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Searching for a way to manage an unexpected expense? There are a variety of borrowing options available to help; credit unions, payday lenders and banks all offer loans to help dependent on your situation.
However, all lenders, regardless of who they may be, must always determine the affordability of the loan to your current circumstances before lending to you. It is also a regulatory requirement for lenders to check that a loan is suitable and provide pre-contract information in advance of the agreement which gives full information about the loan.
Affordable Loans UK
Before the overhaul of the payday lending sector by the Financial Conduct Authority (FCA) in 2014, parts of the industry were regularly exhibiting troubling behaviour. Stories of extortionate interest rates and multiple refinancing of loans being offered to borrowers were commonplace, while many who took out payday loans were simply left to struggle by unethical lenders.
Today, these poor practices are banned, with interest rates now capped at 0.8% per day and a total cap cost of 100% on the amount borrowed. These repayment costs apply to all interest, fees and charges, which means the maximum anyone could ever pay on an individual loan interest, fees and charges would be 100% of the original principle. These interventions have put an end to spiralling payday debts and offer protections to borrowers while the introduction of stricter affordability assessments has also sought to protect those too vulnerable or unable to make the repayments being approved for a loan they couldn’t afford.
Here at Uncle Buck, we are committed to affordable lending and will only provide our same day loans to those who we believe can comfortably afford the repayments in a sustainable manner. We determine the affordability of our loans by asking detailed questions about an applicant’s income and expenditure, including any expected change over the duration of the loan, which then allows us to then run the relevant checks. This form of borrowing is expensive and unsuitable for supporting sustained borrowing for long periods. If a customer requires a long-term loan or help with paying off pre-existing debt, then there may be cheaper, more suitable options available.
Affordable Payday Loans
Alongside complying with the regulations set out by the Financial Conduct Authority (‘FCA’), we are also signed up to the Good Practice Customer Charter. Set out to give customers enhanced protection when they take out a loan, the charter covers several ways in which we commit to responsible lending by:
- Acting fairly, reasonably and responsibly in all our dealings with you
- Explaining exactly how the loan works as well as the total cost of the loan including fees and charges
- Not pressuring you into a loan agreement or to extend (roll over) the term of an existing loan agreement
- Checking whether the loan is suitable for your circumstances
- Clarifying in general terms what types of information we will consider in making a decision, if you ask us
- Explaining how we will communicate with you during the term of your loan, how payments will be deducted from your bank account and how to contact us by phone, email or online
Alongside the key commitments, we will also ensure that if you’re struggling to repay your loan, we will offer help by:
- Informing you of free and independent debt counselling organisations
- Dealing with your case sympathetically and positively
- To freeze interest and charges if you make repayments under a reasonable repayment plan
For a complete list of commitments, take a read of the Good Practice Customer Charter here.
Affordable Loans with Uncle Buck
Here at Uncle Buck, we work as a responsible lender and only lend to those who we believe can truly afford to repay our loans. Which is why we always run affordability and creditworthiness checks to help us determine whether we believe a loan might work for you. Our checks involve a number of straightforward and easy-to-understand questions asked as a part of our online application process.
Our questions cover:
- Personal details
- Current employment
- Income and expenditure
- Banking details
As part of this process, we also ask that you fulfil the following criteria:
- Are over the age of 18
- A UK resident
- In employment
- Have a UK bank account into which your salary is paid
- Own a working mobile phone
- Have a valid email address
- Not currently be in or anticipating entering a debt management plan, an individual voluntary arrangement or bankruptcy proceedings
If approved, you could borrow up to a £1000 before repaying the loan in instalments spread out over a four or six month period. Borrowing limits for new and repeat customers are subject to creditworthiness and affordability checks.
Affordable Loans for Bad Credit
Is a poor credit score preventing you from being approved a loan? Then we could help.
When it comes to borrowing, we know that your credit score might not always be a true representation of your borrowing history. So even with a poor credit rating, we’ll still consider your application as long as we believe that an Uncle Buck loan works as an affordable option for you.
If you need help managing an unexpected expense, then why not apply for one of our loans today. Simply click the Apply Now button to begin your application.
If you have any questions regarding our loans, you can contact us at email@example.com
Prefer to speak with a member of our friendly UK-based customer service team? Then call us on 01959 543 400. We are open seven days a week Monday to Friday, 08:00 to 21:30 and on Saturdays & Sundays from 09:00 – 18:00.