Why People Choose Us
You might be surprised to hear just how easy it is to apply for a short term or personal loan. Furthermore, you don’t even have to leave your chair to apply for it. Instead, you just simply fill out our very short form and if you are accepted by a lender you’ll get your loan by the next day.
Home Collected Loans: Are taking out the loan from a legit lender?
Home collected loans are popular loan options in the UK wherein the person borrows money from a lender with the agreement that a local agent representing the lender will visit his home to collect the repayments on a weekly basis. The loans are typically offered in small amounts with flexible payment terms that are mostly tailored to the borrower’s personal needs and circumstances. The loans’ popularity, however, has attracted some loan sharks and dubious lenders who operate simply to take advantage of people who are in dire need of quick funding. To avoid falling prey from such abusive practices, here are some of the things that you can look into.
Only work with authorised lenders
Authorised doorstep loan lenders will always have a Consumer Credit Licence. You can easily check a lender whether it is legitimate or not by verifying it on the Consumer Credit Register. Confirming a lender’s license is quick and easy and it’s also free of charge. Simply visit www.fca.org.uk and you will know exactly who to trust and deal with. Confirming a lender’s license is the first thing that you need to do before entering on a home collected credit agreement.
Compare various offers from lenders
In 2004, the Competition Commission began a long and careful scrutiny of the home collected loans industry. The outcome of all that work was the birth of independent comparison websites that guarantee a fair competition between home credit loan companies doing business in the UK. This benefited many legit companies tremendously as well as the customers enjoying the loans and the entire home credit loan market as well. The website is the ultimate guide for responsible lending and most if not all companies operating in the industry have signed up.
You can use the website for free to compare different home collected loan offers and deal with different providers. It’s an independent site which means everything it releases is completely fair and free from any form of bias from other companies. You can view the website at www.lenderscompared.org.uk.
Where to relay your complaints
The Consumer Credit Association or CCA is the governing body when it comes to upholding ethical standards of business and with consumer concerns and complaints as well. The CCA guarantees that the consumer will be protected from any abusive practices through its strict Code of Practice. If they see a business who violates this code, they have the legal right to take action. Fortunately, most lenders both big and small in the UK are reputable and have been following the rules implemented by the CCA. But if you do have any complaints with your lender, simply visit the CCA’s website.
Only deal with legit and licensed lenders
If a lender does not have a Consumer Credit License or is not a member of the CCA, then proceed with extreme caution as it may be an unauthorised company or worse a loan shark. Always double check the credentials of a lender before deciding to take out its loan services and visit the websites mentioned in this article to ensure that the company you are dealing with is legit and responsible.