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

MyPaydayLoanBroker We are an authorised credit broker not a lender

Responsible Lending

My Payday Loan Broker is committed to being transparent with lenders and borrowers and the promotion of lending responsibly. This is why we have created our Responsible Lending Charter.

Flexible

  • My Payday Loan Broker aims to ensure that a borrower will never be sold, encouraged or forced to borrow more credit than required or they can afford.
  • My Payday Loan Broker is a broker however we only work with lenders who let the borrower control exactly how much they want to borrow, down to the last pound, and then determine the cost by deciding how many days they need it for.

Transparent

  • My Payday Loan Broker aims to ensure that fees, charges, repayment dates and amounts are very clear to the borrower throughout the application process.
  • The borrower can pay back their loan early without penalty.

You may be matched with a broker who may charge a fee for their services. If you are matched with a fee charging broker, they must ensure they provide you with the following information:

  • The Firm's Legal name
  • A prominent statement that the firm is a credit broker (not a lender) or, if it is both a credit broker and a lender, a statement that it is acting as a credit broker and not as a lender
  • A statement that a fee will, or (where relevant) may, be payable
  • The amount or likely amount of the fee and
  • When and by what means the fee will be payable, and
  • The customer has acknowledged receipt of the notice, and awareness of its contents, in a durable medium (the ‘customer confirmation’)

Selective

  • CRAs and affordability checks based on up to date National Statistics are used to ensure that lenders only lend to people who can pay back the money they have borrowed
  • We estimate that 9 in 10 of the potential borrowers that visit My Payday Loan Broker will not be accepted for a loan, as they will need to meet the stringent criteria set by bothe us and the lenders that we use

Regulated

  • My Payday Loan Broker ensures that the lenders we work with are either fully authorised and regulated by the Financial conduct Authority or have Interim permission.
  • My Payday Loan Broker ensures that the lenders we work with are registered with the Information Commissioners Office for Data Protection purposes.

Borrower Checks

As a broker we do not perform any checks ourselfs, however lenders may perform the following:

  • CIFAS - fraud checking
  • CallValidate - ID check
  • CRA - Call Credit using the call report service
  • Affordability checks - using National statistics based on two years of lending data and expenditure data

Bespoke Checks

My Payday Loan Broker and come leners may undertake additional checks such as:

  • Bespoke checks
  • Valid email address
  • Valid mobile phone number
  • Duplicate suppression

Representative 1212%APR*

Representative Example
£200 borrowed for 35 days
Annual interest rate of 292% (Fixed)
Total amount payable is £256
1212%APR Representative
*Individual Lenders APRs may vary. Please check your loan agreement for the actual APR