Responsible Lending
Umbrella Loans Ltd is committed to responsible lending. We abide by all the associated UK legislative instruments and relevant regulations and guidelines. We want to be sure that our customers have a clear understanding of all our terms and conditions. We take our responsibilities as a lender seriously, especially our responsibility to our customers to be open, honest, and to treat customers fairly. We try always to act with:
• Fairness in all our business dealings;
• Transparency, so the information and documentation that we give to customers complies with relevant legislation, is not in any way misleading, and is clear and intelligible;
• Forbearance and due consideration towards customers experiencing difficulty.
Short term lending
Our aim is to give our customers access to funds that they need quickly, but which they can afford to repay in a short period of time and which does not tie them in to a long term commitment.
All loan applications go through a careful credit assessment, which evaluates a variety of criteria to help us assess the customer’s ability to repay. The application process is simple, safe, confidential and provides a convenient solution to the customer.
Customers should be reassured that all data that is supplied by them through the application process is kept secure.
Assessment of affordability
When we receive an application for a loan, we assess the potential for the loan to adversely affect the customer’s financial situation, taking account of all the information that we have about the customer. It is not in our customers’ or our interests for us to lend to people who may struggle to pay us back. However, we understand that there can be times when customers are not able to repay their loans in full on their due dates. In these situations, we will consider giving the customer an extension of the loan, again assessing the potential for the loan extension to adversely affect the customer’s financial situation.
The purpose of PayDay Loans is to act as a short-term solution to temporary cash-flow problems. They are not appropriate for supporting sustained borrowing over longer periods.
Clarity and openness
Umbrella Loans Ltd will always inform customers of the total cost of borrowing, including the interest rates, APR and any other fees applicable. This amount will not change during the period of the loan. The only time additional fees may apply is if a customer does not repay the amount that is due. Early repayment is encouraged.
We want to be sure that our customers understand our terms and conditions, please visit our FAQ or contact us if you have any questions.
Explanations of loan agreements
We provide customers with explanations of their proposed loan agreements, and the opportunity to ask us questions about the loans, so that they can assess whether the loans are suitable for their needs and their financial situation.
Handling Default & Arrears
We have clear, effective and appropriate policies and procedures for dealing with customers whose accounts fall into arrears. If we have reasonable grounds to believe that a customer lacks the mental capacity to make relevant financial decisions regarding the management of his or her debt, we will suspend the recovery of the debt for a reasonable period of time to allow relevant evidence to be provided as to the likely impact of the mental capacity problem on the customer’s ability to deal with the debt. Our complete policy can be found here.
Debt support and useful links
National Debt Line 0808 808 4000.
Monday to Friday 9am – 9pm
Saturdays 9.30am – 1pm
www.nationaldebtline.co.uk/
The Citizens Advice Bureau (CAB)
www.citizensadvice.org.uk/
The Consumer Credit Counselling Service
www.cccs.co.uk/
Handling customer complaints
We acknowledge that there can be times when customers have complaints about us. To help resolve matters quickly and effectively, we have a complaints procedure, a copy of which can be found here.
Umbrella Loans Ltd do:
• Act with forbearance and due consideration towards customers experiencing difficulties.
• Offer short term loans focussed on the borrower’s needs.
• Use a fair system to assess the borrower’s ability to repay.
• Provide clear information to customers.
• Deliver a high quality customer experience.
• Recommend that you consider your borrowing decision carefully.
Umbrella Loans Ltd do not:
• Target people who cannot afford to repay
• Provide credit to anyone under 18 years of age.
• Provide credit if there is any question about the authenticity of any application.
• Use any hidden charges.
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