Responsible Lending

At iDosh, we don’t want you to saddle yourself with more borrowing than you can afford, or than you feel comfortable with. Our business is lending money, but we like our customers to repay too, so you should always think carefully about whether you need a loan before making an application, and consider other forms of credit.

iDosh is committed to responsible lending

The Consumer Credit Act 1974 states that irresponsible lending may be considered by the Office of Fair Trading to be deceitful, oppressive or otherwise unfair or improper. This conduct is incompatible with our operating principles.

At iDosh, we uphold the overarching principles of consumer protection and fair business practice in our lending, and we have developed practices and procedures that reflect these principles. As part of our commitment to these policies, we will:

• make a reasonable assessment of whether you, the borrower, can afford to meet repayments in a sustainable manner
• not use misleading or oppressive behaviour when advertising, selling, or seeking to enforce a credit agreement
• explain the key features of your credit agreement, to enable you to make an informed choice. We do this via the pre-contractual documentation including the SECCI and adequate explanations and through our comprehensive website FAQ section
• monitor your repayment record over the course of the agreement, acting fairly and respectfully if you appear to be experiencing difficulty – it is particularly important that you contact us at an early stage if you do fall into unexpected difficulties

We want to be as sure as we can that you will be able to repay any loan that we make to you, including any charges, so we will only lend an amount of credit that we believe you can manage. This means that you may find we offer you a smaller loan than you originally applied for.

Customers borrowing from iDosh for the first time will be able to borrow a maximum of £400, and returning customers who pay off their loans on time may qualify to borrow greater amounts, up to a maximum of £1000, subject to assessment.

We’re open and honest

Our fees and charges are transparent and clearly set out on our website and in both the pre-contractual information and the consumer credit agreement. We have no hidden fees or charges, so you will always know exactly how much you will be repaying before you commit to the loan.

If your repayment is late, or you are unable to pay, the documentation you receive and our website FAQs explain the potential consequences. We like to keep good relationships with our customers, so if you think there’s a possibility that you may not be able to repay your loan, it’s better if you don’t apply.

In certain circumstances, and as long as you let us know before the due date of repayment, we may agree to extend your loan and delay payment for a further agreed period of time.

However, this isn’t guaranteed, and is only at our discretion and if we are satisfied that this is consistent with our responsible lending obligations. This will mean extending the length of your loan, so you will end up paying more than you originally anticipated. We will only ever consider extending a loan when requested to do so by you, the borrower.

We provide several different ways of getting in touch with us – by e-mail, phone letter, or directly through our website, and we deal with customer queries promptly.