Responsible Lending - We do comprehensive applicant checks to assess affordability


Please be aware a short term instalment loan is there to help manage a short term financial emergency where you need to access money sooner than your next pay day.

It is a NOT a long term solution and if it is not used responsibly this type of financial product could create a bigger financial burden.

As a responsible lender it is our responsibility to ensure that you can repay your loan in a way that is affordable to you. To do this, we use information provided by you as well as information from other sources, such as Credit Reference Agencies. Our short term instalment loans are not designed for long-term borrowing or keeping you in debt, but instead are to be repaid between 4 or 6 months depending on the repayment length you choose.

If you need to borrow over a longer period there are other, more suitable forms of credit available.

CASH4UNOW.CO.UK is committed to responsible lending and we will always lend responsibly at all times.

Our Processes to facilitate short term instalment lending include:

  • Comprehensive affordability and employment checks including credit bureaux data, electronic income validation and income and expenditure information
  • Affordable and variable loan amounts based on available income
  • Repay early without any early repayment charges
  • Assist you by never lending more than a maximum of £500 on your first loan (subject to status and assessment of affordability)
  • As an existing customer, we may be able to consider applications for greater sums but this cannot be guaranteed as we need to consider your circumstances on each occasion
  • We will send you reminders at least 3 working days before your instalment payment is due so that you will be fully aware of what is due to debit your nominated bank account. You can also rest assured that providing each instalment is repaid on time there are no additional charges

Being transparent, honest and open

This is a rate capped product, which means that we cannot charge you more than 0.8% interest per day on the balance of your loan principal outstanding, we cannot charge you more than £15 in default fees and even if you do not repay on time you cannot be required to repay in total more than twice the amount you borrow. For example, if you borrow £150 you cannot be required to pay back more than £300 in capital, interest and charges.

All of the terms and conditions of our loans including charges, will be displayed clearly upfront before you make a decision about whether to borrow. The only way the cost can increase (subject to the application of the rate cap) is if you don't repay your loan on the date agreed. Further details of charges we make in the event of default are shown in the pre-contract information and in the Loan Agreement.

Things you should consider

When thinking about applying for a short term instalment loan it is important to consider why you need one. Do you have a temporary cash shortage but need an emergency washer repair? Your car may have unexpectedly failed its MOT and you need a cash injection to get your car back on the road before your next pay day. These may be reasons to consider applying for a short term loan.

Where a short term instalment loan is being considered to pay off another loan or to routinely cover your day to day expenses this is not appropriate as this is an unsustainable form of borrowing.

We may not ask what you need the money for so it is up to you to be sure you are using the product for an appropriate purpose. You should never borrow money unless you are sure you can pay it back otherwise you may incur further charges.

If you find that you are applying for another loan straight away after repaying the previous one this may be a sign of financial difficulty. Please contact us to discuss ways we can help you to manage your debt. You can also contact one of the not-for-profit organisations for free, confidential and impartial debt advice as detailed in the Good Practice Customer Charter - click here to view.

What if I fail to/can't pay one of my instalment repayments?

If you think you are going to have difficulty making an instalment repayment it is important you contact us as soon as possible in order that we can talk you though your options.

Getting in contact sooner rather than later may help to avoid default charges and formal collection procedures. We will show forbearance and seek to assist you by agreeing alternative repayment arrangements.

The most important things to remember are:

  • If you think you will not be able to stick to the repayment amounts over the repayment period you have chosen then don't apply in the first place
  • Communicate with us honestly and we will do our best to help you

You should also be aware that failing to repay on time may have a negative impact on your credit score as we provide payment performance information to credit reference agencies which is seen by other lenders.

If you are having problems making a payment please contact us on 0113 887 3434 and we will be happy to discuss payment options with you.

Treating Customers Fairly

Treating Customers Fairly (TCF) is at the heart of what we do. CASH4UNOW.CO.UK wants its customers to be able to repay their loans without undue difficulty.

As a responsible and compliant lender, we already give full information to applicants to enable them to make informed borrowing decisions, and work with customers in financial difficulty both sympathetically and positively. We have reviewed and updated our policies where appropriate and our existing policies are all part of our commitment to Treat Customers Fairly. Our call centre agents receive regular training and we have QA programmes in place to ensure high standards of customer service are maintained.

CASH4UNOW.CO.UK acknowledges and embraces the FCA's expectation that customers' interests must be at the heart of how we do business. For the different areas of our business this means:

  • Consumers can be confident that they are dealing with a firm where the fair treatment of customers is central to its corporate culture
  • Products and services marketed and sold are designed to meet the needs of the consumer and are targeted accordingly
  • Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale
  • Where consumers receive advice, the advice is suitable and takes account of their circumstances
  • Consumers are provided with a product that performs as they have been led to expect, and the associated service is of an acceptable standard and as they have been led to expect
  • Consumers do not face unreasonable post-sale barriers imposed by us to change product, switch provider, submit a claim or make a complaint

We provide several different ways of contacting us - by e-mail, phone, letter or website and we deal with customer queries promptly. Our complaints procedure can be found here, and includes information on your right to complain to the Financial Ombudsman Service:

The Financial Ombudsman Service
Exchange Tower
London
E14 9SR
Web: www.financial-ombudsman.org.uk
Telephone: 0800 023 4567
Fax: 020 7964 1001
Email: complaint.info@financial-ombudsman.org.uk

Free debt advice agencies who may be able to help you:

Or alternatively the Good Practice Customer Charter can be found here