Responsible Lending

At Cashplus Bank we’re serious about our commitment to responsible lending.

We strive to be as responsible as possible and work hard to be completely clear and open about any charges involved with using our products, so you can make informed choices about which products are right for you. Using information provided by you and available to us, we try to lend only what we believe you can afford and offer a limit that factors in what you need and your ability to manage your repayments.

Our commitment to you is that we’ll:

• Provide products that address your needs
• Assess your ability to keep up with payments
• Ensure that you’re kept up to date with changes to your account
• Limit your borrowing in line with your repayment ability
• Give you the key information you need to make the right decision for you

What we need from you is to:

• Borrow only what you know you can comfortably pay back
• Provide accurate information so that checks are done correctly and swiftly
• Inform us of any changes that could affect your ability to repay
• Use our products for short term borrowing not long term borrowing
• Pay more than the minimum payment when possible

Products

We offer a range of different products, with personalised limits that vary based on your individual circumstances. Each of these products is designed for a specific audience. Most of our products are intended for short term borrowing, so you should always think carefully to ensure it’s the right product for you, and look at other options for longer-term borrowing.

Affordability

We take into consideration all the information we obtain from you, including how you use your account as well as the credit bureaus we work with. This allows us to ensure that we’re offering you the most realistic, practical and accurate credit limit and borrowing terms.

Additionally, if you already have an account with us, we’re able to first assess your affordability using criteria we’ve created. And, all of our products come with a cooling off period of 14 days, so if you want to change your mind, you can. If your circumstances change once you have credit with us, you should immediately contact us (calls may be recorded) to work out alternative terms or options e.g. reduce your credit limit.

Costs and Repayments

We believe that our offers are transparent and you’ll clearly know any fees or interest that you’ll need to repay, but just to make sure we provide statements so you’re always in control and informed. If there are additional fees for going over your limit or missing a payment we’ll clearly point these out to you. Failing to make regular minimum payments could mean that we report this to the credit bureaus, which may make obtaining credit in the future difficult.

We ensure that you are supported by:

• Sending emails and texts reminders when your payment is due

We also try to make contacting us as easy as possible, so:

• For general enquiries about your credit product, please contact Customer Services on 0330 024 0924^♦
• If you can no longer afford the minimum repayments, please contact us immediately on 0203 059 5784, so we can help you as early as possible and take some stress or burden off you where possible. This may affect your credit rating
• If you don’t want to receive any credit offers from us, please let us know by emailing: [email protected]

Support for financial difficulties

We consider your case sympathetically based on your situation and do our best to find a workable solution.

For free and impartial advice, please see the following helpful links and contact these organisations:

• Citizens Advice Bureau
• Money Advice Service
• Step Change
• Business Debtline

Late repayment can cause you serious money problems. For help, go to www.moneyadviceservice.org.uk.