-payment can be harmful to your credit score, can increase the loan amount by adding penalties and in the end, the debt can be passed to debt collection agencies as well, which would only add further charges. In some extreme cases, you can be taken to court by the lender as well.
 

Late Payment

In any case, if you think you will be late in paying your installment, you should always contact your lender well in advance. This will help you in maintaining a good rapport with them while avoiding fines and charges. Some lenders can still issue you with late payment charges, this will differ subject to lender’s Terms and Conditions. So always make sure that when you accept a loan from any lender, do read their Terms


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

Renewal Policy

Sometimes you might need to renew your loan or extend the term of your loan. In such cases, you should contact your lender in advance. Many lenders on our panel will charge you the same interest rate and fee for another month or so without penalizing you. Please think carefully before extending or renewing a loan as this could result in your repayments to increase significantly.

Borrowing money to consolidate your existing loans

If you are thinking of consolidating existing borrowing you should be aware that it may involve repaying a higher rate of interest, extending the terms of the debt and increasing the total amount you repay.

Representative Example

Amount of credit: £1000 for 24 months at £77.48 per month. Total amount repayable of £1,859.52, Interest rate: 70% pa (fixed). REPRESENTATIVE 97% APR VARIABLE Lend Shop offer loans between 3 and 60 months. Rates from 45.3% APR to 1575% APR
Please Note Short Term High-Cost loan should not be used as a long term solution.


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

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