Responsible lending is the practice of insuring the best interests of the consumer and providing a credible borrowing service for all. The Loan Ranger operates in strict accordance with the Financial Conduct Authority to always act in the best interests of the consumer and to provide the most flexible service to prevent repayment issues and unnecessary debt.
The Loan Ranger will always endeavour to provide the most professional and convenient loan service in accordance with the specific guidelines set out by the FCA in direct relation to short term loans.
What does responsible and fair lending look like?
The Loan Ranger clearly displays all of the APR very clearly and operates in full transparency to ensure our customers have all the information they need to reach an informed decision prior to borrowing.
We advise all our customers to undertake comprehensive research prior to borrowing and to look to alternative avenues for funding before considering a payday or quick loan. Please see alternatives to payday loans for details of other sources and organisations who can help.
The Loan Ranger sets out clearly all charges and fees in the loan agreement and on the website so that consumers can judge the product fairly.
All applicants are subject to credit and affordability checks to ascertain loan suitability. To be eligible customers must meet the following criteria for a loan:
- Over 18 years of age
- Permanent UK resident
- Employed and take home £750 minimum each month
As part of our responsible lending status, we ask for proof of income and employment to ensure we operate a fair lending service. As such we thoroughly check each applicant’s ability to repay the loan and will not lend to customers who are not in employment or who receive benefits.
The Loan Ranger carries out credit checks on all loan applicants without exception. This is to ensure all applicants are in a healthy financial condition and can easily afford the repayments without issues or worse, accumulating debt.
The key credit reference agencies we use to conduct our checks are Lending Metrics and Equifax who are used throughout the financial services industry to check credit throughout the UK. Funding will not be transferred if the applicant does not pass the tests and meet the specific lending criteria.