Responsible Lending

Sandy Instalment Loans 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

  • Sandy Instalment Loans aims to ensure that a borrower will never be sold, encouraged or forced to borrow more credit than required or they can afford.
  • Sandy Instalment Loans 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

  • Sandy Instalment Loans 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 Sandy Instalment Loans will not be accepted for a loan, as they will need to meet the stringent criteria set by both us and the lenders that we use

Regulated

  • Sandy Instalment Loans ensures that the lenders we work with are either fully authorised and regulated by the Financial conduct Authority or have Interim permission.
  • Sandy Instalment Loans 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 ourselves, 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

Sandy Instalment Loans and some lenders may undertake additional checks such as:

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