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Credit On Demand – Responsible Lending Revealed
In July 2013 "The Telegraph" provided a statistical insight of payday loan industry in United Kingdom. The report revealed that the industry is currently valued at £2 billion pound and roughly 250 payday loan companies are currently operational.
Credit on demand started their operation from October, 2012 and within a short period of time the company witnessed and experienced a huge industrial policy shift. Understanding the implication of the market trend, Credit on demand adapted and implemented few Responsible Lending Practices for the betterment of their customers.
Credit on demand is UK based instant payday loans direct lender and entered the fray of UK payday industry since October, 2012. They have designed their loan amount in relevance to the weekly average earning of UK residents. Their loan amount is segmented into four categories - £100, £200, £300 and £400. Each of these loans can be repaid either within 14 days or 28 days. Their Representative APR is currently standing at 23367% which is equivalent to 13% per week. You can find detailed explanation by visiting their website.
Customers can apply for loans by visiting the website at www.creditondemand.co.uk . All that is required is to open the simple application form and it will guide the applicant to fill in few required details. This information will then be used to process the application through Credit Reference Agency. Credit on demand is registered under the UK Data Protection Act and ensures all of their customer’s details are remains secured.
In order to cut the competition clutter, Credit on demand has also introduced a unique application service. Customer can apply for their loan application using Text Service. This is a self-guided service where the customer needs to send in the details through a short code. This service is designed as a loyalty scheme and is only available for the returning customer.
Understanding the importance of the financial capability of the applicant, Credit on demand performs background check of their customers through the credit reference agency. The background check entails credit score, financial earnings and credit history. It also checks for identity theft. These checklists are implemented to avoid any toxic application.
Credit on demand being a responsible lender also has a practical payment plan option for those who are faced with unforeseen financial hardship. This guideline is setup as per OFT charter. When a customer contacts them they deal with their customer positively and sympathetically. They arrange a payment plan in accordance to the customer’s repayment capability and freeze interest accordingly. This ensures that the customer can pay off their loan and remain debt free without hampering their credit history. They are even encouraged not to go for loan rollover and are even informed of the implication of having their loan rolled over.
Unfortunately, sometimes things does not go accordingly to plan and hence customers are unable to pay off their loan in due time. Credit on demand has few penalty fees in place and charges at 24.5% per week. There are other collections fees associated with and are charged to a maximum of 60 days, if it remains unpaid. For collection activities Credit on demand will assign their allocated Debt Collection agency to realize their loan.
Credit on demand believes that maintaining the regulatory standard and upholding ethical practice can create a trusting relationship between their customers.
Best consumer friendly payday loan in UK is offered by Credit On Demand Ltd (https://www.creditondemand.co.uk).