Responsible Lending

Collection Practices

For clarity, once you have received your loan amount, if for any reason you think you will not be able to meet the arranged repayments, or if you think there will be any difficulty repaying any part of your loan then you must contact the lender of your loan directly as soon as you become aware.

Contacting the lender quickly will provide you with the best opportunity to maybe reschedule your loan repayments or discuss further options in more detail to avoid adverse action. Changing repayments of your loan amount could incur further charges or interest, the details of which can only be discussed directly with the lender of your loan. If no attempt is made to contact your lender and update them on any circumstantial changes or make the lender aware of any difficulty in paying back what you owe; they reserve the right to pass on your details to third party debt collections agencies or organisations that will attempt to recover the debt.

Lenders usually reserve the right to utilise the Continuous Payment Authority to continue to attempt to take payment from your card up to 90 days past your due date. This is only done if it is in line with the terms of your agreement. Please check the terms and Conditions on your signed loan agreement for details.

Non Payment Implications

The implications of non-payment of your loan could include adverse details being included within your credit report. This could adversely affect future attempts at securing credit or finance, in addition to further charges potentially being added by the lender. Where you miss a payment entirely, you will often incur a charge/fee that will be added on to the total amount that you owe. Upon a missed payment, lenders will often try to contact you by telephone or letter in order to recover the funds, and they may be able to arrange a new re-payment date with you. If you are struggling, or think there is a possibility that you will not be able to meet repayments, ThisLender strongly recommends that you contact the provider of your loan in the first instance.

Important things to remember

– Don’t borrow money if you think you will struggle to pay it back
– Don’t ignore the situation, contact your lender as soon as you think you may struggle to repay.

Please be aware that if do not repay your loan at the agreed date between yourself and your loan provider, this will result in your loan provider reporting your case to the Credit Reference Agencies; which may have a negative effect on your credit score. This may negatively impact your ability to obtain credit in the future for services such as car finance, mobile phone contracts or satellite TV subscriptions. If you default, you may be charged a collection fee (which varies from one lender to another), plus interest on the balance outstanding at the interest rate payable under the agreement. You must pay your loan provider any reasonable expenses and costs that may be incurred in taking steps to enforce (for example, via County Court Judgments), or attempt to enforce, the lender's rights against you under your agreement.

Renewal policy

Your provider may be willing to renew your loan based on your current circumstances. If you’d like to do this, you should contact them as soon as possible. The loan provider may be able to offer a better deal if you have paid back your existing loan or offer different terms based on your current circumstances. If you are late with your payments or you don’t pay at all, then this could lead to potential further interest and charges being added to your account.

Auto Decisioning

Lenders will use auto decisioning to make a decision on your loan application, this will be done without human interaction.

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Representative 49.9% APR

Representative example: Amount of credit: £1200 for 18 months at £90.46 per month. Total amount repayable of £1628.28 Interest: £428.28. Interest rate: 49.9% pa (variable). 49.9% APR Representative. Rates from 45.3% APR to 1721% APR - your no-obligation quote and APR will be based on your personal circumstances. The minimum repayment period for any loan will be 90 days from the date the loan is issued. The maximum repayment period is 3 years.

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