From the 2nd of January 2015 we have decided to show customers what they could have borrowed had the FCA not got involved with price caps.
We feel it is important to educate our applicants about the regulatory changes which are affecting them. We are declining so many customers who now think they have problems with their credit, when the truth is different. We are declining applicants because we are being indirectly forced to by the FCA.
Our results page will now include a lending decision based on our previous lending policy of March 31st 2014 (pre FCA). We think that applicants will be shocked at just how much we would have loaned them compared to what we can offer them today.
The FCA is propagating falsehoods of false Savings that customers will receive due to these price caps. There are no savings in reality, no prices will drop. Applicants will now be declined where they may have been accepted before.
We would encourage everyone that is declined but would have otherwise have been given a loan, to write or tweet to the FCA and tell them their feelings on the subject of price caps.