Responsible Lending Policy

Our Policy

IN-SYNC Credit Services Ltd provides short term and self-employed loans to customers who may wish to borrow between £100 and £2,000, for up to 12 months. We are an ethical and responsible provider of funding and treating customers fairly is at the forefront of our business and is embedded into our culture. Our FCA authorised and regulated status is very important to us as well as our Group of companies and our customers. The FCA aims to regulate companies to ensure high standards of conduct are met across the industry and that the financial services trade remains stable.

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 will be checked thoroughly and go through an appropriate affordability assessment which includes the customer’s ability to repay the loan in sustainable manner. We will 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.

The financial services we offer range from secured and unsecured loans, to same day payment services for the Self-Employed contractor, secured against any known future Tax and VAT rebate the customer may be entitled to. We hold a valid license with the Financial Conduct Authority in order to provide credit services in the UK and we are regulated by the Consumer Credit Act 1974 and all relevant and applicable consumer credit legislation and regulations. We are here to provide small, short term instalment loans to help you through in the event that you are running short or have an emergency cash-flow issue. We offer very flexible repayment terms as well as transparent charges and emphasise that we wish customers to repay the loan as agreed to avoid any late fees. Our loan process is straightforward, clear, transparent and flexible. Throughout the application process we will give you all the information you need to make a sound borrowing decision, and during our open hours we always strive to be available to deal with and resolve any queries you may have.

Before approving you for a loan we will undertake an assessment of your credit worthiness. We will consider the potential for the commitments under the loan agreement to adversely impact your financial situation and also take into account your ability to make repayments as they fall due over the life of the regulated credit agreement. We believe that financial responsibility is a two way process. Whilst we aim to act responsibly in all our dealings with you, it is important that you understand the way we work and what you can expect of us, because in order for us to act responsibly we need you to also be responsible, honest and open with us in all our dealings. In this way, we can then deal with you in a manner that is best suited to your needs, requirements and circumstances. For us to be able to act responsibly, we need you to act responsibly, and to provide us with all the accurate information that we require in order to make an informed decision as to how we can best meet your needs. We will in any event carry out our own checks and safeguards, including a credit search carried out through a third party credit reference agency on every application for credit (even if you are an existing customer – since we recognise that your circumstances can change swiftly, sometimes (unfortunately) for the worse). We trust you to be responsible and to make the best and most sensible decisions before entering into a loan agreement with us, and we expect and trust you to enter such an agreement with us only on the basis that you are confident that you can meet your obligations under the agreement and repay any loan as agreed. We will never force or pressure you to borrow money, or to borrow more money then you had intended. In the event that a member of staff is found to be behaving (or have behaved) inappropriately in their dealings with you, this may be deemed misconduct, serious misconduct or gross misconduct. Such misconduct will lead to disciplinary proceedings being instigated against that member of staff. We have procedures and strict policies in place to deal with such occurrences.

We provide services to:

• Loan amount and lending criteria designed to meet a customer’s needs and affordability
• Clear information on the cost of a customer’s borrowing is available on the Adequate Explanation and SECCI (Standard European Consumer Credit Information form)
• An assessment of a customer’s ability to make regular payments and repay the loan, using appropriate credit assessment techniques, before providing credit
• We will check a customer’s previous financial activity including records of previous dealings with our company and obtaining a credit score
• We will ensure that our customers’ personal information is confidential and will be treated in accordance with Data Protection legislation
• We will give our customers reasonable notice of interest rate and payment changes, if any apply
• We will 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 will treat our customers with consideration and forbearance if they were to experience difficulties with loan repayment
  
  

Our approach

We have a professional friendly UK based customer service team who discuss our advances and loan options and will only recommend a product that is best suited to the individuals’ personal needs and circumstances.

We understand that it’s not always easy for an applicant to work out how much an advance or loan will cost which is why we developed our product loan calculators on our website. Our calculators clearly show the cost of an advance or loan repayment, along with payment terms and APR (Annual Percentage Rate).

High cost short term loans are not appropriate for long term borrowing and can be an expensive. We have a maximum limit of £250 on loans to new customers, and a maximum duration on all loans of 12 months. We will determine the amount you can borrow based on your incomings and outgoings and upon the assessment of our underwriters, who will review your credit report to assess your financial position before we agree to advance you a loan. The repayments due under any loan agreement may place you under additional financial pressure and we would urge you therefore not to apply for a loan if you feel that you may not be able to make your repayments in full and on time.