Responsible Lending

 

What is a Payday Loan?

A payday loan enables you to access money when you cannot wait until your next pay date. This is meant to be a short-term solution only. If you are concerned about your finances, or are in need of a long-term solution, please seek the advice of a credit counselor.

Is a payday loan for me?

If used responsibly, a payday loan can be a helpful tool to provide assistance during a time of financial need. However, if not used responsibly this type of loan could end up causing an even bigger financial burden. Please refer to the chart below for some examples:

Responsible Payday Loan Use Inappropriate Payday Loan Use
To cover unexpected expenses To routinely cover your living expenses
To relieve a temporary cash shortage For extra spending money
To avoid being overdrawn with your
bank and incurring bank charges
To pay off another payday loan

Please consider your overall financial situation and circumstances to ensure a payday loan will be a short-term, occasional solution. If you find yourself needing more money every time you repay your loan, this may not be the right option for you.

What can I do to ensure I use my payday loan responsibly?

  • Never use a payday loan for a long-term financial challenge.
  • Never borrow more than you will be able to pay back on your scheduled repayment date.
  • Never borrow money from a company that doesn't practice responsible lending.
  • Never borrow money unless you feel sure you will be able to pay it back. Otherwise you may incur arrears charges as well as fees from your bank.
  • If you find you are taking another loan immediately after you repay the previous one or are rolling over or refinancing payday loans then you should seek debt advice from one of the agencies listed here. SwiftSterling.co.uk strongly advises against roll-overs for the same reason.
  • Ask questions. If there is any part of the process or fees involved with getting a payday loan you are still not clear on, please ring us at 08000 12 40 80 or click here to chat with a customer care agent. We would be happy to help you make an informed decision and advise you of your options.

How does SwiftSterling.co.uk practice responsible lending?

At SwiftSterling.co.uk your first time loan will never exceed 30% of your net income. This is to ensure you are not borrowing more funds than you can pay back. Once you are an established customer, and have consistently paid back your loan on time your loan limit may be increased.

SwiftSterling.co.uk always sends an automated reminder email two days prior to your repayment date. This is to ensure the loan is repaid in full to avoid potential charges from the bank. Another reminder email is also sent on your actual repayment date.

When requesting a loan, you can be assured there will be no hidden fees or extra charges.

At SwiftSterling.co.uk we take the utmost pride in ensuring your information is always kept completely confidential.

SwiftSterling.co.uk provides customer service representatives available to answer any questions or concerns throughout and after the entire loan process.