About this site
Lenderscompared.org.uk is a free to use, independent price comparison website to help you find the best loan for you. We're not here to sell you anything, so no sponsored results or other adverts appear on this site.
Home credit companies are legally required to provide details of all loans they make available, and other non-home collected loans are also included on the site on a voluntary basis.
Lenderscompared.org.uk is paid for by the largest home credit companies, and is operated in partnership with organisations including the Association of British Credit Unions, the Consumer Credit Association and other independent representatives which are independent of the home credit sector. The site is regulated by the Office of Fair Trading under the Consumer Credit Act 1974.
Consumer rights and advice information
On home credit loans
Home credit lenders are licensed by the Office of Fair Trading under the Consumer Credit Act 1974, which provides important rights and protections for consumers. Information on your rights can be found on the Consumer Direct website or by contacting Consumer Direct on 08454 04 05 06.
What follows is for your guidance only and should not be taken to be a statement of the law.
Comparing the cost of loans
All home credit lenders must publish the following information on LendersCompared.org.uk site for each of their generally available loans:
- the duration of the loan;
- the total charge for credit per £100 advanced;
- the frequency, number and amounts of repayments of credit per £100 advanced;
- the APR on the loan;
- what, if any, charges are made for late payments;
- what, if any, charges are made for home collection;
- whether there are limitations on the circumstances under which they are prepared to make loans, other than those relating to your ability to pay, the area where you live or the maximum or minimum amount that can be lent; and
- their business's name, postal address and a non premium rate UK telephone number where they can be contacted.
Paying loans off early (called 'early settlement')
You can pay off your home credit loan early if you apply to your lender in writing. Your lender must tell you how much it will cost you to pay off your loan. The figure your lender gives you will apply for 13 days from the date your lender received your request. If you want to, you can agree a later date with your lender, who will then supply you with the right figure for that later date. Provided your loan was due to finish after the 13 day period is up, you will pay less interest than if you had let the loan run to term.
What information you can ask loan providers for
You are entitled to ask for the following information on a home credit lender's loans:
- the duration of the loan;
- the total charge for credit per £100 advanced; and
- the frequency, number and amounts of repayments of credit per £100 advanced to be made.
Sharing your data with credit reference agencies
Larger home credit lenders (those with 60 or more agents or over £2 million annual turnover) must provide information on your loans to at least two of the three credit reference agencies, Experian, Equifax or Callcredit. Other lenders may use this data to help decide whether or not to offer you a loan and on what terms. This is designed to help you swap between home credit loan providers and to access other cheaper forms of credit more easily. Any information which is stored about you will be provided on request by the credit reference agencies, though they may make a small charge for this service.
General advice and information on borrowing money
For general advice on borrowing money, please visit moneymadeclear.fsa.gov.uk.