Press Release - July 5 2011 London, UK – 247Moneybox.com, one of the UK’s fastest growing providers of small short-term loans online, have today announced publication of their Responsible Lending Principles. The firm has expanded rapidly over the last 2 years with daily applications running into the tens of thousands.
“Right from the outset we wanted to make sure all our loans were made responsibly” 247Moneybox.com’s Chief Operating Officer stated. “We have today formalised that commitment by publishing our Responsible Lending Principles, which set out clearly what our customers can expect from us.”
Short-term loans sometimes known as payday loans, have grown in popularity in the UK over recent months as potential borrowers want a greater degree of convenience and flexibility in accessing credit.
“Our loans have been designed so that you only borrow the amount you need and for the amount of time you need it. We think our approach is a sensible way to address occasional cash flow problems” the COO commented.
Other measures 247Moneybox.com have put in place to ensure customers borrow sensibly include:
• Comprehensive credit, ID and employment checks to assess affordability
• Limited loan extensions
• Limited borrowing from 247Moneybox.com in a 12 month period
• Affordable and variable loan amounts based on take-home pay
• A daily interest charge meaning that you only pay for the days you have the loan. Repay early without
any early repayment charges and save money.
Potential customers are encouraged to download the Responsible Lending Principles from the responsible lending page on the website
The roots of 247Moneybox.com can be traced back to 2006 with a full launch in 2009. Our aim is simple; to provide a convenient and straightforward credit product that gives the borrower flexibility in managing their loan. Based in central London we have built our business with responsible lending at its core. We hold a consumer credit licence from the Office of Fair Trading and are members of the British Cheque and Credit Association.