Responsible Lending

All of our lenders are members of independent financial associations (for example the Consumer Finance Association), which means that you are protected by a code of practice designed especially for short term lending. 

 

It is comforting to know that you and your rights are protected by independent financial bodies. There are also a few things you can do to protect yourself as a customer-you should always check the codes of practice of any lender who accepts your borrowing application, to make sure you are safe and covered. 

 

Some essential extracts of the code of practice we follow are listed below:

 

•You should be aware that short term loans are designed to be just that-a short term loan solution that is generally taken out and repaid within a month or even less.
 
•If you find yourself applying for four or more payday loans in a year then you may be asked to seek advice elsewhere-payday loans are meant to be a short term bridge for gaps in your finances, not a whole road.
 
•Although you won’t be accepted or declined based on what you need the money for, it is recommended that you don’t use payday loans for holidays or simply pocket money. They are meant to help you out of a crisis such as a bill, car breakdown or a house repair that can’t wait for your wages.
 
•You should always make sure that you have reviewed and understand the APR and interest rates that your lender is offering you, and budget this into your repayments.
 
•Never borrow more money than you think you can repay.
 
•Always ensure that the money for the repayments is in your bank account when it comes to the repayments date.
 
•If you do find that you are struggling with your repayments, always contact your loan company, who will work with you to find a solution that suits both you and them.
 
•Always use a site with SSL technology to make sure that your details remain safe and secure.
 
•Check your loan company’s website for CCL (Consumer Credit License) on display, and make sure the company is registered with Data Protection.
 
•If you are refused a loan then try to work out if a lesser amount will cover your costs, as most lenders will not allow borrowing of more than 30% of your net monthly income.
 

Here at MiniLoanShop.co.uk, we and our lenders are committed to responsible lending. We follow ethical lending guidelines and we will never target people with existing debt problems or lend to those who clearly cannot afford the repayments. We will also not deal with any customer where there are issues surrounding their identity or authenticity.

 

MiniLoanShop.co.uk

Warning:

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

Online Application

1. Apply Online

2. Online Decision

3. Loan Transferred

  • Borrow up to £1000
  • Simple on page application
  • All circumstances considered

APR Explained

Representative 277.5% APR (variable)

  • Representative APR Example:
  • Borrow £700 and pay £111.27 per month for 12 months at an interest rate of 140% per annum (fixed). The total charge for credit is £635.24 The total amount repayable is £1335.24. Representative 277.5% APR (variable).
  • Note: this is an average representative APR. Your rate could vary depending on the payday or short term loan lender that accepts you