Short Term Lending Rules

Short Term Lending Rules


489.4% APR

Representative Example: On an assumed loan amount of £750 over 12 months. Rate of interest 191.2% (fixed). Total repayment amount £1726.68 and total interest is £976.68. 12 monthly payments of £143.89. My Financial Broker is a broker, not a lender*.

* As a broker, we are unable to ascertain exactly how many customers take out a loan or the lender’s rate of interest particular to that customer, therefore our calculation is based on the mean APR of our panel of lenders.


Short Term Loans

My Financial Loan Broker provide a service for those looking for payday and instalment short term loans. Such loans can help you address temporary cash flow problems or unexpected circumstances, and allow you to avoid costly overdraft fees.

Working With New or Existing Customers

Whether you’re a new or existing customer, here at My Financial Broker, we will always:

Act fairly, reasonably and responsibly in all our dealings with you.
Comply with all relevant legal requirements, particularly the rules and guidance produced by the Financial Conduct Authority.
Make sure all advertising and promotional material is clear, fair, not misleading and complies with relevant advertising regulation.
Give you the full name and contact details of the company providing you the loan.
Ensure we do not pressurise you into taking out a payday or short-term loan.

Robust Credit Assessments

As a responsible broker, we will make sure that you know about the checks that will be carried out when applying for a loan. We will also:

Tell you that a payday or short term loan should be used for short-term financial needs. Such loans are not appropriate for long-term borrowing or if you are in financial difficulties.
Check whether the loan is suitable for you, taking your personal circumstances into account.
Make sure that all loan applications go through a sound, proper and appropriate affordability assessment and credit vetting. This will include your ability to repay your loan in a sustainable manner. This assessment may look at a combination of:
This assessment may look at a combination of:
– the amount of credit requested;
– your income;
– your age;
– how you have handled your financial affairs in the past;
– information from credit reference agencies;
– your personal circumstances and any changes in the future you have told us about;
– the results of credit assessment techniques: for example, credit scoring
– information you have supplied, including proof of your identity.

We will explain in general terms what types of information we will consider in making a decision, if you ask us to.

We will not pass on your details to a payday or short term loan provider if you have told us you are in financial difficulties or our credit assessment indicates that you may not be able to repay the loan.

Data Protection and Marketing

In terms of data protection and marketing, we will always ensure that your preferences are met, in line with national regulations. We will therefore:

Follow all relevant privacy and data protection laws.
Not reveal information we hold about you unless:
– we have your permission to do so;
– we have to by law;
– we have a public duty to do so
– there is a good reason for us to do so (for example, legal reasons such as fraud).
Not specifically target our marketing on groups of people known to be financially vulnerable or credit-impaired.

Rigorous Complaints Procedures

When you take out a loan, we will tell you about our complaints handling procedure. We will do this:

in writing, which can be found on our website
by giving you a copy of it, if asked to do so
by giving you a copy of it, if you send us a complaint

This information is also available on our website.

If you want to make a complaint, you should contact us first using our complaints procedure. We will acknowledge your complaint promptly, always aiming to do so within five days of it being received by our Complaints Department. If we need to investigate your complaint further to respond fully, we will tell you, and keep you regularly updated.

If you are still not satisfied after receiving our Final Response, you may refer the complaint to the Financial Ombudsman Service – we will give you their details.

Updates and Twelve Month Review

We regularly review the effectiveness of the Short Term Lending Code. Our reviews are undertaken on a yearly basis, though we may choose to update this code on a more regular basis, such as if rules or legislation governing our business requires us to.

We take the satisfaction of our customers very seriously, and will always do our best to exceed their expectations.

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