This site is a big believer in Responsible Lending, we use this policy in many ways and it guides the way that we do business. Responsible lending and how we implement it comes in several different ways and it is even more varied when you ask different lenders what it means.
To us, it means that we have to be careful in several different areas.
First of all we need to be responsible with our advertising; we currently have ongoing advertising campaigns on Radio and TV. It is very important that we are factual in these adverts; yes we have to make them look appealing by the very definition of advertising. We also though have to make people aware that the other side of the loan process is making repayments.
We also have a duty to inform people who making repayements later than their due date can have a negative effect on them.
Secondly we have a responsibility to only lend to those we believe that we feel can afford to make repayments on time. We will not lend to anyone we think will struggle, even if they do eventually repay the money, we still wouldn't want that scenario.
We have several methods of ensuring that we don't lend to people who can't afford it. Our application forms ask several in-depth questions that enable us to assess them and their financial status. We are relying on applicants to tell us the truth, we do however have to double check what we are being told due to the nature of what people tell us when they are under financial pressure.
Finally QuickLoans will not add to someone's misery if they are going through financial problems. We are responsible in the way that we lend, and we responsible in the way that we collect money. This doesn't mean that we write loans off, but we do work with people who are genuinely in financial stress and come up with mutually beneficial solutions.