We are excited to announce that we have been named as a finalist in the Responsible Lending category at this year’s Credit Awards. Commonly recognized as the Oscars and most respected awards programme in the credit and financial service industry - Fast Loan UK have been shortlisted for implementing industry leading policies and processes in relation to Responsible Lending that put the customers’ best interest at the heart of our business.
Responsible lending highlights at Fast Loan UK
- In 2022, 94% of loan extensions provided to customers were issued without fees or extension interest charges.
- In 2022, 18% of returning customers loans were issued free of interest or charges. These free loans were provided where our policies prevented chargeable lending, but our customers had exceptional circumstances in which a loan was necessary to help them overcome a financial pitiful that could otherwise lead them to financial or mental harm.
- Recognized for excellence in forbearance. Fast Loan UK have adopted a policy of believe first and verify later in relation to customers who report changes in circumstances. Our empathetic approach includes: • account freezes • 3-6 month breathing space offers • affordable repayment plans at the point of request, or where internal flags have highlighted a worsening financial situation.
- Industry leading complaint figures. In the past 2 years, only 2.1% of new applicants filed a complaint. In 2022, zero complaints were upheld by the FOS in relation to irresponsible lending and no redress was paid to settle irresponsible lending claims.
For us, being shortlisted is recognition enough that our culture of doing things right is paying off. We wish all the other finalists good luck on the night!