Responsible Lending

iLoans is proud to be a responsible payday loans broker. We constantly work towards the following aims:

• We will not intentionally encourage customers to take out a pay day loan if we are aware it is not suitable for them.
• We will not aim our advertising directly at those who have long term financial issues or those who are under eighteen or unemployed.
• We will not intentionally encourage anyone to borrow more than they can afford to repay.
• We will not charge our customers anything to make an application or put them in any position where they are obliged to accept a loan.

• make all the information on our website as clear as possible to give a full understanding of our services.
• follow legal and ethical marketing practices

We will always do our best to live up to these aims. If you see us failing to live up to them, please let us know.

Choosing a payday loan

Always make sure that you can afford the loan you take out. It's also important to always look for the contact details for the company you’re applying with. If something goes wrong, you will need to be able to contact them, and if there's only an email address, they may not be very accountable. There may be a trading name, but a physical address is the most important thing, wherever it is.

Budgeting

If you haven’t looked at your budget to decide whether or not you can take on a payday loan, please do so. If you won’t have enough money coming in to pay it back comfortably, it could be a much more expensive way to borrow than it is intended to be. You can find lots of good budgeting information online.

Missed or late payments

If you miss a payment, you will be likely to incur extra charges, although this will depend on the lender. You will almost certainly continue to incur interest on the full amount outstanding, and not just the amount that you borrowed in the first place. We always suggest that you repay in full and on time, as that is the best way to limit the cost of payday loans.

Non-Payment

Each lender will have their own policy on recovering outstanding debts, and this could involve extra fees. We always recommend repaying in full and on time.

Annual Percentage Rates (APR) and Disclosure of fees

Some financial products are able to be compared by using the annual rate of interest. Because these rates vary from state to state, as well as between lenders, we are unable to provide this information in advance. You will be given a full breakdown of all costs associated with your loan if your application is accepted, and you will not be under any obligations to accept this loan offer.

Renewal Policy and Rolling over payments

Rolling over payments is sometimes possible and can help in terms of avoiding penalty charges, but it is highly likely that the interest will continue to grow on the loan amount in the same way as missed payments. You may also be likely to be asked to repay the outstanding interest in advance. Paying back on time and in full is the best way to avoid paying more on your loan.

Repeated loans

You may be misusing payday loans if you are taking them out on a regular basis, for more money each time. Please consider independent advice and taking a serious look at your budget.

Short term loans

Payday loans are designed to be short term products, and are not suitable to help with long term financial problems. If you’re constantly borrowing to cover normal household expenses, you may be experiencing longer term debt issues.

Where to get advice

There is plenty of free advice available online. We recommend starting at the Government financial advice pages. You can also go to an independent debt advice charity. All of these should offer free advice – do be wary of anywhere that only offers to help you with debt in return for a fee.