Credit Broker Responsibility
We have very high standards. We will always keep them. You need to do your bit too. Read on …
uLoan’s vow:
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We WILL NEVER charge any fees
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We WILL NEVER target people in financial distress
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We WILL NEVER bully people to agree to loans not in their interest
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We WILL NEVER share your data with unlicensed lenders
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We WILL only do business with fully licensed lenders
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We WILL give you a completely free, unbiased and independent loan matching service
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We WILL uphold the standards of the industry and even go further
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We WILL protect your data and information throughout the process
Your vow to uLoan:
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DON’T take out another loan if you are already in trouble – get help
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PROMISE you’ll read every part of your loan agreement before signing
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BE SURE you understand how much you need to repay and by when
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ONLY agree to borrow what you can afford
Need more help with the process? Contact us at service@ukpaydaytoday.co.uk.
WARNING: Making late payments is likely to cause you dire money problems. For help visit www.moneyadviceservice.org.uk
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You pay back: £352.80
Total loan cost: £72.80*
As a registered and regulated broker there are lots of rules we have to keep to. We are proud to say we take this very seriously. And although the legal stuff might seem boring it is VITAL you know it too. So take a few minutes to read what follows before you apply.
Treating customers fairly
Principle 6: Pay due regard to the interests of customers and treat them fairly.Principle 7: Communicate with customers in a manner which is clear, fair and not misleading.
Authorisation and consent: CONC 2.5 prohibits firms from taking a fee from a customer’s bank account without express authorisation. We expect the amount or likely amount of the fee to be disclosed as early as practicable in the process.
Sharing of personal information: CONC 2.5 also prohibits firms from unfairly passing customers’ personal data – including payment details – to third parties, without consent or for a purpose other than that for which consent was given. This is also likely to breach the Data Protection Act.
Advertising and marketing: CONC 3.3 requires financial promotions (including websites) to be clear, fair and not misleading. Firms must not mislead as to their identity or status, for example by stating or implying that they are a lender where this is not the case.
Transparency of status: CONC 3.7 requires brokers to make clear in financial promotions and other documents intended for customers their status, including the extent of their powers, the nature of the service they provide and any links with lenders.
Transparency of fees and commissions: CONC 4.4 deals with fee disclosure and CONC 4.5 with commission disclosure. Any fee payable by the customer must be disclosed at an early stage and agreed in writing before a credit agreement is entered into. The disclosure must include how and when the fee is payable and whether a refund may be available.
Refunds: Section 155 of the Consumer Credit Act entitles the customer to a refund (less £5) of any brokerage fee if a credit agreement is not entered into within six months of an introduction to a source of credit, and CONC 6.8 provides guidance on this. A broker should respond promptly to any request for a refund.
IMPORTANT: uLoan IS NOT a lender. uLoan IS a licensed broker. We work only with the UK’s top direct lenders. We aim to find you a short-term loan at the very best rates. We compare dozens of lenders instantly – and it is quick, easy and best of all FREE.
WARNING: Missed or late repayments will cause you serious money trouble. Need help? Go to moneyadviceservice.org.uk
SECUREYou data is safe – 100%, all the time, forever.
We have built unrivalled relationships with lenders. They trust us and we trust them. We will find you the best deal on the market.