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.
Our Processes to facilitate short term instalment lending include:
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.
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.
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 FCA Arrears information Sheet - click here to view.
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:
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 (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:
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
Telephone: 0800 023 4567
Fax: 020 7964 1001
Free debt advice agencies who may be able to help you:
Or alternatively the Good Practice Customer Charter can be found here