Credit Broker Responsibility
We pledge we will never:
- Charge any fees
- Target customers who are in financial trouble
- Advise customers to agree to loans that are not right for them
- Share your information or data with unlicensed lenders
We pledge to:
- Work with fully licensed lenders we trust
- Provide an unbiased loan matching service at no cost
- Meet the best practices of the industry and continue to provide an easy-to-understand service
- Use secure application and data processing service and protect your data
Please be advised that you:
- Should not apply if you are already in financial difficulties
- Should take the time to analyse your loan agreement before signing and be absolutely sure you understand the amount you will need to replay and when it is due
- Should only agree to a loan that you can afford to pay back to make sure you are not charged extra fees and interest
If you need more help to understand the process please contact us at firstname.lastname@example.org. If you require free financial guidance consult the Citizens Advice Bureau – www.citizensadvice.org.uk.
Late payment can leave you facing very serious fiscal difficulties. If you need help visit www.moneyadviceservice.org.uk.
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You pay back: £352.80
Total loan cost: £72.80*
Treating customers fairly: Principle 6 means companies must pay proper regard to the interests of their customers while treating them fairly. Principle 7 requires companies to communicate with customers in a way that makes sure everything is clear, fair and not misleading. For example it is vital firms make sure how they charge customers is clear and easily available.
Authorisation and consent: CONC 2.5 stops any firm taking a fee from a customer’s bank account without authorisation. We expect the amount or likely amount of any fee to be made clear as soon as practicable during this process.
Sharing of personal information: CONC 2.5 stops companies disclosing customers’ personal data – including payment details – to any third parties, unless there is prior consent or for a purpose other than that for which consent was given. If this was to happen it would likely breach the Data Protection Act.
Advertising and marketing: CONC 3.3 requires financial promotions - like websites - to be clear, fair and not mislead the customer. For example, firms must be clear as to their identity and never state or imply they are a lender where this is not the case.
Transparency of status: CONC 3.7 means brokers must be very clear in financial promotions and other documents intended for customers. They must state openly their status, and the extent of their powers, what type of service they offer and any links with lenders.
Transparency of fees and commissions: CONC 4.4 concentrates on fee disclosure and CONC 4.5 with commission disclosure. Any charge payable by the customer must be disclosed at an early stage and agreed in writing before any credit agreement is entered into. This communication has to include when the fee is payable and if a refund could be available.
Refunds: Section 155 of the Consumer Credit Act entitles the customer to a refund (less £5) of any brokerage fee if a credit agreement is not entered into within six months of an introduction to a source of credit, and CONC 6.8 provides guidance on this. A broker should respond promptly to any request for a refund.
NOTE: Square Money Loan is NOT a lender. Square Money is a credit broker who refer clients to an external credit broker who has established relationships with over 40 sub-prime lenders. They compare your details with these lenders and their product, and quickly match your needs with the most suitable product for you.
WARNING: Late repayment can cause you serious money problems. For help and advice go to www.moneyadviceservice.org.uk.
Square Money is clear – We will keep your data 100% SECURE if you decide to make an application for a loan with us. Data protection number: ZA007304
And we don’t just offer the traditional short-term, one-month loan. We have very close relationships with our lending partners. Working so closely with lenders means we can locate the very best deals out there.