7 February 2013
247Moneybox, one of the UK's leading payday lenders has announced today as part of an on-going commitment to responsible lending, the introduction of a self-exclusion service.
"Responsible lending is the primary focus in the industry now and rightly so," commented Mark Hannay, 247Moneybox's COO. "Every week we sit down and discuss ideas to offer a more responsible lending service to our customers, this was one of the outcomes of these sessions."
247Moneybox's self-exclusions can be requested by contacting their customer services team. "We really feel that this is another step in the right direction and hope that other lenders follow suit."
"This is the core focus of our business and we are always striving to make our service more open honest and transparent." The firm regularly speak with their customers, trade bodies and debt charities.
Previous responsible lending endeavours by 247Moneybox include being one of the first lenders to publish their own downloadable Responsible Lending code back in June 2011. This document was revised following the release and implementation of the industry Good Practice Charter in late 2012.
247Moneybox has also produced its own animated video on responsible lending, whilst Hannay has written a series of blogs on the suitable times to consider a payday loan.
Customer feedback appears positive with the Review Centre rating them at 3.5/5 in customer satisfaction, whilst Trustpilot ranks them 8/10. The firm's own customer satisfaction survey rates them 8.03 out of 10 based on 8807 user reviews.
"These practices are about taking the initiative and demonstrating that the industry can respond to the issues and challenges relevant to all credit providers. We're aware of the perception of the industry and feel the only way to go about changing it is by setting a precedent and hope that others will follow."