Responsible Lending

PDL Finance Limited provides short term loans to customers who may wish to borrow between £200 and £1,000, which will generally be repaid within 3 to 6 months. We understand that as a company, providing this type of service we have specific obligations towards our customers such as treating our customers fairly, providing adequate information and to provide a safe and secure online environment for application processing. We make it clear to customers that this type of loan should be used for short term financial needs and is not appropriate for long-term borrowing or if the customer is in financial difficulties. Careful checks will be conducted to find out whether the loan is suitable for the customer, taking account of their circumstances.

All loan applications are checked thoroughly and go through a sound, proper and appropriate affordability assessment and credit vetting which includes the customer's ability to repay the loan in sustainable manner. This includes using information supplied by the customer on the application form.

We explain to our customers in general terms what types of information are considered in making a decision, if the customer asks for this.

We do not provide a short term loan if the customer has told us they are in financial difficulties or the credit assessment indicates that the loan would not be repaid in a suitable manner.

We provide our customers with the following information and carry out the checks listed below. This is by no means an exhaustive checklist of information.

  • Loan amount and lending criteria designed to meet a customer's needs and affordability.
  • Loans which we always promote in a way that underlines both the risks as well as the benefits.
  • Clear information on the cost of a customer's borrowing is available on the Adequate Explanation.
  • A limit on a customer's borrowing that we believe ensures they don't overstretch their finances and which allow for some increase in expenditure.
  • An assessment of a customer's ability to make regular payments and repay the loan, using appropriate credit assessment techniques, before providing credit.
  • We check a customer's previous financial activity including records of previous dealings with our company and obtaining a credit score.
  • We give our customers reasonable notice of interest rate and payment changes, if any apply.
  • We ensure that our customers’ personal information is confidential and is treated in accordance with Data Protection legislation.
  • We handle any queries or complaints our customers may have in accordance with our Complaints Procedure and ensure these are dealt with promptly and effectively.
  • We treat our customers with consideration and forbearance if they were to experience difficulties with loan repayment.