Loanchester is known for its responsible lending in the UK. We always emphasise affordable lending, matching everyone’s personal needs. Our commitment is to work responsibly and ethically while providing different kinds of personal loans.
While preparing borrower-friendly loan offers, we remain open to every possibility and honest with customers. We vouch for treating our clients fairly with no surprises and extra costs. In addition, they can trust us when sharing their personal data. It is safe and secure at Loanchester.
These responsible lending principles guide our lending policies. Our loan solutions match customers' personal finance requirements, ensuring a unique and valuable experience.
What is responsible lending?
Responsible lending is all about implementing financial commitments that ensure the ethical treatment of loan aspirants. It is all about abstaining from unethical lending.
At Loanchester, we customise our loans with these responsible lending criteria:
- We always evaluateindividual financial difficultyand circumstances before making the loan decision;
- In case borrowers are unable to make repayments, we talk to them to make the best arrangements;
- We take a close look at how the borrowers are repaying their loans and guide them from time to time;
- Threatening the borrowers for repayments is not part of our working culture. We are not only the lender but their financial ally, too;
- We promise not to share any information about our borrowers with any third party.
As one of the responsible lenders in the UK, we never force anyone to take our loan. We always suggest that everyone look for other funding options and then opt for a loan. We do not want to take advantage of our borrowers. Instead, we want every borrower to take advantage of our affordable personal loans.
What does Loanchester do for its borrowers?
We match a loan product with the borrowers' financial requirements when offering it. This helps us make our loans relevant and practical for those looking for an instant loan solution. We balance the features and benefits of our loan products. When sharing an obligation-free loan quote initially, we will clearly mention the total loan cost, including interest rates, fees, and other possible charges.
Most importantly, we do mandatory credit checks as prescribed under the Financial Conduct Authority or FCA responsible lending. We will mention this when showing you the loan product. We will keep personal information confidential, especially related to the bank account, and keep all data protection rules and regulations. We welcome any further queries and complaints and deal with them professionally.
What is our customers' responsibility towards Loanchester?
Responsible lending obligations also involve customers' responsibilities. We expect borrowers to share true and accurate personal information while making an online loan application. We use this information to prepare borrower-friendly loan offers and provide features that match their affordability.
It becomes essential for all loan seekers to do the necessary preparation before submitting the application for any loan product offered here. They should be able to understand the terms and conditions in the loan agreement, particularly related to fees or charges applied to your loan offer and not just the interest only. You should be responsible later if you miss anything, and therefore, you should clear everything prior to moving ahead.
Responsible lending rules from the borrowers' perspective also include wise loan amount selection. We urge our customers to analyse their prevailing financial conditions before obtaining a loan. They should not ask for a higher amount, which is unnecessary according to their requirements. As prescribed by the FCA, responsible lending policy allows affordable loans only for essential expenditures. Loanchester also follows the same procedure when making financial commitments.
Analyse your financial situation before analysing your loan options. Loanchester is the centre of responsible lending. Therefore, leave your worries aside, show your ability to repay, and get a loan with full confidence.
Contact us for further queries.